Bestinvest says
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The objective of this fund is to offer a high level of income with capital preservation being of secondary importance.
Credit analysis is fundamental, with each bond assessed in terms of both business and financial risks. Business risk assesses the product, management and competitive position whilst financial risks are considered to be cash flow cover, cash flow projection, profitability and capitalisation. Unrated bonds may be held if considered to be a simple stable business that would find it uneconomic to pay for the rating.