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For investors in Hong Kong

US Short Duration Bond Fund

A dynamic, core short-term bond fund with a history of generating risk-adjusted returns and preserving capital

ISIN
IE0004858563

NAV
USD 18.72
As of 2024/11/04

1-Day Change
USD 0.02 (0.11%)
 As of 2024/11/04

Key investment risks:

  • The Fund invests in debt securities (including below investment grade or unrated); 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, economic, political, policy, foreign exchange,

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  • 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 short- and intermediate-term US debt 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 seek as high a level of current income as is consistent with preservation of capital.

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The Fund invests at least 70% of its net asset value in short- and intermediate-term debt securities of US issuers. Although it has no pre-established quality standards, the Fund will invest at least 70% of its net asset value in investment grade debt securities.

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ABOUT THIS FUND

  • Leverages a bottom-up process using fundamental analysis and dynamic sector allocation aiming to generate returns through individual security selection
  • Integrated global fixed income and equity research effort seeks to identify the best risk-adjusted opportunities
  • Proprietary research and risk management system, Quantum Global, is integrated into the investment process

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.

Performance

Cumulative Performance (%)
As of 2024/09/30
A2 USD (Net) Bloomberg 1-3 Year US Govt/Credit TR USD Diversified Bond - Short Term - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1998/12/24
A2 USD (Net) 0.80 3.12 4.04 4.67 8.41 2.62 7.79 88.20
Bloomberg 1-3 Year US Govt/Credit TR 0.83 2.96 3.94 4.38 7.19 4.57 8.80 109.87
USD Diversified Bond - Short Term - OE 0.72 2.59 3.53 4.20 6.93 7.12 8.88 67.58
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 1-3 Year US Govt/Credit TR USD Diversified Bond - Short Term - OE
2023 2022 2021 2020 2019
A2 USD (Net) 4.60 -5.76 -0.44 4.45 3.73
Bloomberg 1-3 Year US Govt/Credit TR 4.61 -3.69 -0.47 3.33 4.03
USD Diversified Bond - Short Term - OE 5.49 -2.14 -0.31 1.01 3.30
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Fee Information
Initial Charge 5.00%
Annual Charge 0.50%
Ongoing Charge
(As of 2023/12/31) 		0.90%
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 2024/09/30)
% of Fund
Janus Henderson Asset-Backed Securities Fund Z Acc USD Hedged 8.69
United States Treasury Note/Bond, 3.75%, 08/31/26 6.20
United States Treasury Note/Bond, 4.25%, 01/31/26 3.88
Centene Corp, 4.25%, 12/15/27 1.63
Fannie Mae or Freddie Mac, 3.00%, 10/15/24 1.63
Bank of America NA, 5.53%, 08/18/26 1.31
280 Park Avenue 2017-280P Mortgage Trust, 6.30%, 09/15/34 1.23
United States Treasury Note/Bond, 3.50%, 09/30/29 1.14
Danske Bank A/S, 6.47%, 01/09/26 1.12
Fannie Mae or Freddie Mac, 4.00%, 10/15/24 1.01
TOTAL 27.84
Portfolio holdings are subject to change without notice. 

Documents

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