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    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview Both the US presidential election and falling near-term US fiscal stimulus expectations were the main market drivers in October A democratic clean sweep was likely to see significantly higher bond yields...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/bQ4Ke7qXfRg"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview Performance has been strong, with tighter credit spreads the main driver over the quarter. Our decision to reduce the core duration position across...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/tAZYEt7E8pI"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview August saw further outperformance from credit markets. Locally, non-financial bonds were the main driver. Meanwhile, bank senior spreads have surpassed their pre-Covid tights. ...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://www.youtube.com/watch?v=IndDREwaxrE&feature=youtu.be"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview July was a particularly strong month for credit, with credit spreads driving fund performance. Financial spreads continued to outperform spreads in the non-financial...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/N3sc1j7Vu5c"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview Performance over the last quarter has been strong, with credit bouncing back significantly from the March lows. Tighter credit spreads were the main...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/0G8QHwgZz-Y"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview Risk asset markets continued to perform well in May, despite increasing geopolitical risks. Central bank liquidity, vaccine optimism, and the EU inching towards...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/m2_Lp5y0bO8"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview April saw a dispersion of returns in credit markets. While credit spreads were wider, this was concentrated in the non-financial corporate sector which...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://www.youtube.com/watch?v=2CpyHIFOtDw&feature=youtu.be"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview Fund performance was down on the quarter, amidst the most challenging market conditions in decades. Although our duration stance added some value, this...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://youtu.be/hOWulGN1npM"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview We said last month that the “coronavirus-related fall in markets …may be a continuing market theme over the next month or two.” This...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_video link="https://www.youtube.com/watch?v=Bv-3bgVaW_Q"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" css=".vc_custom_1576128392640{padding-top: 64px !important;padding-bottom: 32px !important;}" z_index=""][vc_column][vc_column_text] Overview January 2020 marked a reversal of December 2019, with interest rates falling significantly as a result of risk-off sentiment. The coronavirus-related fall in...