The Euro Credit strategy seeks to generate consistent excess returns versus the benchmark utilizing a conservative alpha investment process which combines a top-down market view with bottom-up corporate fundamental analysis

Benchmark

Markit iBoxx Euro Corporates Overall Total Return Index

Strategy Highlights

• Combines a top-down market view with bottom-up corporate fundamental analysis
• Actively managed strategy that invests primarily in investment grade, euro-denominated corporate bonds
• Strong beta-driven risk orientation
• Diversified strategy with uncorrelated positions

Portfolio Construction

• Investment Grade Corporates 90-100%
• BB Corporates 0-10%

Beta Ranges vs Benchmark

• Overall portfolio (-30% | +30%)
• Sector level (-5% | +5%)
• Issuer level (-3% | +3%)

Duration is managed with a narrow range to the benchmark