Global Total Return Credit



Latest NAV Price - March 23, 2023


Dealing currency


NAV daily change %

USD 219.81 M

Fund size - March 23, 2023


Investment objective summary

The Fund aims to provide long-term total returns (through a combination of income and capital growth). The Fund targets a return in excess of ICE LIBOR 3 Month USD (an interbank lending rate) or equivalent rate +4% gross of fees over a full credit cycle (the phases of access to credit by borrowers). Credit cycles can vary in length and typically last between 3 and 7 years. While the Fund aims to achieve a positive return and its performance target, there is no guarantee that either will be achieved over the full credit cycle, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.

The Fund invests primarily in a diverse range of debt securities (contracts to repay borrowed money which pay interest at fixed or variable times eg. bonds). 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).

Investments priced in currencies other than US dollars will be hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.

The Fund may invest in other assets such as cash, derivatives (financial contracts whose value is linked to the price of an underlying asset), money market instruments (tradable securities where money can be invested for short periods) and other funds (which may be managed by the Investment Manager, other companies in the same group as the Investment Manager or a third party). Derivatives 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.