Global Corporate

Actively managed, research-driven global corporate strategy targeting an excess return over the Barclays Capital Global Aggregate Corporate Index. Strategy emphasises U.S. and European corporate bonds, seeking to generate a majority of excess return from regional allocation, individual security selection, and industry rotation primarily based on bottom-up fundamentals. A top down element influences country views, credit biases, and overall risk.

European Corporate

Actively managed, research-driven European corporate credit strategy targeting an excess return over the iBoxx Euro Corporate Bond Index or similar benchmark. Strategy seeks to generate the majority of its excess return through individual security selection, with remaining excess return generated through industry allocation. Strategy actively overweights/underweights industries and issuers primarily based on bottom-up fundamentals. A top-down element influences credit biases and overall risk.

U.S. Investment Grade Corporate

Actively managed, research-driven U.S. corporate credit strategy targeting an excess return over the Barclays Capital US Corporate Index or similar benchmark. Strategy seeks to generate the majority of its excess return from individual security selection, with remaining excess return generated through industry allocation. Strategy actively overweights/underweights industries and issuers primarily based on bottom-up fundamentals. Active relative value trading seeks to add further value.

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