Flexible Income Fund

A dynamic core bond fund with a 20+ year history of seeking risk-adjusted returns and capital preservation

ISIN
IE0009516141

NAV
EUR 23.13
As of 2020/10/20

1-Day Change
EUR -0.03 (-0.13%)
As of 2020/10/20

Key investment risks:
• The Fund may invest in any one or a combination of the following instruments:
– futures, options and swaps and other financial derivative instruments (“FDI”) for investment purposes, up to 10% of the net asset value ("NAV") of the Fund. Given the leverage effect of FDI, such investments may result in substantial loss

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(as much as 100% of the NAV of the relevant Fund);
– debt securities rated below investment grade; and
– mortgage and asset-backed securities and/or in index/structured securities. These financial instruments may be rated below investment grade.
• Investing in any one of the above instruments may involve substantial credit/counterparty, market, liquidity, currency, leverage, interest, index and swap risks. If the issuers default, or such securities or their underlying assets, cannot be realised or perform badly, investors’ entire investments may be lost.
• Series 3, 4 and 5 share classes of the Fund may at its discretion (i) pay dividends out of the capital of the Fund, and/ or (ii) pay dividends out of gross income while charging all or part of the fees and expenses to the capital of the Fund, resulting in an increase in distributable income available for the payment of dividends by the Fund and therefore, the Fund may effectively pay dividends out of capital. This may result in an immediate reduction of the Fund’s net asset value per share, and it amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment.
• The Fund's investments involve developing markets. Owing to its potentially higher volatility and risk levels, as well as lower political and economic stability than developed markets, asset values could be affected in various levels.
• The Fund’s investments may be more concentrated than others that diversify across investments and may therefore be subject to higher risk than funds with more diversified investments.
• The investment decision is yours. If you are in any doubt about the contents of this document, you should seek independent professional financial advice.
• Investors should not only base on this document alone to make investment decisions and should read the Prospectus including the risk factors for further details.

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Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a return, from a combination of income and capital growth.

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The Fund invests at least 67% of its assets in US bonds of any quality including high yield (non-investment grade) bonds and loans (non-investment grade) issued by governments, companies or any other type of issuer.

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ABOUT THIS FUND

  • Leverages a bottom-up process using fundamental analysis and dynamic sector allocation aiming to generate returns through individual security selection
  • Integrated global fixed income and equity research effort seeks to identify the best risk-adjusted opportunities
  • Proprietary research and risk management system, Quantum Global, is integrated into the investment process

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

Discrete Performance (%)
As of 2020/09/30
A2 HEUR
 
Quarter End
As of 2020/09/30
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
5.14% 4.41% -5.26% -2.92% 1.64%
Cumulative Performance (%)
As of 2020/09/30
A2 HEUR (Net)
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1999/12/31
A2 HEUR -0.30% 0.78% 6.59% 5.76% 5.14% 4.00% 2.62% 125.22%
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 2020/06/30)
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 2020/06/30)
1.87%

Portfolio

Top Holdings (As of 2020/09/30)
% OF FUND
United States Treasury Note/Bond, 1.12%, 02/28/22 3.81
United States Treasury Note/Bond, 1.25%, 05/15/50 3.21
United States Treasury Note/Bond, 2.12%, 05/31/21 2.85
United States Treasury Note/Bond, 0.62%, 08/15/30 2.01
United States Treasury Note/Bond, 2.75%, 08/15/42 1.63
Fannie Mae or Freddie Mac, 2.50%, 10/14/20 1.36
Fannie Mae Pool, 3.00%, 02/01/47 1.27
Fannie Mae Pool, 3.50%, 07/01/48 1.23
United States Treasury Note/Bond, 1.12%, 05/15/40 1.15
United States Treasury Note/Bond, 0.25%, 06/30/25 0.98
Total 19.50

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