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| Fund Overview | The fund may also invest in interest rate swaps, options over authorized investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. Fundamental to the investment procedure is the tenet that no debt security will qualify for investment unless it can repay 100% of its principal and interest in a worst case economic scenario. |
| Manager Comments | Market conditions in January were the worst since 2008 and these moves were reflected in the US & Australian Treasury and credit market. The Fund's investments in Australian corporate debts, US collateralised secured corporate debts and Australian RMBS were all revalued downwards producing book value losses reflected in the unit price. However, the Fund received 100% of all principal and interest obligations falling due during the month. More than half of the portfolio's composition (as a percentage of NAV) was invested in Residential Mortgage-Backed Securities (RMBS) 61.87%. The rest of the portfolio composition was in USD Corporate Loans at 21.67%, Cash at 11.83% and AUD Corporate Loans at 4.63%. Click below to view the latest Fund Manager Report. |
| More Information |
