OUR VIEW:

The fund is proactively managed by the very experienced John Pattullo.  He has identified very cheap opportunities, though accepts that sentiment is lousy right now.  He believes that you are at least now being compensated for the continuing risks, which wasn't the case this time last year.   There is a clear buying opportunity, and it is vital to have an experienced manager on your side, such as John. 

This is a lower risk fund, a core long term holding, and there is now an opportunity to buy on the cheap. It has a little more risk than a mainstream corporate bond fund (which will invest primarily into investment grade bonds), but the wider brief creates the opportunity for better returns averaged out over the years.  

To provide a return by investing primarily in higher yielding assets including high yield bonds, investment grade bonds, preference shares and other bonds. The fund will take strategic asset allocation decisions between countries, asset classes, sectors and credit ratings. The Fund may invest in other transferable securities, money market instruments, derivatives and forward transactions, deposits and units in collective investment schemes.