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To provide a high monthly income, the portfolio holds at least two-thirds in Pan-European high yield debt securities, defined as those bonds with a credit rating below BBB. The balance is invested in investment grade bonds, Gilts and cash. The target yield is 4% above that on 10-year Gilts.
The portfolio holds a concentrated portfolio of around 50 stocks. This is a much smaller number than for rival high yield funds, but the philosophy is to remain fully aware of ongoing developments within issuing companies.
Historically this fund has hedged back all non sterling exposure, from May 2004, this requirement will be removed, henceforth any decision to hedge currency exposure will be based on a currency view as opposed to a working assumption. The AMC is charged to capital and at 1% pa is relatively low, income is paid monthly. Suitable for high income seekers with risk appetite.