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The fund aims to achieve total returns with relative security of capital, by investing mainly in investment grade fixed interest securities, sometimes combined with some exposure to high yield issues. Generally more than half the portfolio is invested at the lower rated end of investment grade bonds which tend to offer more attractive yields. The managers also look to exploit interest rate anomalies by evaluating the macro economic and monetary environment. This is combined with in-depth analysis of the individual issuers and evaluation of external research. As the latter is an important source of information, the managers maintain close links with preferred City dealers. The managers are believers in duration management; historically they have successfully used financial derivatives to manage the interest rate sensitivity of the fund.