Bezalel notes that one of the main differentiators of the fund versus its peers is how unconstrained the investment approach is.
This unconstrained approach means investors are not tied to a benchmark, as the fund shifts between government, investment grade and high-yield bonds. “We have no limits in terms of how much we can allocate to investment grade and high yield, and we can go anywhere around the world,” he said. “More markets mean more opportunities.”
“You will not find many of our peers investing in the areas we do,” he added. “For example, when it comes to emerging markets over the last 12 months, we have been active not just in the core countries such as Brazil and Mexico, but also in more esoteric places such as Venezuela and Lebanon.” Additionally, the fund is currently invested in positions as far as Australia and New Zealand, while in the past it has held companies in Asia and Africa.
“We want to perform like a bond fund when markets get tricky, and offer investors diversification away from risk assets,” said Bezalel. “The outside of the box, high conviction ideas, have really helped to generate returns.”
The fund also has the ability to use derivatives, such as credit derivatives, to help mitigate risk in the portfolio, while it can also use government bond derivatives to manage any duration or interest rate risks that could be on the horizon.”

Average credit rating

BB+

Source: Jupiter, as at 30 Apr 2026.

Source: Jupiter, as at 30 Apr 2026.