• Asian Bond Portfolio (ABP)

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Asian Bond Portfolio (ABP)


Investment Objectives

Today most Pan-Asian countries are expected to continue growing and corporates run less leveraged balance sheets than their Western peers. Currently, Asian interest rates are 3-4% higher than in developed markets equivalents, which helps generate long term target returns in a prolonged low or zero-growth/rate environment in the Western world. Thus, Asian High Yield offers an attractive return profile, with aggregate yields currently at 8% (as the JACI Non-Investment Grade Corporate Index), with low associated default risk.

Credit Selection

The sub-investment manager pursues a fundamental, value-orientated approach through proprietary research and awareness of market technical factors. Income Partners targets undervalued credits based on relative and absolute values with spread tightening targets.

Currency Enhancement

The portfolio will be exposed to Asian focused Emerging Markets currencies to capture the appreciation trend the sub-investment manager expects.

August 31, 2016 Update

NAV 118.6602* · MTD* +2.00% · YTD* +13.02%

The Asian Bond Portfolio returned +2.00% between 25 July 2016 and 29 August 2016. The Asian credit market stabilized in the month of August, as investors looked to take profit after the recent rally. Latest comments from the Fed have shifted focus back to a possible rate hike before year end. Supply is expected to pick up in the near term post-earnings season, which should provide a better re-entry point. The JACI non-investment grade and JACI investment grade indices returned +0.74% and +0.92% respectively over the period. Primary issuance totaled USD 8.1 billion compared to USD 16.4 billion last month, of which USD 4.1 billion was from investment grade issuers. At month-end, the Funds net exposure decreased from 92.9% to 85.6%. The Fund has zero non-dollar bond exposure.

*Dollar Accumulation Class A Shares

 

 

 

Most recent portfolio snapshot Download
Key Investor Information Document (KIID) Download
KIID – Spain Download
Application form Download
Supplement to the prospectus Download
Prospectus Download
Latest financial statements Download
Latest interim financial statements Download
Supplemental disclosure form and declaration for U.S. persons Download

Fund Identification

ISIN: IE00B8YXQP79

Bloomberg: IE00B8YXQP79 Equity

Telekurs: TK20185273

Sedol: B8YXQP7

Sub-Investment Manager

Income Partners Asset Management