Fund Objective

The Fund aims to produce a positive return over the long term regardless of market conditions by investing primarily in interest bearing assets and related derivatives.

Future Expectations

Through wide diversification of risk and a high level of investment flexibility, this Fund aims to deliver steady gains over the long term. The underlying principle of the Fund's strategy is that by taking a large number of small bets instead of a more limited number of larger bets it will be possible to generate an equivalent level of return but with less day-to-day volatility. However, there is no guarantee that gains will be made, and the Fund could decline in value.The Manager's investment decisions are based on the average time to maturity of the bonds in the portfolio, and the countries and currencies to which it is exposed. In addition, decisions are influenced by the extent to which the Fund may benefit from changes in the relationship between high-quality and high-yield bonds, as well as from interest rate changes. The Fund will not invest in equities and so is focused on return opportunities in the bond markets.

Fund Details