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This fund is managed with an absolute return focus. With this in mind, the manager will aggressively manage credit and duration exposure with a view to providing low volatility of returns. The management team view themselves as value investors consequently their investment style may lag broader market returns where these are more momentum driven.
For reference purposes only the benchmark is the JP Morgan EMBI Global £ hedged. Whilst the fund has historically focused primarily on emerging market corporate and sovereign debt (hard and local currency) to achieve its investment objectives, the mandate also enables them to invest in developed market high yield debt. The manager expects to make moderate use of derivatives and leverage allowable under the new UCITS 3, the team already have experience in this area from the existing long /short version of the fund.