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The active approach to this fund involves taking relative positions against the specified benchmark within a risk controlled framework, based on market views considering liquidity, economic and valuation factors. These views are the basis of the investment policy for duration, yield curve and credit positioning, to be considered when reviewing the portfolio's composition. When selecting individual bonds the most important factor to be considered is the industry of the issuing company. Industry prospects are assessed using Porters Five Forces which are power of buyer, power of suppliers, substitutes, barriers to entry and rivalry. They will also consider regulation applicable to the industry in their analysis. The remainder of the stock selection process involves fundamentals analysis via company management meetings and evaluation of current trading levels, looking for bonds that have been oversold in the market. Monitoring systems are used to predict individual bond and sector movements.