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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.

Performance

Portfolio

Top Holdings (As of 31/12/2025)
% of Fund
Janus Henderson EUR AAA CLO Active Core UCITS ETF 3.58
Tesco Property Finance 2 6.0517% 2039 2.16
Last Mile Securities PE 2021 DAC 2.964% 2031 (LMILE 2021-1X A1) 1.86
PCL Funding VIII 5.0235% 2028 (PCLF 2023-1 A) 1.83
BLP Commercial Mortgage Trust 2025-IND2 5.2501% 2042 (BLP 2025-IND2 A) 1.82
BRAVO Residential Funding Trust Series 2025-NQM8 5.082% 2065 1.76
Plenti Auto ABS Trust 2025-2 4.5356% 2034 (PLENT 2025-2 A) 1.69
New Residential Mortgage Loan Trust 2025-NQM5 5.109% 2065 (NRZT 2025-NQM5 A1) 1.67
RCKT Mortgage Trust 2025-CES11 4.966% 2055 (RCKT 2025-CES11 A1A) 1.66
A&D Mortgage Trust 2025-NQM2 5.79% 2070 (ADMT 2025-NQM2 A1) 1.63
TOTAL 19.66
Sector Allocation % of Fund % of Fund As of 31/12/2025
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 31/12/2025
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of 31/12/2025
Country/Geographic Exposures % of Fund % of Fund As of 31/12/2025
Regional Allocation % of Fund % of Fund As of 31/12/2025

Documents