To seek to maximise income in all market conditions, while maintaining some degree of capital preservation. The Fund mainly invests, directly or indirectly through derivatives, in corporate and government bonds  denominated in, or hedged to, USD. These investments may be from anywhere in the world and some of them may be below investment grade. Bonds may include asset- and mortgage-backed securities.

The Fund promotes environmental and social characteristics (ESG) in accordance with Article 8 of the Sustainable Finance Disclosure Regulation (the “SFDR”).

In its implementation of the Fund’s unconstrained investment strategy, the Investment Manager integrates environmental, social and governance considerations across multiple fixed income sectors on a country-, fundamental- and sectoral-basis.

The Fund’s environmental and social characteristics are assessed both quantitatively and qualitatively, by means of sustainability indicators as well as of the Investment Manager’s multifaceted approach to assess ESG factors, which includes proprietary ESG scoring, exclusions and engagement as further described in the website disclosure’s dedicated sections. As part of its investment decision making process, the Investment Manager  also uses binding ESG criteria for the selection of underlying assets.

Finally, the Fund has a minimum allocation of 1% of its portfolio to sustainable investments. The Investment Manager ensures that sustainable investments do not cause significant harm to  their environmental or social sustainable investment objective. 

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There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time.  Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment.  The fund does not offer any capital guarantee or protection and you may not get back the amount invested.

The indicator is based on the volatility of the returns (past performance) of the reported share class (calculated on a 5 year rolling return basis). Where a share class is inactive / has less than 5 years of returns, the indicator is based on the internal risk limit adopted by the fund.

The fund is in its risk/reward category because investments in a diversified portfolio of bonds from various countries and sectors, along with exposure to various currencies, have historically been subject to moderate fluctuations in value.

• The fund is subject to the following risks which are materially relevant but may not be adequately captured by the indicator:
  Asset-backed securities: The timing and size of the cash-flow from asset-backed securities is not fully assured and could result in loss for the fund.  These types of investments may also be difficult for the fund to sell quickly.
  Bonds: There is a risk that issuers of bonds held by the fund may not be able to repay the investment or pay the interest due on it, leading to losses for the fund. Bond values are affected by the market's view of the above risk, and by changes in interest rates and inflation.
  Charges from capital: Fees and expenses of this share class may be charged to the capital of the share class rather than its income.  This policy will result in an increase in income available for distribution to investors. However, this will forego some of the capital that the share class has available for future investment and potential growth.
  Derivatives: The use of derivatives can result in greater fluctuations of the fund's value and may cause the fund to lose as much as or more than the amount invested.
  Emerging markets investment: The fund may invest in the markets of countries which are smaller, less developed and regulated, and more volatile than the markets of more developed countries.
  Fund counterparties: The fund may suffer losses if the parties that it trades with cannot meet their financial obligations.
  Fund currency: Changes in exchange rates between the currencies of investments held by the fund and the fund's base currency may negatively affect the value of an investment and any income received from it.
  Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets, especially to the extent that it invests in developing countries.
  Interest rates: Changes in interest rates may negatively affect the value of the fund. Typically as interest rates rise, bond values fall.
  Liquidity: In certain circumstances it may be difficult to sell the fund's investments because there may not be enough demand for them in the markets, in which case the fund may not be able to minimise a loss on such investments.
  Low rated bonds: The fund may invest in lower rated or unrated bonds of similar quality, which carry a higher degree of risk than higher rated bonds.
  Sustainability: The fund's integration of sustainability risks in the investment decision process may have the effect of excluding profitable investments from the investment universe of the fund and may also cause the fund to sell investments that will continue to perform well. A sustainability risk could materialise due to an environmental, social or governance event or condition which may impact the fund's investments and negatively affect the returns of the fund.

For further explanation on the risks associated with an investment in the fund, please refer to the section entitled "Risk Factors" in the base prospectus and "Primary Risks" in the fund supplement.Complete information on the risks of investing in the Fund are set out in the Fund’s prospectus.