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The aim is to maximise total return from income and capital growth in the world bond markets. An actively managed portfolio of bonds denominated in different currencies is held. Bonds held are typically of OECD countries or of supranational quality.
Currency hedging is undertaken reducing currency specific risk, at a cost as potential capital gains from beneficial currency movements are also foregone. The manager also aims to add value through active duration management, (themes and markets) and yield curve positioning. Stock selection is of minority interest.
They will conduct backward looking statistical analysis, test portfolios under various future scenarios and they will consider the likelihood of the each scenario occurring.