Data: Net Asset Value (NAV) and Assets under Management (AuM) as of 2023-12-06
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 Europe ratio:||50.0%|
|CDX IG ratio:||50.0%|
|CDS Component Carry:||1.29%|
|Spread steepening sensitivity:||23.6bps|
|Yield to maturity (EUR):||4.89%|
As of 2023-12-01. Data: Tabula IM. Charts show the percentage of total CDS index notional. CDS index ratios in the table reflect the notional relative to NAV. Spread steepening sensitivity represents the sensitivity to credit spread steepening and shows the expected change in NAV for a 1bp change in credit spreads. The estimated 12m yield calculation, which does not include fees and expenses, involves a number of assumptions and approximations and is not a guarantee of future returns.
Components of the iTraxx® Europe 5y (125 reference entities equally weighted)
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.
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.
Leverage : The Sub-Fund may use leverage, so losses may be magnified.
Risk of financial derivatives and techniques: The Sub-Fund invests in financial derivative instruments to gain both long and short market exposure to the underlying market with rebalancing on a monthly basis. The performance of the Sub-Fund over periods longer than one month may not be inversely proportional or symmetrical with the returns of the reverse positions in the underlying instruments.
Foreign exchange risk: The Sub-fund invests in EUR and USD denominated assets and does not provide a hedge to currency exposure in the base class. Strengthening or weakening of currencies may impact performance.
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.
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.