For financial professionals in the UK

Asset-Backed Securities Fund

A high quality, conservatively managed fixed income solution aiming to provide downside resilience over cycles


GBP 106.49p
As of 02/10/2023

1-Day Change
GBP 0.00p (0.00%)
As of 02/10/2023



The Fund aims to provide a return from a combination of income and some capital growth over the long term.
Performance target: To outperform SONIA by 1.5% per annum, before the deduction of charges, over any 5 year period.


The Fund invests at least 70% of its assets in Asset-Backed Securities (ABS). The Fund also holds a minimum of 80% of its assets in investment grade securities (rated BBB- or higher by at least one independent credit rating agency) and maintains at least 60% of its investments in European assets.
The Fund may also hold other assets including other types of bonds and floating rate notes of any quality, from any issuer, Collective Investment Schemes (including those managed by Janus Henderson), certificates of deposit, bank term deposits and other money market investments (including cash funds), covered bonds, US agency mortgage-backed securities (that will not be deemed to form part of the minimum 70% ABS investment), Real Estate Investment Trusts (REITs) and other secured finance investments.
The investment manager may use 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 SONIA, as this forms the basis of the Fund’s performance target. The investment manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark.


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.


  • Strong bottom-up fundamental analysis aiming to identify opportunities offering secure income and downside resilience over cycles
  • Invests for the long-term while actively monitoring for early signs of potential adverse performance trends
  • The investment team’s broad experience in investing, originating, structuring and rating structured debt spans across multiple sectors and the entire ratings spectrum
Past performance does not predict future returns. 


Colin Fleury

Head of Secured Credit | Portfolio Manager

Industry since 1986. Joined Firm in 2007.

Ian Bettney

Portfolio Manager

Industry since 2000. Joined Firm in 2005.

Denis Struc

Portfolio Manager

Industry since 2005. Joined Firm in 2010.


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.
Discrete Performance (%)
As of 30/06/2023
Y Acc (Net)
Quarter End
As of 30/06/2023
Jun-2022 - Jun-2023 Jun-2021 - Jun-2022 Jun-2020 - Jun-2021 Jun-2019 - Jun-2020 Jun-2018 - Jun-2019
Y Acc (Net) 4.57 -1.58 - - -

Index Description


Cumulative & Annualised Performance (%)
As of 31/08/2023
Y Acc (Net) SONIA
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
Y Acc (Net) 0.64 4.89 5.42 - - - 1.95
SONIA 0.45 2.96 3.84 - - - 1.50

Index Description


Calendar Year Returns (%)
As of 30/06/2023
Y Acc (Net)
2022 2021
Y Acc (Net) -0.99 1.46
- -

Index Description


Initial Charge 0.00%
Annual Charge 0.30%
Ongoing Charge
(As of 31/12/2022)


  • ​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.
  • 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.
  • 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.
  • 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 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.
  • The Fund invests in Asset-Backed Securities (ABS) and other forms of securitised investments, which may be subject to greater credit/default, liquidity, interest rate and prepayment and extension risks, compared to other investments such as government or corporate issued bonds and this may negatively impact the realised return on investment in the securities.
  • 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
  • Some documents are available in alternative formats. Click here for information on how to request them.