ABSOLUTE RETURN GOVERNMENT BOND FUND
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1 ABSOLUTE RETURN GOVERNMENT BOND FUND For professional investors only, not suitable for retail investors
2 A NEW OPPORTUNITY Absolute return funds offer an attractive, alternative source of alpha outright or as part of a balanced portfolio They are becoming an increasingly popular form of investment as investors seek a strategy that aims to provide capital growth, alongside downside risk management, irrespective of market conditions Royal London Asset Management has a proven capability and strong track record, having managed portfolios of this type over the last four years OUR INVESTMENT STRATEGY The Royal London Absolute Return Government Bond Fund aims to take advantage of valuation opportunities within the government bond markets of the G10 economies (Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, UK and the United States). To achieve this, the Fund simultaneously takes long positions in cheap securities and short positions in related expensive securities. Exposures will be gained through investment in physical G10 government bond assets and securities issued by supranationals and sovereigns, as well as through relevant and appropriate derivative instruments associated with the government bond markets in the G10 countries. Active currency views are not taken and any non-base currency exposures arising from bond market exposures are hedged back to the base currency of the Fund. While the Fund may experience a small foreign exchange exposure from time to time as a consequence of market movements, such exposures do not form part of the strategy. A WELL-ESTABLISHED PHILOSOPHY We believe government bond markets are driven by macro-economic themes (e.g. interest rates, inflation, GDP growth) in the medium to long term. In the short term these markets can be inefficient and/or volatile. This presents opportunities for the Fund to invest tactically around longer term strategic views adding incremental alpha and reducing the volatility of returns. This combination of long-term strategic positions with short-term tactical positioning enables the fund to exploit a wider range of opportunities leading to diverse sources of performance.
3 A ROBUST PROCESS DESIGNED TO EXPLOIT OPPORTUNITIES Our investment process (illustrated in the diagram below) combines top-down macroeconomic research with bottom-up stock selection. By taking this approach, we aim to construct a portfolio that will deliver consistent outperformance from diverse sources across all stages of the economic and market cycle. Our investment process is strictly adhered to in order to identify investment opportunities, drive efficient portfolio construction and aims to produce outperformance in a consistent and repeatable manner. Investment process Economic Research Analysis Strategic & Tactical Opportunities Risk Analysis & Selection Implementation Economics Base Rate Forecast Regression Models Interest Rate Path G10 Generator Cross Market Yield Analysis Market Analysis Intra Market Cross Market 8 strategies Risk Analysis Incremental VaR Stress Testing Selection Market Prices Efficient Implementation Risk Management
4 A RANGE OF STRATEGIES ACROSS G10 MARKETS TO PROVIDE DIVERSE SOURCES OF PERFORMANCE The example matrix below illustrates the types of bond market strategies that could be in place across the fund at a point in time. In the example below, the Fund has duration exposure via a future on French Government Bonds. A yield curve position is in place on the German government bond market, and has been implemented using government bonds and government bond futures in that market. A similar strategy is in place on the UK government bond market using sterling interest rate swaps. Such yield curve strategies capture movements in the shape of an individual country yield curve, and performance differences, between two maturity points. Also in the example are cross market strategies. These include a position between Germany and France implemented using government bond futures in both markets, and a position between the UK and US implemented using government bonds in one market and government bond futures in the other. Such cross market strategies capture performance differences between each pair of markets. Fund strategies Cash/ SONIA Duration Yield Curve Inflation Cross- Market Basis/ Spread Volatility Stock Selection Canada Bond, Swaption France Germany Bond & & Bond & Swap UK CD, FRN Swap US Bond & Swap Bond & Note: for illustrative purposes only. Excludes FX hedging. RISK MANAGEMENT Risk management is central to the way the Fund is managed and is supported by sophisticated portfolio and risk management systems, ensuring that the Fund is managed in line with the investment process and objectives, with the central aim of combining a number of diverse positions. We use a variety of techniques to measure risk, including Value at Risk (VaR), stress tests and scenario analysis. Portfolios are managed within a VaR risk budgeting framework, helping to ensure suitable diversification of both risk and return drivers.
5 A DIVERSE AND HIGHLY SKILLED TEAM, EXPERIENCED IN RELATIVE VALUE The Fund is managed by Darren Bustin, Head of Derivatives and Paul Rayner, Head of Government Bonds. The Fund utilises a wider collegiate approach incorporating the RLAM fixed income and derivative teams. Paul and Darren work together on the Fund with regard to idea generation, incorporating ideas from team meetings with the wider fixed income team. This ensures only the best ideas are invested within the fund. The RL Absolute Return Government Bond Fund brings together the extensive expertise of our derivatives and government bond teams. Combined, the team has over 80 years experience in investing in derivatives and government bond markets, including UK gilts, index linked securities and overseas government bonds. We believe the fund management team offer the following benefits: A wealth of experience No Group Think Diverse backgrounds Specialists Comprehensive coverage INVESTMENT EXPERIENCE AND RESPONSIBILITIES YEARS Paul Rayner - Head of Government Bonds Co-lead Fund manager RL ARGBF Strategic & tactical analysis Darren Bustin - Head of Derivatives Co-lead Fund manager RL ARGBF Strategic & tactical analysis; strategy selection Craig Inches - Senior Portfolio Manager Strategic & tactical analysis Updates proprietary G10 yield and return forecast model Ian Kernohan - Economist Macro economic forecasting G10 interest rate forecasts Stephen Ruggiero - Derivative Portfolio Manager Derivative strategies Efficient implementation Dr Tim Tien - Quantitative Analyst Risk Analysis Updates proprietary G10 yield and return forecast model RLAM Prior to RLAM
6 KEY FUND INFORMATION Fund name Royal London Absolute Return Government Bond Fund Inception date 17/11/2014 Objective The investment objective of the fund is to target absolute positive capital growth. The Fund invests in a portfolio comprising fixed and/or floating rate investment grade government and inflation linked bonds, supranational and sovereign Floating Rate Notes issued by the G10 Member States, and derivatives. The fund seeks to achieve its investment objective by outperforming its benchmark, the Sterling Overnight Index (SONIA) on an annual basis by between 2.5% and 3% over rolling three year periods and aims to provide positive performance over a 12 month period. Domicile Dublin Investment Association Sector Target Absolute Return Fund Structure UCITS IV OEIC Benchmark Overnight Cash Rate (SONIA) Targeted Performance SONIA + 2.5% rolling 36 months Targeted Volatility Maximum one month 99% VaR of 7% with soft limit at 5% Extension past 5% only with permission of committee Duration +/- 1 year Share Class Description AMC Min Initial Investment SEDOL Launch Date Class M Wholesale 0.60% 100,000 BP Nov-14 Class Z Institutional 0.35% 1,000,000 BP3QZQ0 17-Nov-14
7 Contact us For further information about any of our products or services, please contact: Royal London Asset Management 55 Gracechurch Street London EC3V 0RL Tel: Fax: Key Investor Information Documents for OEICs are available on our website. Website:
8 For professional customers only. The views expressed are the author s own and do not constitute investment advice. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested. Unlike the income from a single fixed income security, the level of income (yield) from a fund is not fixed and may go up and down. Derivatives may alter the economic exposure of a fund over time, causing it to deviate from the performance of the broader market. For more information concerning the risks of investing, please refer to the Prospectus and Key Investor Information Document (KIID). Financial promotion issued by Royal London Asset Management August Information correct at that date unless otherwise stated. Royal London Asset Management Limited, registered in England and Wales number ; Royal London Unit Trust Managers Limited, registered in England and Wales number RLUM Limited, registered in England and Wales number All of these companies are authorised and regulated by the Financial Conduct Authority. All of these companies are subsidiaries of The Royal London Mutual Insurance Society Limited, registered in England and Wales number Registered Office: 55 Gracechurch Street, London, EC3V 0RL. The marketing brand also includes Royal London Asset Management Bond Funds Plc, an umbrella company with segregated liability between sub-funds, authorised and regulated by the Central Bank of Ireland, registered in Ireland number , and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. Registered office: 70 Sir John Rogerson s Quay, Dublin 2, Ireland. Ref: BR RLAM PD 0006
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