NN (L) US Factor Credit (X Cap)

Valuation Day

30/11/2022

Net Asset Value

1178.6600

Risk level

MorningStar

Investment Scope

The fund primarily invests in a diversified portfolio of United States bonds denominated in US Dollar. We invest in corporate bonds of high quality (with a rating of AAA to BBB-). The fund uses active management to anticipate changes of the level of US corporate bond spreads and the spread curve with duration and credit risk deviation limits maintained relative to the benchmark. Its bond-level composition will therefore materially deviate from the benchmark.Measured over a period of several years we aim to beat the performance of the benchmark Bloomberg Barclays US Aggregate Corporate Index. The fund follows a systematic approach for allocations to investment grade bonds by investing in a set of factors (like value, carry and low-risk) which are captured with rule-based long only strategies. Factors are certain characteristics of bonds that are structural drivers of their future returns. For example, Value intends to benefit from perceived incorrect valuations resulting in bonds that are cheap to fundamentals outperforming expensive bonds. Carry intends to benefit from the tendency that bonds with higher yields outperform those with lower yields. Low-risk intends to benefit from the tendency that stable, low risk bonds outperform those with higher risks. The fund may invest up to 10% of its net assets in contingent convertible securities which are complex debt securities convertible into equity upon a specified event and which present additional risks than traditional convertible bonds. In order to control the risk in the fund, we apply strict risk monitoring measures. 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 %)

USD 1y 3y 5y
Fund -19.88 -12.48 -4.02
Share Class Benchmark -19.57 -12.02 -1.57
Date Report 31/10/2022

Practical Info

ISIN Code: LU0546914838
Currency: USD
Unit class: X CAP
Asset class: Fixed Income
Region: North America

Risk and Reward Profile

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 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 medium. Bonds are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers 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 medium. The fund's liquidity risk is set to medium. Liquidity risks arise when a specific underlying investment is difficult to sell, causing possible difficulty to redeem your investment from the fund.  Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. No guarantee is provided as to the recovery of your initial investment.

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Synthetic Risk and Reward Indicator

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