The objective of this fund is to achieve above-market performance. The share class is accumulating.
The fund invests mainly in below investment grade (high yield) corporate and government bonds that are denominated in US Dollar (USD).
The fund may invest up to 25% of net assets in debt securities denominated in CAD, CHF, EUR, GBP, NOK and SEK. These securities have a credit rating below Baa3/BBB- (or similar). The fund may also invest in a US corporate bond traded on the OTC Fixed Income Market as long as the issue has a minimum credit rating of Caa3/CCC- (or similar). The fund may invest up to 10% of net assets in unrated bonds.
Specifically, the fund invests at least two-thirds of net assets in bonds and other debt instruments, including Rule 144A securities, that are traded on a regulated market and are denominated in USD.
At least 90% of the fund's investments are denominated in, or hedged into, USD.
The total duration, including cash, is the benchmark duration plus/minus 2 years. The duration indicates among others the price risk of the bonds in which the fund invests. The lower the duration, the more price stable the bonds, if interest rates change.
In actively managing the fund's portfolio, the management team selects securities that appear to offer superior investment characteristics. The fund generally expects that its holdings, and therefore its performance, may differ significantly from those of the benchmark.
The fund may use derivatives for hedging and efficient portfolio management.
Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 3 years.