All China Bond Strategy

Carefully selected investments from the wide range of opportunities on offer in the world of Chinese fixed income.
Carefully selected investments from the wide range of opportunities on offer in the world of Chinese fixed income.

A one-stop-shop to access a range of potential benefits

The Strategy aims to provide income with the opportunity for long-term capital growth by investing actively across the fast-growing and increasingly diverse China fixed income opportunity set.
Key Features
  • A holistic approach to investing in Chinese fixed income, spanning onshore and offshore bonds, sovereign & corporate debt and FX
  • Actively managed to seek to harness the best opportunities at each point in the market cycle
  • Disciplined, bottom-up approach targets investments that offer both attractive yield and good credit quality
  • Managed by an established and experienced team that has feet on the ground in Asia
We believe a best-ideas China-centric fixed income strategy can help identify investment opportunities across the market cycle.
Victoria Harling

Investment approach

01

Bottom-up investment decision-making aims to harness the significant inefficiencies in this investment universe while aligning with top-down risk allocation targets.

02

Sector scorecards provide a disciplined approach to the analysis of Compelling Forces (fundamentals, valuations and market behaviour) and ESG metrics.

03

Diversification, top-down views, team debate and final conviction all determine the make-up of the portfolio.

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General risks
Past performance is not a reliable indicator of future results, losses may be made.

Specific risks
Geographic/Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that the resulting value may decrease whilst portfolios more broadly invested might grow. Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company. Concentrated portfolio: The portfolio invests in a relatively small number of individual holdings. This may mean wider fluctuations in value than more broadly invested portfolios. Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.

Important information
All information is as at 30 June 2020 unless otherwise stated.