- The aim of the fund is to provide investors an income, but on top of that, allow the opportunity for some capital gains. To do this it adopts what Bezalel calls a “go anywhere” investment approach. This is a flexible, unconstrained approach, meaning the managers are able to seek out and “cherry pick” the best opportunities within the fixed interest universe on a global basis while carefully managing downside risk.
- “When we are feeling a bit more nervous about the economic outlook, and we see the prospect for lower inflation, lower interest rates and slower growth, the fund will have a higher allocation to government bonds,” said Bezalel. “Conversely, when we feel a bit more optimistic, the fund tends to have a higher allocation to corporate bonds, and within that, high yield.”
- In terms of the investment process, Bezalel labels it very much a top-down, bottom-up approach, in which he and co-investment manager Harry Richards spend about half their time focusing on the macro side of things and then look for the most fertile grounds for fixed income investors.
- “The top-down macro view that we formulate between us, allows us to determine our tolerance for duration and credit risk, and how we think about allocation to different sub sectors of the market,” he said. “We then put this together in a portfolio that is best suited for our macro outlook, which has an emphasis on special thematic ideas. What we ultimately tend to look for is deleveraging credit stories and this takes a lot of work.”
Distribution yield
Source: Jupiter, as at 30 Apr 2026.
Number of holdings
Source: Jupiter, as at 30 Apr 2026.