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The fund seeks to achieve its investment object by allocating across 5 buckets: cash, duration/rates, corporate credit, global sovereign debt including EMD, and non traditional income securities. There are no relative benchmark constraints. The manager will seek to control fund volatility by blending low correlation strategies. Generally the interest rate sensitivity of the fund tends to be low. The investment approach is contrarian by nature; trades will include a mixture of alpha and beta exposures, which the manager may trade activiely. Volatility target: equivalent to £ hedged Lehman Global Aggregate Bond Index. Risk controls are also designed to keep the Fund’s expected VaR below twice the VaR of an investment in global bonds index. Whilst the manager may go long or short of derivative based credit instruments to express his views, the funds gross credit exposure will never exceed 100% of NAV.