Fund Objective

The Fund aims to achieve total return principally by way of income.

View on Past Performance

September was a tumultuous time for global markets. The credit crisis returned to centre stage as shock waves from the bankruptcy of Lehman Brothers in the US shook the financial system.In this very volatile environment, risk aversion rose sharply, which led to an investor flight to government bonds at the expense of high yield and investment grade corporate debt. The fund outperformed the benchmark, although it ended lower in absolute terms in the difficult conditions.Sector allocation made up most of the high yield portfolio's outperformance in September. Specifically, our continued focus on defensive issues and avoidance of more cyclically-oriented areas were the main contributors to performance. Our overweight in telecoms was the biggest contributor to the fund's performance, while an underweight in banking issues was also beneficial.

Fund Details