For investors in Hong Kong

US Short-Term Bond Fund

A dynamic, core short-term bond fund with a history of generating risk-adjusted returns and preserving capital

ISIN
IE0009533641

NAV
EUR 16.68
As of 2023/03/24

1-Day Change
EUR 0.00 (0.00%)
As of 2023/03/24

Morningstar Rating
As of 2012/09/30

Key investment risks:

  • The Fund invests in debt securities (including below investment grade or unrated); 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, economic, political, policy, foreign exchange,

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  • 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 short- and intermediate-term US debt 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 as high a level of income as is consistent with the aim of limiting losses to capital over the long term.

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The Fund invests at least 80% of its assets in US short-term and intermediate-term bonds, issued by governments or companies. Although it has no pre-established quality standards, the Fund will invest at least 70% of its assets in investment grade bond.

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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 | 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 2022/12/31
A2 HEUR
 
Quarter End
As of 2022/12/31
Dec-2021 - Dec-2022 Dec-2020 - Dec-2021 Dec-2019 - Dec-2020 Dec-2018 - Dec-2019 Dec-2017 - Dec-2018
A2 HEUR -7.65 -1.38 2.89 0.40 -2.22
Cumulative Performance (%)
As of 2023/02/28
A2 HEUR
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1999/12/31
A2 HEUR -0.90 0.06 -1.37 0.06 -5.81 -6.76 -7.23 60.68
Calendar Year Returns (%)
As of 2022/12/31
A2 HEUR
2022 2021 2020 2019 2018
A2 HEUR -7.65 -1.38 2.89 0.40 -2.22
Calendar Year Returns (%)
Year A2 HEUR Index
2022 -7.65 -5.71
2021 -1.38 -1.33
2020 2.89 2.05
2019 0.40 0.97
2018 -2.22 -1.19
2017 -1.43 -1.09
2016 -0.44 -0.11
2015 -1.03 0.15
2014 -0.22 0.69
2013 0.27 0.47
2012 2.38 1.00
2011 1.01 2.08
2010 2.82 2.83
2009 9.09 3.99
2008 4.25 5.63
2007 3.66 5.37
2006 0.82 2.05
2005 -1.28 0.58
2004 1.99 1.99
2003 4.01 3.90
2002 2.64 7.83
2001 7.08 9.10
2000 23.50 5.68
1999 from 31/12/1999 0.00 0.00
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 0.50%
Ongoing Charge
(As of 2021/12/31)
0.88%

Portfolio

Top Holdings (As of 2023/02/28)
% OF FUND
United States Treasury Note/Bond, 3.00%, 07/31/24 20.65
United States Treasury Note/Bond, 0.38%, 10/31/23 12.14
United States Treasury Note/Bond, 3.50%, 01/31/28 5.77
United States Treasury Note/Bond, 4.00%, 02/15/26 3.83
United States Treasury Note/Bond, 4.25%, 12/31/24 3.40
United States Treasury Note/Bond, 4.25%, 09/30/24 1.80
United States Treasury Note/Bond, 4.00%, 02/29/28 1.69
Fannie Mae or Freddie Mac, 4.50%, 03/13/23 1.28
Centene Corp, 4.25%, 12/15/27 1.25
United States Treasury Note/Bond, 3.12%, 08/15/25 1.22
Total 53.03

Documents