The Fund aims to provide an income with the potential for capital growth over the long term.
Performance target: To outperform the ICE BofA Global High Yield Constrained Index Hedged to GBP by 1.75% per annum before the deduction of charges over any 5 year period.
The Fund invests at least 80% of its assets in high yield (non-investment grade, equivalent to BB+ rated or lower) corporate bonds, in any country.
The Fund may also invest a combined maximum of 20% in other assets including fixed rate, variable rate and index-linked securities, of any quality, from any issuer (including contingent convertible bonds, perpetual bonds and asset-backed and mortgage-backed securities), Collective Investment Schemes (including those managed by Janus Henderson), cash and money market instruments.
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 the ICE BofA Global High Yield Constrained Index Hedged to GBP, as this forms the basis of the Fund’s performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index.
As an additional means of assessing the performance of the Fund, the IA Sterling High Yield sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.
ABOUT THIS FUND
- Co-managed from the US and Europe, the fund benefits from a global perspective with local insight
- Research is focused on identifying issuers more likely to outperform and underperform to help generate risk-adjusted returns and avoid defaults
- The global approach allows access to a variety of economies and companies at different stages in the business cycle