For qualified investors in Switzerland

Absolute Return Income Opportunities Fund

An absolute return strategy that takes advantage of flexibility to express high-conviction active views through a macro lens

ISIN
IE00BLTVXS96

NAV
USD 10.60
As of 21/09/2023

1-Day Change
USD 0.00 (0.00%)
As of 21/09/2023

Morningstar Rating

As of 31/08/2023

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a return, from a combination of income and capital growth, while seeking to limit losses to capital (although not guaranteed).
Performance target: To outperform the FTSE 3-Month US Treasury Bill Index by at least 3% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in a global portfolio of bonds of any quality, including high yield/non-investment grade and unrated bonds, issued by companies or governments, asset-backed and mortgage backed securities.
The Fund may also invest in other assets including cash and money market instruments.
In certain market conditions, the Fund may invest more than 35% of its assets in government bonds issued by any one body. The investment manager makes extensive use of derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the FTSE 3-Month US Treasury Bill Index as this forms the basis of the Fund's performance target. The investment manager has a high degree of freedom to choose individual investments for the Fund.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • The ability to invest broadly across global fixed income markets while not being constrained by benchmark-specific guidelines
  • Seeks to maximise total returns regardless of market conditions
  • Historically, has provided diversification from traditional and non-traditional asset classes
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

Jason England

Portfolio Manager

Industry since 1994. Joined Firm in 2017.

Daniel Siluk

Portfolio Manager

Industry since 2004. Joined Firm in 2015.

Dylan Bourke, CFA

Portfolio Manager

Industry since 2009. Joined Firm in 2015.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/08/2023
A2 USD (Net) FTSE 3-Month US Treasury Bill
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
29/09/2014
A2 USD (Net) 0.38 3.71 4.43 0.51 1.13 - 0.67
FTSE 3-Month US Treasury Bill 0.46 3.33 4.44 1.63 1.68 - 1.20
 
  Annualised
3YR 5YR 10YR Since Inception
29/09/2014
A2 USD (Gross) - 2.40 - 2.27
FTSE 3-Month US Treasury Bill + 3.00% - 4.74 - 4.23
Calendar Year Returns (%)
As of 30/06/2023
A2 USD (Net) FTSE 3-Month US Treasury Bill
YTD 2022 2021 2020 2019 2018 2017 2016 2015 PERFORMANCE INCEPTION
29/09/2014
A2 USD (Net) 2.64 -2.01 -0.57 2.64 2.92 -3.68 1.98 3.69 -2.50 0.10
FTSE 3-Month US Treasury Bill 2.39 1.50 0.05 0.58 2.25 1.86 0.84 0.27 0.03 0.00
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 0.65%
Ongoing Charge
(As of 30/06/2023)
1.05%

Portfolio

Top Holdings (As of 31/08/2023)
% OF FUND
New Zealand Government Bond, 0.50%, 05/15/24 4.81
Westpac Banking Corp, 5.81%, 01/29/31 3.33
Macquarie Bank Ltd, 5.87%, 06/17/31 2.71
National Australia Bank Ltd, 6.17%, 11/18/31 2.45
Volkswagen Financial Services Australia Pty Ltd, 2.40%, 08/28/24 2.27
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 5.25%, 04/30/25 2.04
Australia & New Zealand Banking Group Ltd, 5.99%, 02/26/31 2.00
DBS Group Holdings Ltd, 4.52%, 12/11/28 1.89
Liberty Financial Pty Ltd, 7.37%, 04/05/27 1.83
Vicinity Centres Trust, 4.00%, 04/26/27 1.78
Total 25.11

Documents

  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall. High yielding (non-investment grade) bonds are more speculative and more sensitive to adverse changes in market conditions.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
  • Callable debt securities, such as some asset-backed or mortgage-backed securities (ABS/MBS), give issuers the right to repay capital before the maturity date or to extend the maturity. Issuers may exercise these rights when favourable to them and as a result the value of the fund may be impacted.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund involves a high level of buying and selling activity and as such will incur a higher level of transaction costs than a fund that trades less frequently. These transaction costs are in addition to the Fund's Ongoing Charges.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.