Quarterly update
Watch the investment team recap this quarter.
(Note: As at April 2026).
Investment objective
About this fund
The Fund aims to provide a return from a combination of income and capital growth over the long term by investing in an actively managed portfolio of AAA to BBB-rated collateralised loan obligations (CLOs).
Why invest in this fund
Yield and diversification
Comparable yields to high yield corporate credit but with investment grade ratings and lower idiosyncratic default risk.
Risk and volatility
Comparable to high yield bonds with periods of both higher and and lower drawdowns while benefiting from rapid price recovery.
Low correlation characteristics
Reduced correlation to other fixed income instruments.
Portfolio characteristics
(As of 31/05/2026)
USD Acc.
| Number of holdings: | 51 |
| Number of holdings: Debt issues | 50 |
| Average CLO Rating: | BBB |
| Current yield (%) (USD): | 6.85% |
| Yield to maturity (USD) (based on cash rates): | 6.86 |
| Yield to maturity (USD) (based on forward rates): | 5.17 |
| Spread to maturity (%): | 2.96% |
| Effective interest rate duration (years): | 0.30 |
| Weighted average life (years): | 7.13 |
GBP-Hedged Dist.
| Number of holdings: | 51 |
| Number of holdings: Debt issues | 50 |
| Average CLO Rating: | BBB |
| Yield to maturity (GBP): | 6.97 |
| Current yield (%) (GBP): | 6.95% |
| Spread to maturity (%): | 2.96% |
| Effective interest rate duration (years): | 0.30 |
| Weighted average life (years): | 7.13 |
EUR-Hedged Acc.
| Number of holdings: | 51 |
| Number of holdings: Debt issues | 50 |
| Average CLO Rating: | BBB |
| Yield to maturity (EUR): | 5.22 |
| Current yield (%) (EUR): | 5.21% |
| Spread to maturity (%): | 2.96% |
| Effective interest rate duration (years): | 0.30 |
| Weighted average life (years): | 7.13 |
