|Class A USD ND|
The Portfolio adheres to three core investment tenets: value, diversification and protection against downside risk.
Value-Driven: The Portfolio seeks to invest in sectors that offer attractive relative value, based on fundamentals and on spread relationships to long-term averages. Value investing seeks to capitalise on the benefits of rebalancing through dynamic allocation, which can make a significant contribution to portfolio returns over time.
Broad Diversification: The Portfolio’s diversification level seeks to benefit from incorporating a broad range of factors and sectors, which helps it pursue attractive risk-adjusted returns. Diversification available from asset classes with lower correlation to core sectors can help reduce volatility and downside risk.
Protection Against Downside Risk: The Portfolio has historically been successful in limiting downside risk and avoiding permanent impairment of capital has reflected its disciplined approach to limiting issuer concentrations combined with strong fundamental credit research, avoiding at-risk sectors and avoiding market value loss in rising interest rate environments.
 Diversification does not ensure a profit or protect against a loss