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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 | Credit spreads continued to get tighter in August. The risk premium associated with subordinated bank credit rallied 30 basis points in the month which added to the 20 basis point tightening from the previous month. The Fund participated in two listed primary issues during the month being the ANZ tier 1 and the Qube deal. Both transactions were oversubscribed and are likely to perform well in secondary trading. For August, the majority of the portfolio was allocated in the Residential Mortgage-Backed Securities (RMBS) at 50%, followed by Corporate Bonds/Loans at 23%. Click below to read the latest monthly report. |
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