Bestinvest says
Paul Causer and Paul Reed are arguably the most established portfolio management partnership in the fixed income retail space. This fund is designed to be their most flexible investment mandate. They cemented their reputation in more targeted fixed income mandates, but we are confident that their skills should be transportable to this less constrained fund.
The fund aims to maximise total return primarily through a flexible allocation to fixed interest securities and cash. The fund has no formal asset allocation constraints - the managers may invest in cash, sovereign debt, quality and higher yielding corporate bonds, in addition some non sterling currency positions may be included. The fund mandate also enables the managers to use derivative instruments to manage interest rate risk and to gain credit exposure in the place of cash securities. The fund is defined as an unsophisticated UCITS 3 product, consequently it is unable to provide leveraged market exposure.