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This fund will seek to generate a high level of income whilst maintaining capital value through investment in bonds predominately issued by European, including UK companies. The portfolio will include a mixture of quality bonds and high yield issues denominated mainly in Euros and Sterling.
Credit analysis will be used to compile a watch list from which the holdings will be chosen. They will be aware of the newsflow from the rating agencies, but use this merely as a tool to support their own analysis. Quantitative filters will be used to identify under/over valuations, taking into consideration qualitative assessment on the prospects of the business and the relevant sector. Another consideration is the structure of the individual issues.
When adding a holding the weight will be between 1% and 3%. The position will be allowed to run up to around 3.5% before they top-slice.