This meeting was held with Mark Munro as an introduction to the fund. He started by explaining that the fund was established for institutional clients and in particular, pension schemes offering guaranteed benefits. The aim is to deliver a return of between 6 and 8% p.a. over a 5-year period with low volatility.
At its heart, it is a credit fund, so effectively for investors who want a credit fund (so corporate and / or government debt) this fund is aimed directly at this group. It holds between 70 to 100 ideas plus around 10% – 15% in cash. The aim is to identify mispriced bonds across all cycles. They start from a group of around 3,000 issuers and then distill down to their winners list….read more