New Capital
Asia Value Credit Fund

»Michael Leithead

A STRUCTURAL CASE FOR GROWTH

»WATCH VIDEO

Tapping into the greater depths of Asian bond markets

At New Capital, we believe there is a structural case for growth in the Asia Pacific fixed income market.

What we are seeing now is a greater degree of divergence between emerging markets – especially in Asia – as different economies offer different opportunities throughout the economic cycle.

When we launched the New Capital Asia Value Credit Fund, the region had reached a point of significant expansion as many of its economies were developing greater depth in financial markets.

Asia Pacific deserved a market of its own rather than being considered part of global emerging markets.

In terms of valuations, fixed income in Asia is trading at discount to traditional developed markets.

We believe some of these markets deserve to trade more in line with their European or US peers and therefore see an attractive opportunity.

We take a blended approach with local and hard currency, combining a regional focus with our relative value model.

We are not looking to mirror the index but rather replicate the risk of the benchmark with securities that can pay a higher potential return. We seek out a broad range of opportunities, including currencies, high yield, sovereign and corporate bonds, as we try to marry the benefits of being exposed to the local market and credit.

Our macro top-down approach determines the risk parameters. We then take a bottom-up approach, seeking out the best value opportunities through our quantitative model to deliver that top-down view.

We are always looking to be rewarded more than the market average for the credit quality and achieve a higher yield relative to the risk taken.

We constantly aim to rotate to cheaper value opportunities in our asset allocation.

6.37%

Cumulative performance is for the USD Ord Inc share class, since inception (22 Aug 2012)
 
  1 Year YTD
Fund
Benchmark
»MONTHLY COMMENTARY

PRICES AND LITERATURE

Class ISIN Price Currency Price Date Factsheet Datasheet KIID
USD/CNY Hedge Inst Inc IE00B8BQ6592 106.38 USD 8/21/2017 -
USD Ord Acc IE00BG6MV314 107.25 USD 8/21/2017 -
USD Inst Inc IE00B834L785 93.80 USD 8/21/2017
AUD Ord Inc IE00B8Q8V778 97.36 AUD 8/21/2017 -
USD Ord Inc IE00B87N0B89 95.33 USD 8/21/2017
USD/CNY Hedge Ord Inc IE00B795G283 99.05 USD 8/21/2017 -

DOWNLOAD FUND DOCUMENTS FOR DUE DILIGENCE

Reports & Accounts
Annual Report-ENG
Semi-Annual Report-ENG
Prospectus
Full Prospectus-ENG
How to Invest
Application Form
Shareholder Notice
Shareholder Notice-ENG
HMRC Year End Reporting
HMRC Reporting-ENG
Registration Matrix
Registration Matrix-ENG
Dealing Calendar
Dealing Calendar-ENG
Memorandum and Articles of Association
Memorandum and Articles of Association-ENG

DOWNLOAD HISTORICAL PRICES FOR DUE DILIGENCE

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