The fund aims to provide a combination of capital growth and income to deliver a return that is higher than that of the global bond market over any five-year period. At least 80% of the fund is invested in bonds, including investment grade bonds, high yield bonds, unrated bonds and asset-backed securities. These bonds may be issued by governments and their agencies, public authorities, quasi-sovereigns, supranational bodies and companies. Issuers of these bonds may be located in any country, including emerging markets, and denominated in any currency.The Investment process is based on macroeconomic research to identify global investment themes and opportunities.