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For investors in Hong Kong

High Yield Fund

A high-conviction active high-yield portfolio that focuses on taking the appropriate amount of risk throughout the credit cycle

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Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a high income with the potential for some capital growth over the long term.

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The Fund invests at least 80% of its assets in debt securities or preference shares (non-investment grade) issued by US issuers or companies.

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ABOUT THIS FUND

  • High Conviction: We believe a high-conviction approach is essential to unlocking competitive excess returns and monitoring high-yield risk for our clients. We are focused on taking the appropriate amount of risk throughout the credit cycle by actively managing market exposure and portfolio composition.
  • Research Driven: Our analysts cover issuers across the credit-quality spectrum and capital structure, enabling a complete picture of fundamental credit risk. Analysts function as sector experts and risk managers alongside portfolio managers to identify potential outperformers.
  • Global Resources: This U.S. strategy benefits from our team of global credit experts. Instead of separate teams, we operate as one team globally looking at companies.

Portfolio Management

Tom Ross, CFA: Head of High Yield | Portfolio Manager
Tom Ross, CFA

Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Brent Olson: Portfolio Manager
Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Brad Smith: Portfolio Manager
Brad Smith

Portfolio Manager

Industry since 2010. Joined Firm in 2010.

Performance

Due to current regulations we are only permitted to show performance if the share class is more than six months old.
Cumulative Performance (%)
As of 2025/06/30
A2 USD (Net) Bloomberg U.S. Corporate High Yield Bond TR USD High Yield Bond - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1998/12/24
A2 USD (Net) 2.10 4.12 3.87 3.87 8.39 23.96 19.84 235.80
Bloomberg U.S. Corporate High Yield Bond TR 1.84 3.53 4.57 4.57 10.29 32.84 33.61 425.98
USD High Yield Bond - OE 1.78 3.22 3.96 3.96 8.60 26.88 25.73 262.18
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Calendar Year Returns (%)
As of 2025/06/30
A2 USD (Net) Bloomberg U.S. Corporate High Yield Bond TR USD High Yield Bond - OE
2024 2023 2022 2021 2020
A2 USD (Net) 7.02 10.34 -16.19 4.41 5.11
Bloomberg U.S. Corporate High Yield Bond TR 8.19 13.44 -11.19 5.28 7.11
USD High Yield Bond - OE 6.75 11.09 -11.11 3.99 5.01
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.

Recommended holding period 5 Years

Example Investment: USD 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs7,040 USD6,520 USD
Average return each year-29.57%-8.19%
UnfavourableWhat you might get back after costs7,730 USD9,200 USD
Average return each year-22.69%-1.64%
ModerateWhat you might get back after costs9,990 USD10,490 USD
Average return each year-0.06%0.96%
FavourableWhat you might get back after costs11,730 USD12,960 USD
Average return each year17.30%5.32%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 5.00%
Annual Charge 0.85%
Ongoing Charge
(As of 2024/12/31) 		1.86%
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 2025/05/31)
% of Fund
US 2YR NOTE (CBT) Sep25 SEP 25 10.68
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027 2.00
X Corp, 10.98%, 10/29/2029 1.71
LifePoint Health Inc, 10.00%, 06/01/2032 1.49
Standard Industries Inc/NY, 3.38%, 01/15/2031 1.49
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.00%, 09/01/2031 1.44
Heartland Dental LLC / Heartland Dental Finance Corp, 10.50%, 04/30/2028 1.38
Cloud Software Group Inc, 6.50%, 03/31/2029 1.27
HLF Financing Sarl LLC / Herbalife International Inc, 12.25%, 04/15/2029 1.23
Station Casinos LLC, 4.63%, 12/01/2031 1.23
TOTAL 23.92
Portfolio holdings are subject to change without notice. 
Industry Allocation % of Fund % of Index % of Fund % of Index As of 2025/05/31
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 2025/05/31
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 2025/05/31
Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody's, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).
Country/Geographic Exposures % of Fund % of Index % of Fund % of Index As of 2025/05/31
Regional Allocation % of Fund % of Index % of Fund % of Index As of 2025/05/31

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
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