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Asset-Backed Securities Fund

A high quality, conservatively managed fixed income solution aiming to provide downside resilience over cycles

Overview

INVESTMENT OBJECTIVE

ABOUT THIS FUND

  • Specialised and experienced team: A long-standing track record in ABS and CLO investing. Portfolio managers have worked together since 2010 and draw upon the expertise of securitised and loans specialists.
  • In-depth analysis and insights: Market leading tools and systems integrated into the research process to gain deep insights on underlying collateral and identify relative value.
  • Global opportunity set: Expertise in European regulations and in-depth local market knowledge to access the vast global securitised market.

Portfolio Management

Ian Bettney

Portfolio Manager

Industry since 2000. Joined Firm in 2005.

Denis Struc

Portfolio Manager

Industry since 2005. Joined Firm in 2010.

Colin Fleury

Head of Secured Credit | Portfolio Manager

Industry since 1986. Joined Firm in 2007.

Performance

Portfolio

Top Holdings (As of 30/09/2025)
% of Fund
Tesco Property Finance 2 6.0517% 2039 2.38
BRAVO Residential Funding Trust Series 2025-NQM8 5.082% 2065 2.08
Last Mile Securities PE 2021 DAC 2.934% 2031 (LMILE 2021-1X A1) 2.05
Allied Credit ABS Trust 2024-2 4.79% 2032 (ACPL 2024-2 A) 1.99
Allied Credit ABS Trust 2025-2 4.79% 2033 (ACPL 2025-2 B) 1.92
A&D Mortgage Trust 2025-NQM2 5.79% 2070 (ADMT 2025-NQM2 A1) 1.88
Sunrise Spv 97 Srl 2.652% 2050 (SUNRI 2025-2 A) 1.79
Fidelity Grand Harbour Clo 2024-1 DAC 3.336% 2038 (FICLO 2024-1X A) 1.79
Liberty Series 2024-2 4.7962% 2056 (LBRTY 2024-2 A1B) 1.79
Angel Oak Mortgage Trust 2025-6 5.515% 2070 (AOMT 2025-6 A1) 1.68
TOTAL 19.34
Sector Allocation % of Fund % of Fund As of 30/09/2025
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 30/09/2025
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of 30/09/2025
Country/Geographic Exposures % of Fund % of Fund As of 30/09/2025
Regional Allocation % of Fund % of Fund As of 30/09/2025

Documents