Investment objective
The Sub-Fund is actively managed and aims to outperform the Bloomberg Global Corporate ex-EM Fallen Angels 3% Issuer Capped Index over the long term by investing primarily in an actively managed portfolio of sub-investment grade corporate bonds, focussed on bonds that were investment grade in the past but which have been downgraded to sub-investment grade (“Fallen Angels”).
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The Sub-Fund will invest at least 70% of its net assets in a portfolio of bonds downgraded to sub-investment grade which have the following characteristics:
• Issued by corporate issuers in developed markets;
• Rated B3 or better by Moody’s Investors Services Inc, or equivalently by Standard & Poor’s Ratings Services or Fitch Inc, or, if unrated, as determined by the Sub-Investment Manager to be of comparable quality; and
• Structured as fixed rate bonds or Pay-in-Kind (“PIK”) notes (where interest is paid in the form of additional debt rather than in cash)
The Sub-Fund may invest up to 30% of its net assets in other fixed or floating rate corporate bonds rated B3 or better, including investment grade bonds where the Investment Manager deems them to be transitioning between investment grade and sub-investment grade credit ratings and may also invest up to 20% of its net assets in corporate bonds issued by emerging markets issuers. The Sub-Fund will not invest more than 10% of its net asset value in Eligible Collective Investment Schemes, including those managed by the Investment Manager and may hold up to 20% of its net asset value in ancillary liquid assets (deposits, certificates of deposit, commercial paper, US Treasury Bills and money market funds) in accordance with the UCITS Regulations. The Sub-Fund may invest in government bonds for efficient portfolio management purposes and also invest in financial derivative instruments (FDIs) for efficient portfolio management purposes
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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.
About this fund
A systematic active approach to fallen angels factor exposure
The fallen angel factor reflects the tendency for newly downgraded bonds to recover after entering high yield. Our systematic active approach targets this opportunity through disciplined selection based on vintage, valuation, ESG factors and fundamental credit analysis.
Distribution overview
| Ex-Date | Record Date | Payable Date | ISIN Code | Currency | Rate |
|---|---|---|---|---|---|
| 25/06/2026 | 26/06/2026 | 09/07/2026 | IE000LSFKN16 | GBP | 0.3037 |
| 11/12/2025 | 12/12/2025 | 05/01/2026 | IE000LSFKN16 | GBP | 0.2720 |
| 26/06/2025 | 27/06/2025 | 10/07/2025 | IE000LSFKN16 | GBP | 0.3179 |
| 12/12/2024 | 13/12/2024 | 03/01/2025 | IE000LSFKN16 | GBP | 0.2770 |
| 11/07/2024 | 12/07/2024 | 25/07/2024 | IE000LSFKN16 | GBP | 0.6396 |
