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Global Opportunities Bond
Key facts*
| Investment objective | The strategy aims to generate a positive absolute return in all market conditions by investing in a 'best ideas' portfolio of global fixed income securities |
| Lead portfolio manager | James Cielinski |
| Benchmark | 1-Month USD LIBOR |
| Performance target | To outperform the benchmark by 4.5% per annum (gross of fees) |
| Expected tracking error | 5-6% over a market cycle |
| Investment universe | Developed and emerging market debt, investment and non-investment grade and unrated corporates, asset-backed securities, currencies, cash and money market securities. Exposure is on a long / short basis via bonds and derivatives |
| Number of holdings | Typically between 75 and 125 positions (longs and shorts) |
Philosophy
We believe that a flexible and multi-disciplined approach is valuable to interpreting the fundamental, structural and valuation factors that drive fixed income markets. Emphasis among these factors varies with the investment and economic cycle, and we adapt our approach to market conditions.
Process
We consider all potential alpha sources and allocate active risk to where our research process identifies the best opportunities. We combine top-down macro-economic insights and sector allocation preferences with bottom up research analysis to uncover the best investment opportunities across fixed income markets.
* All data as at 31 December 2011. Where references are made to portfolio guidelines and features, these may be subject to change over time and prevailing market conditions. Actual investment parameters will be agreed and set out in the prospectus or formal investment management agreement. Please note that the performance target may not be attained.