Investment ObjectiveTo maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of bonds of all types from issuers around the world, including emerging markets.
- To seek diversified sources of income and return by utilizing the full global opportunity set and managing risk.
- Active tactical allocation across an expanded global opportunity set of 15 fixed income sectors, 80+ countries, and 40+ currencies.
- Best ideas security selection from proprietary global research platform.
- Actively diversify risk across both quantitative risk factors and qualitative investment themes.
- Avoid concentration in any one sector or interest rate cycle.
- Focus on risk-adjusted returns over a medium to long-term horizon.
- Target tracking error range: 200-500 basis points
- Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.
- Up to 50% of assets may be unhedged to exploit currency valuation opportunities
- 40% of bonds may be invested outside of the U.S.
- High Yield: Max 50%, excluding securitized assets
- Emerging Markets: Max 25% Hard Currency, Max 25% Local Currency
- Portfolio Average Credit Quality: Target Investment Grade
- Duration range: 0 to 8 years
- Number of securities: 200-500