NN (L) Global High Yield (X CAP USD)

Investment Scope

The fund primarily invests in a diversified portfolio of worldwide corporate bonds with a higher risk and therefore with a higher interest rate (so called high yield bonds, with a quality rating lower than BBB). We actively manage the fund and combine our analysis on specific issuers of corporate bonds with a broader market analysis to construct the optimal portfolio. We aim to exploit differences in returns of these issuers within sectors and differences in returns between regions, sectors and different quality segments (ratings). Therefore the fund positioning can materially deviate from the benchmark.

The differences in high yield returns within a sector can be significant; we therefore believe that a strong focus on issuer selection and issuer diversification needs to be a crucial part of the high yield investment process. For risk management purposes, issuer deviation limits are maintained relative to the benchmark. Measured over a period of several years we aim to beat the performance of the benchmark 70% Bloomberg Barclays US High Yield, 30% Bloomberg Barclays Pan-European High Yield, 2% issuers capped ex financial subordinates hedged (EUR). The benchmark is a broad representation of our investment universe. The fund can also include bonds that are not part of the benchmark universe. By hedging our currencies we aim to avoid currency risks for Euro(EUR) investors. We hedge all currency risks in the benchmark of the sub-fund to the reference currency of this share class (EUR). The risks of exchange rate fluctuations against the EUR, related to over- and underweight positions in the portfolio versus the benchmark of the sub-fund, remain in this share class. A currency hedge consists of taking an offsetting position in another currency. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.

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Past returns do not predict future returns
Historical NAV
Calendar Year Performance (NET %)
Cumulative Performance (ΝΕΤ %)
Share Class Benchmark-12,401,137,95

Reference Date 31.07.2022
Προφίλ Κινδύνου

Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree. This fund is in this specific risk category because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with bonds used to reach the investment objective is considered high.

These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. Expected credit risk, the risk of failure of the issuers of underlying investments is high. The Sub-Fund’s liquidity risk is set to high. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. Investments in a specific theme are more concentrated than investments in various themes. No guarantee is provided as to the recovery of the initial investment.

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Practical Info
ISIN Code:
Unit Class:
Asset Class:
Fixed Income