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Transcript
BONDS PLUS 400 FUND A sub-fund of LDI Solutions Plus plc 30 APRIL 2017 FOR PROFESSIONAL CLIENTS ONLY, NOT FOR DISTRIBUTION TO RETAIL CLIENTS FUND OBJECTIVE The investment objective of the Fund is to seek to deliver an annualised return, gross of all fees and expenses, that is at least 4% (or 400 basis points) above the return provided by the Fund’s benchmark. INVESTMENT APPROACH The Fund aims to outperform its cash benchmark by four percentage points per annum over rolling-three year periods*. The Fund is actively managed investing in fixed income securities and currencies, either directly or via derivatives, to express views on the direction of global bond markets. The Fund uses a diversified approach seeking to add value by incorporating a wide fixed income opportunity set. The investment universe may include corporate bonds, conventional and index linked gilts, overseas bonds, emerging market debt and currencies. The Fund is managed following a rigorous, disciplined and proven investment process that includes in-depth analysis within a strong risk-controlled framework. The management team selects opportunities that offer attractive risk-adjusted returns across a diversified portfolio within clearly defined parameters, with an aim to add value in all market conditions. PERFORMANCE (%) 1 Month FUND FACTS Fund size Inception date Benchmark Fund manager £2.3bn 07 March 2013 3 month sterling Libor Andrew Wickham KEY BENEFITS • Actively managed and designed to outperform a cash benchmark • Aims for consistent risk-adjusted returns through a diversified portfolio • Rigorous, disciplined and proven investment process • A large and experienced team of fixed income specialists 3 Months Bonds Plus 400 Fund YTD 1 Year Since Inception 3 month sterling Libor Source: Insight Investment. Performance of the Fund is on an offer basis with income reinvested and gross of management charges. FUND MANAGER’S COMMENTS The Fund delivered a positive return in April, modestly outperforming its cash benchmark. The first round of the French election was the main event of the month, ending in a market-friendly outcome as centrist Emmanuel Macron made it through to the second round as the strong favourite. Elsewhere, US economic indicators displayed a modest slowdown. The Fund’s interest rate positions contributed negatively. We had a short in Germany versus a long in Australia which was neutral overall. Our short duration strategy in the UK and the US was a small negative as yields fell, particularly in the UK. US inflation expectations also fell, hurting our long in breakevens. Our credit exposure was the largest positive contributor. We held a modest long in credit combined with some single name credit default swap positions. Our long in assetbacked securities also continued to perform positively. Sub-investment grade and emerging market exposure was neutral overall. *This is not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may be partly due to exchange rate fluctuations). Investors may not get back the full amount invested. This document is aimed at professional clients only. It is not designed for, and should not be used or relied upon by retail clients. Unless otherwise stated, all data is as at the date of this factsheet and represents share class S. BONDS PLUS 400 FUND INTEREST RATE EXPOSURE BY CURRENCY TECHNICAL DETAILS (in weighted average duration) Legal structure Sterling -2.9 US dollar -8.0 Euro 2.1 Other 5.7 Total -3.1 Qualifying Investor Alternative Investment Fund (QIAIF) Domicile Ireland Listing Irish Stock Exchange Share class currency Sterling , Euro Dealing frequency CREDIT AND EMERGING MARKET EXPOSURE (% of Fund) Bi-monthly, 5pm* Pricing method Investment grade 24.6 High yield 5.3 Loans 6.2 Emerging market debt 12.2 ABS 13.6 TOP 10 CURRENCY EXPOSURES (% of Fund) Swinging single price Custodian Administrator Northern Trust Fiduciary Services (Ireland) Limited Northern Trust International Fund Administration Services (Ireland) Limited * 15th day or next following business day and last business day of month SHARE CLASS B Pound sterling 100.4 Chinese yuan 2.2 ISIN £ IE00B7W1J359 Chinese Renminbi (Hong Kong market) -2.2 ISIN € IE00B8989Q90 Japanese Yen -1.8 Annual management charge 0.75% Australian dollar -1.4 Minimum initial investment £100m Indian Rupee 0.7 United States dollar 0.7 Israeli new sheqel 0.4 Swedish krona/kronor 0.4 South African rand -0.2 SHARE CLASS B2 ISIN £ IE00BHD66Z07 Annual management charge 1.0% Minimum initial investment £1m SHARE CLASS S ISIN £ IE00B6ZS9259 ISIN € IE00B7X2GQ98 Annual management charge Fees will be negotiated and charged outside the Fund via a fee agreement. Minimum initial investment £1m This document may not be used for the purposes of an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. The information in this document is general in nature and does not constitute legal, tax, or investment advice. Investors are urged to consult their own advisers on the implications of making an investment in, and holding or disposing of shares in the Fund. Any losses in the fund will be borne solely by investors in the fund and not by BNY Mellon (including its affiliates); therefore BNY Mellon’s losses in the fund will be limited to losses attributable to the ownership interests in the fund held by BNY Mellon and any affiliate in its capacity as an investor in the fund or as beneficiary of a restricted profit interest held by BNY Mellon or any affiliate. Ownership interests in the fund are not insured by the FDIC, are not deposits, obligations of, or endorsed or guaranteed in any way, by BNY Mellon. Neither BNY Mellon nor any of its controlled affiliates (which includes the fund’s general manager/ managing partner/ investment adviser), may directly or indirectly, guarantee, assume, or otherwise insure the obligations or performance of the fund or of any other covered fund in which the fund invests. Investors should read the fund’s offering documents before investing in the fund. Information about the role of BNY Mellon, its controlled affiliates, and their employees in sponsoring or providing services to the fund are described in the Volcker Rule section of the offering documents. Issued by Insight Investment Funds Management Limited, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 01835691.Insight Investment Funds Management Limited is authorised and regulated in the UK by the Financial Conduct Authority. © 2017 Insight Investment. All rights reserved. Need more information? For details on all of our fund ranges or to obtain any literature please contact: Institutional Business Development +44 (0) 207 321 1547 business.development@ insightinvestment.com Your Insight Client Director or visit our website at www.insightinvestment.com Telephonecallsmayberecorded. Call charges may vary by provider.