Fund Objective
Fund objective The Fund aims to achieve long term income and growth by investing in high yield corporate bonds issued by companies in both developed and emerging markets. The Fund invests in bonds issued which pay either a fixed or variable rate of interest. The Fund is actively managed with reference to the ICE BofA Developed Markets HY Constrained Index (EUR) (the Index) which it seeks to outperform by 0.75% over the medium to long term. Russell Investments/ Money Managers have full discretion to select investments for the Fund. This product is an Article 8 product, as defined under EU regulation - it promotes environmental or social characteristics and invests in companies that follow good governance practices. This product does not have sustainable investment as its objective.
Fund Update
The Fund underperformed the benchmark in a month when investment grade outperformed high yield as the market shifted abruptly to a risk-off environment. In US credit, although underweight exposure to high yield industrials contributed positively this was partly offset by an overweight to investment grade industrials. In Europe, an overweight to high yield industrials was unhelpful. Allocations to hard currency emerging market debt were ineffective with an overweight to investment grade in Latin America detracting. However, an overweight to high yield in Europe was beneficial.
All returns greater than 1 year are annualised
Gerard Fitzpatrick Portfolio Manager Russell Investments' Global Fixed Income Team comprises over 9 experienced professionals, including portfolio managers, researchers, portfolio analysts, and strategists in Russell Investments offices around the globe. The team manages cash and multi- strategy fixed income portfolios, which include global, regional, investment grade, high yield, emerging market debt and absolute return mandates.
Portfolio Statistics
2

ESG Data

Source: The portfolio-level ESG Risk Rating is the weighted average of the Sustainalytics' Risk Rating for securities in the portfolio. The Sustainalytics Risk Rating details are available at https://www.sustainalytics.com/esg-data. Carbon footprint is the weighted average carbon intensity of the Scope 1 and 2 carbon emission intensity of companies in the portfolio. It is measured in tonnes of CO2e divided by revenue (USD $M).
Any reference to specific money managers should not be taken as a recommendation. Money managers are subject to change.
Important Information
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