For investors in Hong Kong

Flexible Income Fund

A flexible core bond fund with a 20+ year history of seeking risk-adjusted returns

ISIN
IE0004445783

NAV
USD 19.84
As of 2023/06/02

1-Day Change
USD -0.12 (-0.60%)
 As of 2023/06/02

Key investment risks:

  • The Fund invests in debt securities (including below investment grade or unrated); and asset/ mortgage-backed securities and is subject to greater interest rate, credit/ counterparty, volatility, liquidity, downgrading, valuation, credit rating risks. It may be more volatile.
  • Investments in the Fund involve general investment, currency, hedging,

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  • economic, political, policy, foreign exchange, liquidity, tax, legal, regulatory and securities financing transactions related risks. In extreme market conditions, you may lose your entire investment.
  • The Fund may invest in financial derivatives instruments for investment and efficient portfolio management purposes. This may involve counterparty, liquidity, leverage, volatility, valuation, over-the-counter transaction, credit, currency, index, settlement default and interest risks; and the Fund may suffer total or substantial losses.
  • The Fund's investments are concentrated in US income producing securities and may be more volatile.
  • The Fund may at its discretion pay dividends (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.
  • Investors should not only base on this document alone to make investment decisions and should read the offering documents 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 income producing securities of any quality, including debt securities (non-investment grade) issued by US issuers, governments or companies.

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ABOUT THIS FUND

  • A culture of collaboration, global integration and a research-first mentality is the cornerstone to our team’s process.
  • We target repeatable performance by building a structural foundation of more optimal allocations designed to serve as a better starting point than traditional benchmarks.
  • We dynamically allocate risk across market cycles and invest with conviction, with bottom-up research expected to drive excess returns.

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

Discrete Performance (%)
As of 2023/03/31
A2 USD
 
Quarter End
As of 2023/03/31 		Mar-2022 - Mar-2023 Mar-2021 - Mar-2022 Mar-2020 - Mar-2021 Mar-2019 - Mar-2020 Mar-2018 - Mar-2019
A2 USD -6.78 -5.45 4.79 5.08 2.43
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Cumulative Performance (%)
As of 2023/04/30
A2 USD
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1998/12/24
A2 USD 0.45 -0.30 5.83 2.96 -2.66 -10.24 0.50 101.60
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Calendar Year Returns (%)
As of 2023/03/31
A2 USD
2022 2021 2020 2019 2018
A2 USD -15.24 -2.33 8.89 7.90 -2.23
Calendar Year Returns (%)
Year A2 USD Index
2022 -15.24 -13.01
2021 -2.33 -1.54
2020 8.89 7.51
2019 7.90 8.72
2018 -2.23 0.01
2017 2.18 3.54
2016 1.15 2.65
2015 -1.14 0.55
2014 3.44 5.97
2013 -1.47 -2.02
2012 6.40 4.21
2011 5.27 7.84
2010 6.13 6.54
2009 11.84 5.93
2008 3.70 5.24
2007 5.36 6.97
2006 2.79 4.33
2005 0.53 2.43
2004 2.33 4.34
2003 4.89 4.10
2002 8.68 10.26
2001 5.32 8.44
2000 4.28 11.63
1999 2.39 -0.82
1998 from 24/12/1998 0.40 0.86
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 2021/12/31) 		1.89%
The ongoing charge is calculated using the Packaged Retail Investment Product (PRIIPs) methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.
Please refer to the offering documents for more details on the fees and expenses.

Portfolio

Top Holdings (As of 2023/04/30)
% OF FUND
United States Treasury Note/Bond, 3.75%, 04/15/26 4.24
United States Treasury Note/Bond, 4.00%, 11/15/52 3.71
United States Treasury Note/Bond, 3.88%, 02/15/43 3.50
United States Treasury Note/Bond, 4.00%, 11/15/42 3.33
United States Treasury Note/Bond, 3.50%, 02/15/33 2.47
United States Treasury Note/Bond, 4.00%, 02/29/28 2.40
Fannie Mae Pool, 3.00%, 12/01/51 1.97
United States Treasury Note/Bond, 3.50%, 04/30/28 1.88
Ginnie Mae II Pool, 2.50%, 05/18/23 1.77
United States Treasury Note/Bond, 3.62%, 03/31/28 1.76
Total 27.03
Portfolio holdings are subject to change without notice. 

Documents

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