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The fund holds a diversified portfolio of mainly UK corporate bonds and aims to provide a high level of income which is distributed monthly. Although the fund predominately invests in lower rated investment grade bonds, to improve the yield, a significant proportion of the portfolio may be invested in sub-investment grade stocks (rating below BBB) along with emerging markets, although overseas currency exposure is normally fully hedged. The split between high quality and high-yield stocks is not rigid and this allocation will be actively managed.
The fund benefits from the 40 member strong global fixed interest desk at Schroders who carefully monitor the financial prospects of the issuers of the bonds held in the portfolio in order to establish their credit worthiness.