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Investor Presentaiton

PSGF's Diversified Portfolio investment strategy: Invest alongside JPM's Global Bond Opportunities investment strategy Key Features Benchmark-agnostic, "best ideas actively managed global bond funds Diversified opportunity set across all global fixed income sectors and currency markets Dynamic sector management, aiming to only take risk when compelling investment opportunities are identified Strategy Objective ESG integration Total return Global Strategic Bond Focus on mitigating downside risk Global Bond Opportunities Opportunistic, strategic approach Sustainability approach ESG integration 3% above cash 1.5-5% 0 to 9 years 50% Return target Risk target Duration range Max below IG-rated debt Max non-base currency Strategy inception date Strategy AUM 20% May 2009 USD 4.0 billion 5-10% 75% 50% September 2012 USD 9.2 billion Global Bond Opportunities Sustainable Opportunistic, strategic approach Sustainable integration, exclusions, positive tilt) Total return 5-10% -2 to 8 years 75% 50% November 2019 USD 601 million Source. J.P. Monjan Asset Management. Data as at 31 May 2020. IG Investment grade. Inception date shown for the longest running fund in the strategy. Strategy AUM represents all vehicles following that strategy. The stated targets are the investment manager's internal guidelines only to achieve the objectives of the Strategies. The targets are gross of fees. There is no guarantee that these targets will be met. Investment Strategy: To achieve a return in excess of the benchmark by investing opportunistically in an unconstrained portfolio of debt securities and currencies, using derivatives where appropriate. 43
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