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| Fund Overview | The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | The portfolio ended the month with a 67% exposure to RMBS followed by 14% to short dated loans. 'The returns of the Fund over April were supported by the tightening of credit spreads in the residential mortgage-backed securities (RMBS) sector. We have said that RMBS have been attractive for some time and that is now being reflected in greater demand for this product. On a relative value basis, we still believe that parts of the RMBS market remain cheap, but we will need to be particular about which parts we invest in going forward.' |
| More Information | » View detailed profile of this fund |
