Bestinvest says
This is a well diversified, core, global high yield corporate bond fund. The fund is managed by independent teams in the US and Europe and benefits from their local knowledge. Their investment approach is generally more conservative relative to peer group funds and may lag in bull markets making this type of fund difficult to benchmark.
The management team attempt to identify companies with improving fundamentals at relatively attractive levels of credit risk. A conservative, value approach to investing in this asset class is employed by the management. The US and European portfolios are run independently from their respective locations with a consensus agreement being reached on top down strategies and sector risk. All non-sterling denominated investments are hedged back to sterling. Performance attribution expectations: 5% duration management, 10% sector selection, 85% security selection.