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The fund aims to maximise total returns by investing primarily in Pan European fixed income debt, variable and zero rate bond investments, and convertible securities.
All non sterling exposure will be hedged. The portfolio is concentrated, investing only in high conviction ideas. There is no formal benchmark or neutral weighting, instead weightings by credit quality will be determined purely on a relative value basis.
Strategy meetings are held on a monthly basis with senior members of the OMAM fixed income team to review top down factors, stock selection meetings are held weekly. Egan retains full control over the portfolio structure - there is no committee decision making process. The primary driver of returns is expected to be asset allocation through anticipation of the credit cycle. Changes at this level are expected to be relatively gradual, whilst portfolio stock selection will be more dynamic.