Data: Net Asset Value (NAV) and Assets under Management (AuM) as of 26 May 2022
Capital is at risk. The value of your investment may go down as well as up and you may not get back the amount you invested. Investors should read the Key risks section of this page, Key Investor Information Document and Prospectus prior to investing.
|iTraxx Crossover 5y ratio:||104%|
|Weighted CDS spread:||444bps|
|Modified IR duration (yrs):||0.041|
|Estimated 12m yield (gross):||-6.07%|
Data: Tabula IM, 30 April 2022. Charts show the percentage of total CDS index notional. CDS index ratios in the table reflect the notional relative to NAV. Credit DV01 is the expected change in NAV for a 1bp change in credit spreads. The estimated 12m yield calculation involves a number of assumptions and approximations and is not a guarantee of future returns.
Components of the iTraxx® Crossover 5y (75 reference entities equally weighted)
|Accor||Adler Real Estate AG||Air France - KLM||Altice Finco S.A.|
|Altice France||Arcelormittal||Ardagh Packaging Finance PLC||Atlantia S.p.A.|
|Boparan Finance PLC||Cable & Wireless Ltd||Casino Guichard-Perrachon||Ceconomy AG|
|Cellnex Telecom S.A.||Cirsa Finance International S.a.r.l.||Clariant AG||CMA CGM|
|Constellium SE||Crown European Holdings||Deutsche Lufthansa||Eg Global Finance|
|Elis||Faurecia||Galp Energia||GKN Holdings Ltd|
|Grifols S.A.||Hapag-Lloyd AG||Iceland Bondco PLC||Ineos Group Holdings S.A.|
|International Airlines Group||International Game Technology PLC||Intrum AB||Jaguar Land Rover Automotive PLC|
|K+S AG||Ladbrokes Coral Group Ltd||Lagardere SCA||Leonardo S.p.A.|
|Loxam||Marks And Spencer P.L.C.||Matterhorn Telecom Holding S.A.||Modulaire Global Finance plc|
|Monitchem Holdco 3 S.A.||Nexi||Nidda Healthcare Holding GmbH||Nokia Oyj|
|Novafives||Oi European Group B.V.||OI European Group B.V.||Orano|
|Picard Bondco S.A.||Premier Foods Finance PLC||Renault||Rexel|
|Rolls-Royce||Saipem Finance International B.V.||Schäffler AG||Stena Aktiebolag|
|Stonegate Pub Company Financing PLC||Suedzucker AG||Syngenta||Tdc A/S|
|TechnipFMC PLC||Telecom Italia S.p.A.||Telefonaktiebolaget LM Ericsson||Thyssenkrupp AG|
|TK Elevator Holdco GmbH||TUI AG||Unilabs Subholding AB (publ)||United Group B.V.|
|Upc Holding B.V.||Valeo||Verisure Midholding AB||Virgin Media Finance PLC|
|Volvo Car AB||ZF Europe Finance B.V.||Ziggo Bond Company B.V.|
No capital protection: The value of your investment may go down as well as up and you may not get back the amount you invested.
Liquidity risk : Lower liquidity means there are insufficient buyers or sellers to allow the Sub-Fund to sell or buy investments readily. Neither the Index provider nor the issuer make any representation or forecast on liquidity.
Market risk: The Sub-Fund is primarily exposed to long and short credit risk. Returns will increase if there is a default, or higher perceived risk of default, among the entities referenced by the CDS indices, or a write-down (“bail in”) of an entity’s debt by financial authorities. The Sub-Fund may also be impacted by other factors affecting the value of debt securities issued by those entities, including changes in interest rates and exchange rates. When buying and selling CDS on subordinate debt, such debt may be subordinate to senior debt.
Short exposure risk: The fund uses a short market exposure to the underlying market with rebalancing on a monthly basis. The performance of the fund over periods longer than one month may not be inversely proportional or symmetrical with the returns of long positions in the underlying instruments. The assumed return on cash in the index also contributes to asymmetry in returns versus a long position. The fund is intended for investors who wish to take a short-term view on the Index and whose investments are not intended as buy and hold.
Leverage: The Sub-Fund may use leverage, so losses may be magnified.
Counterparty risk: The Sub-Fund may incur losses if any institution providing services such as safekeeping of assets or acting as a derivatives counterparty becomes insolvent.
Credit risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Sub-Fund when due.