Global Total Return Credit



Latest NAV Price - March 23, 2023


Dealing currency


NAV daily change %

GBP 164.43 M

Fund size - March 23, 2023


Investment objective summary

The Fund aims to provide income and long-term capital growth.

The Fund targets a positive performance return in excess of 3 month GBP LIBOR (an interbank lending rate) +4% gross of fees over a full credit cycle (economic conditions over which the cost of borrowing initially increases, then decreases and then stabilises. Credit cycles can vary in length and typically last between 3 and 7 years) and is therefore managed with reference to this benchmark index. The Fund’s performance target and positive returns are not guaranteed over the full credit cycle or any period of time and you may get back less than you invested.

The Fund invests primarily in a diverse range of debt securities (contracts to repay borrowed money which pay interest at fixed or variable times e.g. bonds, deposits, bills and notes). These securities are issued by governments, institutions or companies from around the world including emerging markets (countries that are in economic terms less developed than the major Western countries) and may be of investment grade (high quality) or below investment grade as rated by the credit rating agencies (companies that rate the ability of the issuers of bonds to repay borrowed money). The Fund also has the flexibility to invest outside of the aforementioned asset classes.

The Fund’s investments are primarily priced in GBP sterling or hedged (an investment technique which aims to protect the value of an investment against currency movements) back into GBP sterling.

Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund’s investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.

The performance target has been chosen as we believe it sets a realistic expectation of the Fund’s long-term outperformance of the return an investor can expect, based on the principal asset types available for investment and the current market environment. Fund performance can also be compared to the IA sector average. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to facilitate comparison between funds with broadly similar characteristics.