Bestinvest says
The manager has a track record relating to a similar absolute return vehicle whilst at his previous employer. The fund is not designed to be a market neutral credit fund targeting month on month positive returns it will have an absolute return focus. The fund does not have any formal stop loss policy, although the manager will generally seek to reduce risk if drawdowns approach 2%. The mandate enables the manager to use derivative instruments to take long and short positions in credit, interest rate and currency markets.
Whilst the fund is not designed to be a market neutral credit fund targeting month on month positive returns it will have an absolute return focus. The fund does not have any formal stop loss policy, although the manager will generally seek to reduce risk if drawdowns approach 2%. Over the cycle returns credit beta, credit alpha and interest rate / currency decisions are expected to contribute equally to the return profile. The mandate enables the manager to use derivative instruments to take long and short derivative positions in credit, interest rate and currency markets, in doing so the gross exposure of long and short positions may exceed NAV. Under normal market conditions the fund's gross exposure is anticipated to be approximately 200%, of which 1/4 would be short positions. Returns are generally hedged to sterling.