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For investors in Hong Kong

Flexible Income Fund

A flexible core bond fund with a 20+ year history of seeking risk-adjusted returns

ISIN
IE0004445783

NAV
USD 20.54
As of 2024/11/20

1-Day Change
USD -0.03 (-0.15%)
 As of 2024/11/20

Key investment risks:

  • The Fund invests in debt securities (including below investment grade or unrated); and asset/ mortgage-backed securities and is subject to greater interest rate, credit/ counterparty, volatility, liquidity, downgrading, valuation, credit rating risks. It may be more volatile.
  • Investments in the Fund involve general investment, currency, hedging,

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  • economic, political, policy, foreign exchange, liquidity, tax, legal, regulatory and securities financing transactions related risks. In extreme market conditions, you may lose your entire investment.
  • The Fund may invest in financial derivatives instruments for investment and efficient portfolio management purposes. This may involve counterparty, liquidity, leverage, volatility, valuation, over-the-counter transaction, credit, currency, index, settlement default and interest risks; and the Fund may suffer total or substantial losses.
  • The Fund's investments are concentrated in US income producing securities and may be more volatile.
  • The Fund may at its discretion pay dividends (i) pay dividends out of the capital of the Fund, and/ or (ii) pay dividends out of gross income while charging all or part of the fees and expenses to the capital of the Fund, resulting in an increase in distributable income available for the payment of dividends by the Fund and therefore, the Fund may effectively pay dividends out of capital. This may result in an immediate reduction of the Fund’s net asset value per share, and it amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment.
  • Investors should not only base on this document alone to make investment decisions and should read the offering documents including the risk factors for further details.

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Overview

INVESTMENT OBJECTIVE

The Fund aims to obtain maximum total return, consistent with preservation of capital.

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The Fund invests up to 70% of its net asset value (but at all times not less than 60% of its net asset value) in income producing securities of US issuers.

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ABOUT THIS FUND

  • Culture of collaboration, global integration and respectful challenge with a research-first mentality.
  • Disciplined investment process targets repeatable performance utilizing our structural foundation as a better starting point.
  • Bottom-up idea generation across a diverse set of return sources, incorporating dynamic allocation through market cycles.

Portfolio Management

Greg Wilensky, CFA
Greg Wilensky, CFA

Head of U.S. Fixed Income | Head of Core Plus

Industry since 1993. Joined Firm in 2020.

Michael Keough
Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

John Lloyd
John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

Cumulative Performance (%)
As of 2024/10/31
A2 USD (Net) Bloomberg U.S. Aggregate Bond Index USD Diversified Bond - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1998/12/24
A2 USD (Net) -2.65 -0.05 5.37 1.28 10.40 -10.86 -5.20 106.00
Bloomberg U.S. Aggregate Bond Index -2.48 0.25 5.31 1.86 10.55 -6.46 -1.15 164.21
USD Diversified Bond - OE -2.02 0.58 4.59 2.23 8.68 -3.85 1.50 116.25
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Calendar Year Returns (%)
As of 2024/09/30
A2 USD (Net) Bloomberg U.S. Aggregate Bond Index USD Diversified Bond - OE
2023 2022 2021 2020 2019
A2 USD (Net) 3.88 -15.24 -2.33 8.89 7.90
Bloomberg U.S. Aggregate Bond Index 5.53 -13.01 -1.54 7.51 8.72
USD Diversified Bond - OE 4.75 -10.17 -1.50 6.92 7.66
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Fee Information
Initial Charge 5.00%
Annual Charge 0.65%
Ongoing Charge
(As of 2023/12/31) 		1.90%
The ongoing charge is calculated using the Packaged Retail Investment Product (PRIIPs) methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.
Please refer to the offering documents for more details on the fees and expenses.

Portfolio

Top Holdings (As of 2024/10/31)
% of Fund
United States Treasury Note/Bond, 4.12%, 10/31/29 2.65
United States Treasury Note/Bond, 3.88%, 08/15/34 2.53
United States Treasury Note/Bond, 4.62%, 06/30/26 2.32
Janus Henderson Asset-Backed Securities Fund Z Acc USD Hedged 2.03
Fannie Mae or Freddie Mac, 5.50%, 11/14/24 1.26
Freddie Mac Pool, 6.00%, 09/01/53 0.92
Fannie Mae or Freddie Mac, 4.00%, 11/14/24 0.91
United States Treasury Note/Bond, 3.88%, 10/15/27 0.90
Freddie Mac STACR REMIC Trust 2021-DNA6, 6.36%, 10/25/41 0.82
Morgan Stanley Capital I Trust 2015-UBS8, 3.81%, 12/15/48 0.73
TOTAL 15.07
Portfolio holdings are subject to change without notice. 

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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