09 Aug 2021
Every month we study the universe of funds in the investment marketplace to assess whether they meet our exacting standards and should be given the RSMR seal of approval.
The Brandywine Global Income Optimiser fund seeks to generate income in all market conditions whilst maintaining a focus on capital preservation. The managers look to find undervalued parts of the market when expressing their macro view. The team have a focus on the direction of travel within the economic climate, rather than on the immediate environment. There is a large team working collegiately in offering economic views; half the team concentrate on sovereign markets and the other half on the corporate market. The managers seek out strong corporate borrowers rather than the largest issuers of debt which is often found in index trackers. If the managers feel the corporate market is extending, they will often move to gain a greater sovereign exposure to protect against any potential changes in the economic climate.
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The Fidelity Short Dated Corporate Bond fund seeks to offer investors exposure to short duration assets, namely up to five years to maturity. The fund has a strong level of income and concentrates on bottom up, fundamental analysis of issuers. The managers believe that they operate in a structurally positive part of the market where index trackers are forced sellers of short duration credit. The fund managers, with the benefit of a large credit analyst team, have coverage of around 90% of index constituents. The team are positioning themselves against trackers, they have competitive fees and the ability to outperform through active management.
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The Premier Miton Corporate Bond Monthly Income fund is a high quality (in terms of investment grade), sterling corporate bond fund which provides genuine diversification away from equities. The fund managers have a credible long-term track record of delivering the required results for clients. They previously worked at Old Mutual (when they had an RSMR rating) and have subsequently continued to deliver solid returns relative to their peers and the asset class. The investment management team is now larger than it was at Old Mutual and the managers are taking advantage of that fact.
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The Vanguard Global Credit is a core global credit fund, managed by the third largest active fixed income manager in the world. No big bets are taken at the macro level with Vanguard seeking to add alpha through judicious stock selection, leveraging from their extensive team of credit analysts. It incrementally compounds returns to investors, as a fixed income fund should. The fund aims to generate a diversified, consistent level of return and income from various sources. There is a clear focus on risk to ensure investors are well compensated and large drawdowns are avoided.
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The Vanguard Global Corporate Bond Index aims to track the performance of the Bloomberg Barclays Global Corporate Bond Index. Vanguard have one of the largest and well resourced team of index tracking funds in the world.
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The Vanguard Short Dated Global Corporate Bond Index is designed to track the performance of Bloomberg Barclays Global Aggregate Corporate 1-5 year Float adjusted index. Vanguard have one of the largest and well resourced index tracking teams in the world.
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