The Fund aims to generate an income with the opportunity to provide capital growth over long-term. The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of Non-Investment Grade debt securities (e.g. bonds), issued by governments, government agencies, supranational bodies, local authorities, national public bodies, institutions and corporations across the world, with the relevant currency exposure hedged back into U.S. Dollars.
The performance of years prior to 2021 was achieved under circumstances that may no longer apply. On 30 November 2017 and 28 April 2020, the investment policy was changed. On 11 June 2021, the name, investment objective and policy and base currency have changed.
Effective 11 June 2021, the benchmark has been changed from BofAML European Currency High Yield Constrained Hedged EUR Index to ICE BofAML Global High Yield Constrained Hedged EUR Index. On 1 August 2016, the benchmark changed from BofAML European Currency Non-Financial High Yield Constrained Hedged EUR Index to BofAML European Currency High Yield Constrained Hedged EUR Index. Any benchmark performance quoted before 11 June 2021 belongs to the old benchmark. Benchmark was changed for more accurate representation of the Sub-Fund’s investible universe.