Fund Objective

To provide a total return by investing in a portfolio of predominantly bonds.

View on Past Performance

Global government bond prices were little changed in October. Worries over a big supply of new issues depressed prices for part of the month. Against that, a continuation of the "flight to safety" trend boosted prices.The less highly rated European government bond markets underperformed. The Fund held a below benchmark weighting in this sector. The Fund was also underweight in the less liquid, older bond issues; these also underperformed as liquidity became paramount.The Fund outperformed its benchmark in October with security selection in US Dollar and Japanese Yen denominated assets the main drivers of this outperformance over the month.

Fund Details