01We believe that the emerging market corporate debt opportunity is best captured by a rigorous bottom-up approach, informed by top-down analysis. |
02Our investment process looks for bonds issued by fundamentally strong businesses that are mispriced by the market. |
03Our approach is underpinned by a strong team culture that involves the collaboration of high calibre individuals to challenge investment decisions. |
04We construct the portfolio based on our conviction in individual positions and risk & liquidity considerations, and in alignment with our top-down sector and risk targets. |
General risks. Past performance is not a reliable indicator of future results, losses may be made.
Specific risks. Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise. Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated. 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.