Byron Global Opportunities

Bond Sub-Fund

Fund Investment Objectives

The Fund's investment policy is based on identifying mispriced idiosyncratic credit risk by focusing on a global investment universe of assets that pay periodic income in the form of coupons or dividends and sourcing opportunities across the capital structure of specific corporates. Accordingly, the Fund invests the majority of its assets in fixed income securities and a smaller portion in equity linked instruments that pay income in the form of coupons or dividends. The companies selected are predominantly blue chip global corporations that display some of the following characteristics: have a sound capital structure with strong cash flow generation, have sovereign or state guarantees, trade at attractive spreads relative to their peer group, have been indiscriminately sold following bouts of risk aversion, are trading at a fundamentally unjustified discount to fair value due to problems with the sovereign.