FOCUS FUNDS

The Fund is invested in high yield corporate bonds maturing in 2025*, mainly from European issuers and particularly in BB+ and CCC+ rated names. Fundamental credit research is one of the pillars of the management of this fund, which takes a buy & maintain approach, with thorough coverage of each issuer in the portfolio. The fund can invest solely in bonds maturing not later than 1 July 2026. Hence, the fund’s risk profile declines over time. This also permits exploiting the current credit curve slope with a roll-down effect over the next two or three years.