Investment objective
The Fund aims to provide total return over the long term from a combination of income and capital growth by investing predominantly in an actively managed portfolio of mortgage-related fixed income instruments of varying maturities.
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The Bloomberg US Mortgage Backed Securities (MBS) Inde broadly representative of the investments which the Fund may make and is used for performance comparison purposes only. The Fund is actively managed and does not seek to replicate the composition or performance of an index. Under normal circumstances, the Fund will invest at least 80% of its net assets in a portfolio of mortgage-related fixed income instruments of varying maturities and at least 80% of its net assets in mortgage-related fixed income instruments, being MBS and CMOs, issued by the U.S. government and its agencies. Mortgage-related fixed income instruments include residential and commercial mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”), stripped mortgage-backed securities, mortgage pass-through securities, credit risk transfer securities (“CRTs”), and To be Announced (or “TBA”) commitments. Investments in mortgage-related fixed income instruments other than those issued by the U.S. government and its agencies will be limited to 10%. Included in this aggregate 10% limit are CRTs and non-agency CMOs. Investments in any other types of asset-backed securities will be limited to 10% of the Fund’s net assets. This may include assets backed by car loans, credit cards, equipment leases and consumer loans. Investments in Reg-S and Rule 144A Securities will be limited to 20% of the Fund’s net assets. In addition to its investments in mortgage-related fixed income instruments, the Fund will from time to time also invest in certain other fixed-income securities, typically fixed or floating rate grade corporate bonds and/or hold cash and cash-equivalents. The Fund will invest at least 80% in securities rated investment grade. The Fund may also invest in lower-rated securities The Fund invests only in U.S. dollar denominated securities.
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About this fund
The Fund aims to provide a high level of total return from a combination of income and capital growth over the long term by investing predominantly in an actively managed portfolio of mortgage-related fixed income instruments of varying maturities.
Why invest in this fund
A $9tn asset class
Bigger than US IG Corporates but under-represented in many fixed income portfolios.
Attractive yield relative to risk
Typically government-backed securities with higher yield than US treasuries.
Harnessing active insight
Active management is essential to navigate the complex market.
Performance scenarios
| Recommended hold period: 5 years Investment: 10000 $ |
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|---|---|---|---|
| Scenarios | If you exit after 1 year | If you exit after the 5-year recommended holding period | |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | ||
| Stress Scenario | What you might get back after costs | 7451.32 $ | 6825.20 $ |
| Average Return each year | -25.487% | -7.355% | |
| Unfavourable Scenario | What you might get back after costs | 8495.53 $ | 9389.78 $ |
| Average Return each year | -15.045% | -1.251% | |
| Moderate Scenario | What you might get back after costs | 10098.96 $ | 10182.69 $ |
| Average Return each year | 0.990% | 0.363% | |
| Favourable Scenario | What you might get back after costs | 11231.55 $ | 11721.41 $ |
| Average Return each year | 12.316% | 3.228% | |
Portfolio characteristics
(As of 30/04/2026)
USD Acc.
| Number of holdings: | 198 |
| Yield to worst (%): | 5.34 |
| Average rating: | AA- |
| Option adjusted duration | 5.73 |
| Option adjusted spread | 45.78 |
USD Dist.
| Number of holdings: | 198 |
| Yield to worst (%): | 5.34 |
| Average rating: | AA- |
| Option adjusted duration | 5.73 |
| Option adjusted spread | 45.78 |
