For investors in Hong Kong

Flexible Income Fund

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

ISIN
IE0009516141

NAV
EUR 22.29
As of 2022/01/14

1-Day Change
EUR 2.76 (14.13%)
As of 2022/01/14

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

  • Collaboration is the foundation of our investment process, through which we partner with our equity and multi-asset teams to identify attractive opportunities across fixed income sectors by analyzing fundamentals, technicals and valuations.
  • Our team draws on a breadth of global resources to drive asset allocation and invest with conviction in an effort to deliver excess returns and provide the downside risk management expected from a core fixed income allocation.
  • Our transparent investment process and integrated risk management, which is enhanced by quantitative research and proprietary technology, aims to construct resilient portfolios from a diverse investment universe.

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

Discrete Performance (%)
As of 2021/12/31
A2 HEUR
 
Quarter End
As of 2021/12/31
Dec-2020 - Dec-2021 Dec-2019 - Dec-2020 Dec-2018 - Dec-2019 Dec-2017 - Dec-2018 Dec-2016 - Dec-2017
A2 HEUR -3.20 7.18 4.49 -5.08 -0.18
Cumulative Performance (%)
As of 2021/12/31
A2 HEUR
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1999/12/31
A2 HEUR -0.31 -0.66 -0.92 -3.20 -3.20 8.41 2.72 120.93
CALENDAR YEAR RETURNS (%)
A2 HEUR
2017 2018 2019 2020 2021
A2 HEUR -0.18 -5.08 4.49 7.18 -3.20
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 2021/06/30)
1.91%

Portfolio

Top Holdings (As of 2021/12/31)
% OF FUND
United States Treasury Note/Bond, 1.38%, 11/15/31 5.17
Fannie Mae or Freddie Mac, 2.00%, 01/13/22 3.65
Fannie Mae or Freddie Mac, 2.50%, 01/13/22 3.39
United States Treasury Note/Bond, 0.50%, 02/28/26 3.05
United States Treasury Note/Bond, 0.88%, 06/30/26 2.93
United States Treasury Note/Bond, 1.75%, 08/15/41 2.59
Fannie Mae or Freddie Mac, 3.00%, 01/13/22 2.42
United States Treasury Note/Bond, 0.75%, 04/30/26 2.14
United States Treasury Note/Bond, 0.12%, 02/28/23 2.03
United States Treasury Note/Bond, 1.62%, 11/15/50 2.02
Total 29.39

Documents