Reasons why: European high yield
|
|
- Clement Gervais Evans
- 5 years ago
- Views:
Transcription
1 For professional investors and financial advisers only not for use by retail investors Reasons why: European high yield Aberdeen European High Yield Bond Fund February 7 Steven Growth European high yield is no longer a niche market. It now stands at an impressive 8.7bn, up from a mere 7.bn back at the start of 8. The number of issuers has grown considerably over that time too, meaning there s more choice for high yield investors than ever before. Demand is growing too. Aging populations have resulted in an increased need for income as more people are saving longer for retirement. The low yield environment has made that difficult, driving more investors to the high yield market. Logan Global Head of High Yield Ben Pakenham Deputy Global Head of High Yield Resilience European high yield doesn t get the respect it deserves in terms of its defensive qualities. In times of market turmoil, European high yield tends to hold up better than most other asset classes. This is often overlooked by investors and market commentators, especially during risk asset drawdowns and duration sell-offs. A recent example of this was when the aftermath of the Brexit vote. High yield in Europe held steady, especially when compared to the highly volatile equities. Similarly, because the asset class has a low correlation with US government bond yields, it weathered the surprise US election result with minimal impact. Total returns from Europe - - Dec Euro Stoxx (LHS) Jun Dec Merrill Lynch Euro High Yield Index (HE) (RHS) Source: Bloomberg. For Illustrative purposes only. No assumptions regarding future performance should be made, July Jun Reasons why series Page of
2 Low default rate Default risk is one of the larger threats to high yield bond markets but default rates should remain low in the European high yield market. Europe is easing monetary conditions which will continue to support high-yield issuers. The European Central Bank s (ECB s) bond purchases, most notably of corporate bonds, also pushes investment grade buyers into the asset class in the search for yield, which suppresses refinancing risk. Leverage levels remain moderate by historic standards and the low cost of debt is a significant boon for high yield issuers. Consequently, market expectations are for default rates to remain low. High Yield default rates FY Default Rate - Europe FY Default Rate - US EU Forecast US Forecast Source: Moody s default report, January 7. Low correlation to government bonds Monetary policy, low growth and deflation in Europe have pushed government yields to record lows. Under these conditions the argument for diversification to high yield in order to achieve stronger returns has never been more valid. Failure to acknowledge this can have significant implications for the performance of a diversified fixed income portfolio. Correlation of Euro high yield and Y bund returns Jan Jan Jan 7 Jan 8 Jan 9 Jan Jan Jan Jan Jan Jan Jan Source: JP Morgan, 7 July. Rolling week correlation. Reasons why series Page of
3 Spoilt for choice Greater diversification across different sectors Automotive Banking Basic Industry Capital Goods Consumer Goods Energy December 7 December Source: BofA Merrill Lynch, HE, December. Financial Services Healthcare Insurance Media Transportation Real Estate Retail Leisure Services Telecomms Technology & Electronics Utilities European High Yield average credit rating BB BB- B+ B Dec Dec Dec Dec Dec Dec 7 Dec 8 Source: JP Morgan, December. For illustrative purposes only. Dec 9 Dec Dec Dec Dec Dec Dec Dec Compelling risk and return characteristics years to September Annualized return 9 8 Gold European High Yield (HE) 7 S&P year Bunds year US Treasury year US Treasury FTSE year Bunds US TIPS European Corps (ER) EuroStoxx Annualized volatility Source: Bloomberg, RIMES September. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index. For illustrative purposes only. US treasuries are backed by the full faith and credit of the US government. Reasons why series Page of
4 Cumulative performance 8. annualised returns since launch A 8 Dec Dec Dec Dec Dec Dec Aberdeen European High Yield Bond A Acc IE BofA Merrill Lynch European Currency High Yield Constrained Index Hedged GBP IA High Yield NR Performance Data: Share Class A Acc Source: Lipper, Bank of America Merrill Lynch, Basis: Total Return, NAV to NAV, UK Net Income Reinvested. Fund = Aberdeen European High Yield Bond Fund. Benchmark - BofA Merrill Lynch Euro High Yield Constrained (HEC). Note that prior to March the benchmark was JP Morgan Euro High Yield. Performance is shown gross of fees and does not reflect investment management fees. Had such fees been deducted, returns would have been lower. The benchmark is included for comparison purposes only as the fund is not managed to a specific benchmark. Annual returns () - year ended / Fund Calendar year performance () Fund Benchmark Difference (.8). (.7) (.7). Performance Data: Share Class A Acc. Source: Lipper, Bank of America Merrill Lynch, Basis: Total Return, NAV to NAV, UK Net Income Reinvested. These figures do not include the initial charge; if this is paid it will reduce performance from that shown. Reasons why series Page of
5 Important Information For professional investors and financial advisers only not for use by retail investors. Risk factors you should consider before investing: The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Exchange rates: Investing globally can bring additional returns and diversify risk. However, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. Bonds: Bonds are affected by changes in interest rates, inflation and any decline in creditworthiness of the bond issuer. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may not be able to pay the bond income as promised or could fail to repay the capital amount used to purchase the bond. A full list of risks applicable to this Fund can be found in the Prospectus. Other important information: The Fund is a sub-fund of Aberdeen Investment Funds ICVC, an authorised open-ended investment company (OEIC). It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. The Fund is not registered under the United States Securities Act of 9, nor the United States Investment Company Act of 9 and therefore may not directly or indirectly be offered or sold in the United States of America or any of its states, territories, possessions or other areas subject to its jurisdiction or to or for the benefit of a United States Person. The Authorised Corporate Director is Aberdeen Fund Managers Limited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares in the Fund and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Prospectus, relevant Key Investor Information Document (KIID) and Supplementary Information Document (SID) for the Fund. These can be obtained free of charge from Aberdeen Fund Managers Limited, PO Box 99, Chelmsford, CM99 WJ. Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. FTSE International Limited ( FTSE ) FTSE 7. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under Licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE s express written consent. Reasons why series Page of 7 /7
Aberdeen Asset Management
Aberdeen Asset Management Fixed income overview March 2016 David Lloyd-Nolan, Senior Fixed Income Product Specialist Aberdeen Asset Management For professional investors only Not for public distribution
More informationAberdeen European High Yield Bond Fund
Aberdeen European High Yield Bond Fund (previously Aberdeen High Yield Bond Fund) Annual short report for the year ended 31 July 2016 Investment objective and policy The investment objective is to provide
More informationNavigating 5 years of emerging market corporate debt
For professional investors and financial advisers - not for use by retail investors Navigating 5 years of emerging market corporate debt Aberdeen Global Emerging kets Corporate Bond Fund May 216 A main
More informationThe case for lower rated corporate bonds
The case for lower rated corporate bonds Marcus Pakenham Fixed income product specialist December 3 Introduction Where should fixed income investors be positioned over the medium term? We expect that government
More informationWhy Now for European Senior Secured Loans?
Why Now for European Senior Secured Loans? Market Features, Relative Value & Portfolio Inclusion Benefits The syndicated senior secured loan market, which until 2009 was the dominant sub-investment grade
More informationFSM Managed Portfolios Monthly Investment Outlook July 2016
FSM Managed Portfolios Monthly Investment Outlook July 2016 1 Table of Contents Market Performance Review P.3 Portfolio s Performance Review P.4 Portfolio Holdings Performance P.6 Brexit Commentary P.10
More informationNeuberger Berman High Yield Bond Fund
INVESTMENT OBJECTIVE The Portfolio seeks to achieve an attractive level of total return (income plus capital appreciation) from the high yield fixed income market. MANAGEMENT TEAM Thomas O Reilly Russ
More informationMonthly Bulletin May J.P. Morgan Luxembourg based fund ranges
Monthly Bulletin May 2018 J.P. Morgan Luxembourg based fund ranges Performance summary for Equity Fund Range EQUITY US A (dist) - USD 2.1-5.3 14.9 33.1 79.9 14.6 15.7-1.0 8.2 25.2 JPM America Equity A
More informationJPM US Equity Income Fund
FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION Taking an income approach to US equity pays dividends INVESTING IN THE US Share in the growth of the world s largest economy HOME TO SOME
More informationShort exposure to US equities
Portfolio performance The All Asset Fund aims to serve as a differentiated asset allocation strategy. It focuses on third pillar assets in seeking three key outcomes: 1) long-term real return consistent
More informationAberdeen Diversified Growth Fund
Aberdeen Diversified Growth Fund Annual short report for the year ended 31 October 2016 Investment objective and policy To achieve long term total return with lower volatility than equities. Note: The
More informationAberdeen Multi-Asset Growth 2 Portfolio
Aberdeen Multi-Asset Growth 2 Portfolio Annual short report for the year ended 31 October 2016 Investment objective and policy To achieve long term total return. The Portfolio aims to achieve long term
More informationNavigating the storm Investing in ideas to aid diversification
Navigating the storm Investing in ideas to aid diversification April 2017 Richard Batty Fund Manager, Multi Asset This presentation is for Professional Clients only and is not for consumer use. Please
More informationAsset allocation achieving the right mix
Asset allocation achieving the right mix Learning outcomes The objective of the presentation is to help develop your understanding of: The benefits and drawbacks of a range of asset allocation styles The
More informationPresentation The role of fixed income today. Quentin Fitzsimmons. Senior Portfolio Manager, Fixed Income T. Rowe Price
Presentation The role of fixed income today Quentin Fitzsimmons Senior Portfolio Manager, Fixed Income T. Rowe Price THE ROLE OF FIXED INCOME TODAY Quentin Fitzsimmons Global Fixed Income Portfolio Manager
More informationManaged Wealth Portfolio
Schroder Managed Wealth Portfolio Interim Report and Accounts July 2017 Contents Schroder Managed Wealth Portfolio Fund Information 1...............................................3 Investment objective
More informationReasons why: Emerging market (EM) corporate bonds
Reasons why: Emerging market (EM) corporate bonds February 2017 Low yield in developed market bonds can pose a significant challenge for fixed-income investors. This has forced many investors to move down
More informationMurray Income Trust PLC AGM Presentation
November 2018 Murray Income Trust PLC AGM Presentation Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments 1 Aberdeen Standard
More informationNEWTON MULTI-ASSET INCOME FUND
NEWTON MULTI-ASSET INCOME FUND Jon Bell / Paul Flood January 2018 FOR PROFESSIONAL INVESTORS ONLY Please read the important information at the back of this material PRE00311 Investment process Newton Multi-Asset
More informationJPM US Equity Income Fund
J.P. Morgan Asset Management Investment Summit 2016 JPM US Equity Income Fund HALF IMAGE PLACEMENT HOLDER (HORIZONTAL) Resize image to cover grey box Clare Hart, Managing Director, Portfolio Manager #JPMsummit
More informationM&G Short Dated Corporate Bond Fund
M&G Short Dated Corporate Bond Fund a sub-fund of M&G Investment Funds (2) Annual Short Report May 2017 For the year ended 31 May 2017 Fund information The Authorised Corporate Director (ACD) of M&G Investment
More informationInvestment Grade Corporates Positioned for the New Reality
Investment Grade Corporates Positioned for the New Reality The Case for Investment Grade Corporates 1 The global financial crisis altered the growth profile for the global economy, resulting in a new era
More informationQuarterly Newsletter. Vanguard LifeStrategy Funds. Economic background. Key takeaway. October 2017
Vanguard LifeStrategy Funds October 2017 Quarterly Newsletter This quarterly newsletter is designed to give Vanguard LifeStrategy investors an insight into how the funds are constructed, how they re performing
More informationIncome Solutions Beyond Investment Grade Bonds
October 2017 Income Solutions Beyond Investment Grade Bonds Multiple Fixed Income Approaches Direction of interest rates Reduce Duration Limit Duration to Near Zero with: Floating rate notes (FRNs) for
More informationThe objective of an occupational DB pension scheme is simple pay members their
October 2016. For professional investors only. Please read the important disclosure at the end of this article. spotlight Supporting the liability-hedging and return-seeking demands of a modern LDI strategy
More informationQ Outlook and Strategy Income Funds
Q3 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best
More informationEmerging Market Debt: Smoke but no fire
Emerging Market Debt: Smoke but no fire November 2014 Edwin Gutierrez, Head of Emerging Market Sovereign Debt Aberdeen Asset Management For Professional Investors only Not for public distribution Smoke
More informationQ4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND
Q4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND Asset class Bond Objective Seeks total return with an emphasis on high current income, but also considering capital appreciation. Portfolio management David
More informationAberdeen Foundation Growth Fund
Aberdeen Foundation Growth Fund Annual short report for the year ended 31 December 2015 Investment objective and policy The Fund aims to achieve long term capital growth and to produce a return that, before
More informationSyndicated Loans Floating Rate Stability
Syndicated Loans Floating Rate Stability March 2018 VIEWPOINT As base rates move towards more normalised levels, where can fixed income investors seek to gain protection from rising rates and source attractive
More informationPension Fund June 2018
Pension Fund June 2018 Aviva Pension My Future Drawdown IE/ XE This factsheet provides factual information only. The information shown should not be used in isolation for making buying and selling decisions.
More informationCharges The charges are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the pote
KEY INVESTOR INFORMATION This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and
More informationPension Fund February 2018
Pension Fund February 2018 Aviva Pension Pre-retirement Fixed Interest FP This factsheet provides factual information only. The information shown should not be used in isolation for making buying and selling
More informationShort report For the year ended 31 Dec 2016
Short report For the year ended 31 Dec 2016 Architas MA Active Intermediate Income Fund For the year ended 31 Dec 2016 Investment objective The aim of the Fund is for you to receive an above average level
More informationPROSPECTUS. Investeringsforeningen Jyske Invest International
Investeringsforeningen Jyske Invest International Prospectus responsibility Investeringsforeningen Jyske Invest International is responsible for the contents of this Prospectus. We hereby declare that
More informationInvesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets
Invesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets June 218 John Botham Product Director This presentation is for Professional Clients only and is not for consumer
More informationDynamic High Income Fund
BLACKROCK GLOBAL FUNDS (BGF) Dynamic High Income Fund Expand your sources of consistent, high income Go beyond traditional sources in your quest for income Receiving regular income is a primary objective
More informationJPMorgan Income & Growth Investment Trust plc Annual General Meeting. 14 June 2016
JPMorgan Income & Growth Investment Trust plc Annual General Meeting 14 June 2016 Agenda JPMIGIT Performance Trust Overview UK Equity Portfolio Outlook 1 Investment objectives The Company s investment
More informationPruFund Fund Guide Prudential Retirement Account
PruFund Fund Guide Prudential Retirement Account Introduction to this guide This fund guide provides details of the PruFund Funds available in the Prudential Retirement Account. This includes the potential
More informationPension Fund December 2017
Pension Fund December 2017 Aviva Pension BlackRock (40:60) Global Equity Index Tracker FP This factsheet provides factual information only. The information shown should not be used in isolation for making
More informationJPM Strategic Bond Fund
Fund Annual Short Form Report 31 January Changes to the Registrar With effect from 7 December the ACD delegated registrar services for the Company to International Financial Data Services (UK) Limited
More informationBentham High Yield Fund
Bentham High Yield Fund Quarterly Commentary June 2010 Responsible entity Challenger Investment Services Limited ABN 44 119 605 376 AFSL 320505 Performance The Bentham High Yield Fund (the Fund ) returned
More informationJPM Global High Yield Bond Fund
Fund Annual Short Form Report 31 January Changes to the Registrar With effect from 7 December the ACD delegated registrar services for the Company to International Financial Data Services (UK) Limited
More informationHSBC Global Investment Funds Global High Yield Bond
Important information: The Fund invests primarily in non-investment grade and unrated bonds. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses.
More informationM&G Corporate Bond Fund
M&G Corporate Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2017 For the year ended 30 June 2017 Fund information The Authorised Corporate Director (ACD) of M&G Investment Funds
More informationJapan s equity performance has been surprisingly good over the medium/long-term
Currency Hedged (ASX: HJPN) While most Australians know Japan as an important trading partner, it probably remains under-appreciated as an investment opportunity by many investors. After all, Japan is
More informationAberdeen Foundation Growth Fund
Aberdeen Foundation Growth Fund Interim short report for the period ended 30 June 2016 Investment objective and policy The Fund aims to achieve long term capital growth and to produce a return that, before
More informationSHORT DURATION BONDS
SHORT DURATION BONDS RL Duration Hedged Credit Fund RL Investment Grade Short Dated Credit Fund RL Short Duration Credit Fund RL Short Duration Gilt Fund RL Short Duration Global High Yield Bond Fund RL
More informationPERSPECTIVES. Multi-Asset Investing Diversify, Different. April 2015
PERSPECTIVES April 2015 Multi-Asset Investing Diversify, Different Matteo Germano Global Head of Multi Asset Investments In the aftermath of the financial crisis, largely expansive monetary policies and
More informationDiversify Your Portfolio with Senior Loans
January 2012 Diversify Your Portfolio with Senior Loans White Paper INVESTMENT MANAGEMENT Table of Contents Introduction 2 What are Senior Loans? 2 How big is the Senior Loan market? 3 What is the performance
More informationSUPPLEMENT NO. 1 DATE: 28 OCTOBER 2016
The Directors of the Company accept responsibility for the information contained in this Supplement and the Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable
More informationDiversification Pays While Low Inflation Stays
Diversification Pays While Low Inflation Stays May 2, 2016 by Brad Tank of Neuberger Berman Neither rising rates nor rising defaults would spell the end of opportunistic, diversified fixed income. There
More informationUnited Asian High Yield Bond Fund
Investment Objective The United Asian High Yield Bond seeks to achieve a total return consisting of high income and capital appreciation by investing primarily in high yield fixed income or debt securities
More informationKey Investor Information
Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and
More informationP R O F E S S I O N A L S O N LY. Milan IFTA Conference "Sailing to the Future" October 2017
P R O F E S S I O N A L S O N LY Milan IFTA Conference "Sailing to the Future" October 2017 Frédéric Leroux Global Fund Manager Head of Cross Asset Team 2 The Importance of Being a Risk Manager 3 Over
More informationUnited Asian High Yield Bond Fund
Investment Objective The United Asian High Yield Bond seeks to achieve a total return consisting of high income and capital appreciation by investing primarily in high yield fixed income or debt securities
More informationAliquot Precious Metals Fund. March 2012
Aliquot Precious Metals Fund March 2012 Aliquot Precious Metals Contents About Castlestone Management Fund overview Conclusion Appendix Source: Castlestone Management 2 www.castlestonemanagement.com Who
More informationSizing up Europe s corporate pension gap Invesco Fixed Income analyses how Europe s pension funding gap could impact credit markets
Sizing up Europe s corporate pension gap Invesco Fixed Income analyses how Europe s pension funding gap could impact credit markets Michael Booth Credit Analyst Invesco Fixed Income Fabrice Pellous Senior
More informationKey Investor Information
Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and
More informationRathbone Enhanced Growth Portfolio
S-Class Shares Monthly factsheet 31 December 2017 Rathbone Unit Trust Management Contact us 020 7399 0399 rutm@rathbones.com Rathbone Enhanced Growth Portfolio Investment objective The fund seeks to achieve
More informationM&G UK Inflation Linked Corporate Bond Fund
M&G UK Inflation Linked Corporate Bond Fund a sub-fund of M&G Investment Funds (10) Interim Short Report September 2017 For the six months ended 30 September 2017 Fund information The Authorised Corporate
More informationGlobal Investment Outlook
Global Investment Outlook Ewen Cameron Watt June 16 FOR PROFESSIONAL CLIENTS ONLY - UKRSM-16 Asset performance YTD Sterling Returns Brent Crude Oil Gold German Bund ML Global High Yield JPM EMBI Emerging
More informationWhy invest in floating rate bonds?
For professional clients / qualified investors only Why invest in floating rate bonds? The current economic environment is shifting. In our view, we are moving towards a scenario in which investors should
More informationOutlook for 2014 Title 1. David Greene, Pioneer Investments
Outlook for 2014 Title 1 David Greene, Pioneer Investments 2014 A year of Transition Transitioning from fiscal tightening to less austerity. Transitioning from Euro-area recession to growth. Transitioning
More informationBank Loans: Looking Beyond Interest Rate Expectations
Bank Loans: Looking Beyond Interest Rate Expectations November 13, 2012 by John Bell and Kevin Perry Fixed income investors may be stymied by the current mix of interest rate projections and global macroeconomic
More informationoutlook : us and european HIGH YIELD bond IN 2011
outlook : us and european HIGH YIELD bond IN 211 january 211 AT A GLANCE Expect mid-to-high single digit returns from high yield in 211 Company fundamentals are favourable and valuations are around fair
More informationA Message from Your Fund's Board
A Message from Your Fund's Board Client Name > < ClientAddress 1 > < ClientAddress 2 > < ClientAddress 3 > < ClientAddress 4 > < ClientPostcode > Account number: < Client Code> Dear This
More informationTempleton Global Macro Group. Franklin Templeton Investment Funds Templeton Global Bond Fund - A (Mdis) USD. Data as of 30 November 2018
Templeton Global Macro Group Data as of 30 November 2018 Franklin Templeton Investment Funds - A (Mdis) USD Table of Contents Summary...3 What are the Key Risks?...4 Discrete Performance... 5 Historical
More informationMANAGING INTEREST RATE RISK WITH AN ABSOLUTE RETURN APPROACH
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. September 2017
More informationAberdeen Asia Pacific Equity Enhanced Index Fund
Aberdeen Asia Pacific Equity Enhanced Index Fund Interim short report for the period ended 30 June 2016 Investment objective and policy The Fund aims to achieve long-term capital growth by investing in
More informationHSBC Portfolios - World Selection 1
HSBC Portfolios - World Selection 1 J Share Class BCHGBP 28 Feb 2019 BCHGBP 28/02/2019 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income
More informationFor professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House
For professional advisers only Schroders for Bonds Strength in bonds Best Large Fixed-Interest House Why Schroders for bonds? Experience: Schroders has a long and successful history, commencing in 1804.
More informationOutlook and Strategy Income Funds
Q 4 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best
More informationPIMCO Funds: Global Investors Series plc (GIS plc)
PIMCO Funds: Global Investors Series plc (GIS plc) This Fund Summary is for the following ILP sub-funds and should be read in conjunction with the Product Summary PIMCO Funds: GIS plc Emerging Markets
More informationFirst Trust Intermediate Duration Preferred & Income Fund Update
1st Quarter 2015 Fund Performance Review & Current Positioning The First Trust Intermediate Duration Preferred & Income Fund (FPF) produced a total return for the first quarter of 2015 of 3.84% based on
More informationThe role of inflation-linked bonds. September 2004
The role of inflation-linked bonds September 2004 Table of contents Who we are & our experience Inflation linked bonds: characteristics Performance and risks Applications in a portfolio Simulations and
More informationPIMCO Funds: Global Investors Series plc (GIS plc)
PIMCO Funds: Global Investors Series plc (GIS plc) This Fund Summary is for the following ILP sub-funds and should be read in conjunction with the Product Summary PIMCO Funds: GIS plc Emerging Markets
More informationFund Performance - EUR March
Fund Performance - EUR March 31 2010 SCORECARD European Equity Pioneer Funds - Core European Equity A 18 Dec 2000 LU0119364239 3.44 6.22 11.86 50.48-7.70 1.91-2.66 Pioneer Funds - Core European Equity
More informationFidelity American Special Situations Fund a sub-fund of Fidelity Investment Funds W Accumulation Shares (ISIN: GB00B89ST706)
Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and
More informationSchroder MM International Fund. Interim Short Report 29 February 2016 to 31 August 2016
Schroder MM International Fund Interim Short Report 29 February 2016 to 31 August 2016 Review of Investment Activities From 26 February 2016 to 31 August 2016, the price of A Accumulation units on a dealing
More informationKey Investor Information
Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and
More informationM&G Gilt & Fixed Interest Income Fund
M&G Gilt & Fixed Interest Income Fund a sub-fund of M&G Investment Funds (2) Interim Short Report November 2017 For the six months ended 30 November 2017 Fund information The Authorised Corporate Director
More informationInterim Report 2017 kapitalforeningen Jyske
Årsrapport 2014 Interim Report 2017 kapitalforeningen Jyske Investeringsforeningen Jyske Invest International Table of contents Association details... 3 Reading instructions... 4 Performance in first half
More informationThe increasing importance of multi asset solutions genuine diversification to reduce total risk
The increasing importance of multi asset solutions genuine diversification to reduce total risk Ariconsult Vermögensverwaltungs-Symposium 17 September 2014 Richard Batty Fund Manager, Multi Asset This
More informationThe Evolution of High-Yield Bonds into a Vital Asset Class
Allianz Global Investors White Paper Series The Evolution of High-Yield Bonds into a Vital Asset Class 07/2016 Executive Summary With high-quality bond yields near all-time lows, investors have looked
More informationInvesco Perpetual Fixed Interest
Invesco Perpetual Fixed Interest June 2018 Lewis Aubrey-Johnson Head of Fixed Income Products This document is for Professional Clients only and is not for consumer use. Key points Large disparity between
More informationUnited Asian High Yield Bond Fund
Investment Objective The seeks to achieve a total return consisting of high income and capital appreciation by investing primarily in high yield fixed income or debt securities (including money market
More informationPremier Asset Management Multi-Asset Funds
For professional advisers only 2 Premier Asset Management Multi-Asset Funds May 2018 For a special view Photographs are copyrighted by Andrew Kime 2 3 PREMIER MULTI-ASSET FUNDS PREMIER MULTI-ASSET FUNDS
More informationKey Investor Information
Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and
More informationAviva Life Index-Linked AL
Life Fund December 2017 Aviva Life Index-Linked AL This factsheet provides factual information only. The information shown should not be used in isolation for making buying and selling decisions. Fund
More informationInvestment Update. Secure Portfolio October 2018 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Secure Portfolio October 2018 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments for the
More informationOptimizing equity investment under Solvency 2. Vienna, September 13 th 2016
Optimizing equity investment under Solvency 2 Vienna, September 13 th 2016 Agenda 1. Equities are attractive but expensive under Solvency 2 2. Optimized equity solutions, a strong tool for allocation 3.
More informationTempleton Global Currency Fund. Advisor Class
Templeton Global Currency Fund Advisor Class Unconstrained Fixed Income Product Profile Product Details 1 Fund Assets $35,781,321.47 Fund Inception Date 11/17/1989 Number of Holdings 33 NASDAQ Symbol ICHHX
More informationViewpoint. Monthly market update. March global investment management
Viewpoint Monthly market update March 2016 global investment management Contents 1. Market commentary 3 2. Market performance 5 3. Asset allocation dashboard 7 Important notes 9 Page 2 of 9 1. Market commentary
More information3Q 30 SEPTEMBER 2018 MFS CANADIAN SHORT TERM FIXED INCOME (CAD)
3Q 30 SEPTEMBER MFS CANADIAN SHORT TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (29 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA
More informationPROSPECTUS. Investeringsforeningen Jyske Invest International
Investeringsforeningen Jyske Invest International Prospectus responsibility Investeringsforeningen Jyske Invest International is responsible for the contents of this Prospectus. We hereby declare that
More informationHSBC Global Investment Funds - India Fixed Income
HSBC Global Investment s - India Fixed Income SG Share Class AC AC 31/03/2018 Objective and Strategy The aims to provide long-term total return (meaning capital growth and income) by investing in a portfolio
More informationPreferred and Capital Securities Fund: Bank Fundamentals Haven t Been This Strong in Decades
Preferred and Capital Securities Fund: Bank Fundamentals Haven t Been This Strong in Decades June 5, 2018 by Philippe Bodereau, Yuri Garbuzov, Jeff Helsing of PIMCO SUMMARY Given the strength in bank fundamentals,
More informationPension Fund April 2018
Pension Fund April 2018 Aviva Pension BlackRock All Stocks UK Gilt Index Tracker FP This factsheet provides factual information only. The information shown should not be used in isolation for making buying
More informationSchroder European Alpha Plus Fund. Interim Short Report 16 March 2016 to 15 September 2016
Schroder European Alpha Plus Fund Interim Short Report 16 March 2016 to 15 September 2016 Schroder European Alpha Plus Fund Review of Investment Activities From 15 March 2016 to 15 September 2016, the
More information