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Stocks and Shares ISAObjective
The Share Class is a share class of a Fund which aims to achieve a return on your investment through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Corporate ex EM Fallen Angels 3% Issuer Capped Index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Sterling on your returns. The Share Class, via the Fund, aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit rating of a FI security is downgraded or upgraded such that it is no longer eligible for inclusion in the Index, the Fund may continue to hold it until it ceases to form part of the Index (where applicable) and it is practicable to sell it. The Index measures the performance of fixed and floating rate, sub investment grade bonds, issued by corporate issuers in developed markets. The bonds will, at the time of inclusion in the Index, have a rating of between BB+ and B- (inclusive) or equivalent as provided by at least one of three credit rating agencies: S&P, Moody’s and/orFitch. The Index will use one rating where only one rating is available, the lowest rating where two ratings are available and middle rating where three ratings are available. The Index currently includes sub investment grade corporate bonds denominated in US Dollar, Euro, Sterling, Swiss Franc, Danish Krone, Norwegian Krone and SwedishKrona. The bonds included in the Index, will be bonds that at one point in their trading history were investment grade and have since been downgraded to sub-investment grade according to the methodology used by the index provider. Such bonds may not necessarily have been investment grade at issue but would have been subject to atleast one downgrade event, to sub-investment grade, at the time of their inclusion in the Index. Such bonds may be referred to as “Fallen Angels”. The bonds must have a minimum time to maturity of 1 year. The Benchmark Index is market-value weighted with an issuer cap of 3%. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance (with matching risk profile) to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
- Leverage -
- Currency hedgingNo