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This fund has minimal structural constraints providing the manager with the flexibility to invest across the spectrum of investment grade and high yield bonds, and apply high yield/corporate bond allocations according to his perception of the economic cycle. Top down and bottom up strategies will primarily be played through £ and euro denominated credits. On occasion the fund has also taken positions in emerging market corporate bonds, the manager does not use convertible bonds, preference shares or unrated debt; gilts may be used for duration management. The manager will focus primarily on determining the asset allocation split between grade and high yield, sector exposure and yield curve strategies, whilst stock specific ideas are generated by the credit analyst team. All non sterling currency exposure is hedged.