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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

ISIN
IE0004446971

NAV
USD 33.71
As of 2025/07/10

1-Day Change
USD 0.07 (0.21%)
 As of 2025/07/10

Key investment risks:

  • The Fund invests in debt securities/ preference shares (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,

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  • currency, hedging, economic, political, policy, foreign exchange, liquidity, tax, legal, regulatory, securities financing transactions related and preference shares 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 debt securities/ preference shares rated below investment grade or unrated 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 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

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