Investment objective
The Fund aims to provide a regular income while aiming to preserve the initial capital invested over the Term. The Fund is designed to be held until the end of the Term and investors should be prepared to remain invested until such date. The income amount or capital value is not guaranteed. The value of the shares at the end of the Term may be less than the value at the time of investment because of the Fund’s distribution policy or market movements.
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The Fund invests in a portfolio of G10 government bonds and credit default swaps (CDS) on single name, baskets and indices of corporate issuers. In particular, the Fund will include Italian government bonds to which the Fund may have exposure of up to a maximum of 100% of its net asset value. The Fund may invest up to 100% in bonds issued or guaranteed by a single Member State, its local authorities, or a public international body of which one or more Member States are members. CDS will include both investment-grade and high-yield (non-Investment Grade) corporate issuers to enhance income. The CDS will generally have an average credit rating of BBB-/Baa3. The CDS may have up to 40% of its notional value in corporate issuers rated below Investment Grade. The Fund may also invest in high yield (non-Investment Grade) bonds, government bonds, municipal bonds, commercial paper, certificates of deposit and cash. The Fund may invest up to 10% of its net asset value in agency Mortgage-Backed Securities (which does not include Collateralised Mortgage Obligations). The Fund will not invest in contingent convertible bonds. The Fund may invest up to 10% in Collective Investment Schemes, including those managed by Janus Henderson. The Fund may invest up to 5% in unrated Debt Securities. The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund as well as for investment purposes.
The Fund is managed on a buy and maintain basis without reference to a benchmark.
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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.
Key dates
| Offer period start date | 13 March 2026 |
| Investment date | 10 April 20261 |
| Offer period closing date | 5 June 2026 |
| Maturity date | 22 June 2029 |
1 On the investment date, the fund will invest its assets in accordance with the investment policy. Orders received on or after the investment date will be filled at prevailing NAV and may be subject to a dilution adjustment (as described in the prospectus). From the investment date, the fund will be fully invested in the desired portfolio constituents.
Fund is designed to be held until 22 June 2029 (Maturity) and investors should be prepared to remain invested until such date. Swing pricing applicable if shares are redeemed before Maturity Date. Please refer to the prospectus for further details.
About this fund
- Our team: With over 15 years experience, our global credit team conduct a bottom-up research approach, leveraging industry insights to enhance portfolio yields and avoid negative credit events.
- Discipline, repeatable process: A proactive and controlled risk monitoring process with a disciplined focus on avoiding defaults while strengthening resilience across economic and market cycles.
- Holistic approach to risk: By identifying pricing inefficiencies, quantitative analysis elevates credit research and shared risk ownership across portfolio managers and analysts encourages accountability.
Any risk management process discussed includes an effort to monitor and manage risk which should not be confused with and does not imply low risk or the ability to control certain risk factors. The above are the teams views and should not be construed as advice and may not reflect other opinions in the organisation. The views are subject to change without notice.
