New Capital
Wealthy Nations Bond Fund

»Michael Leithead

Seeking the best fixed income opportunities across the board

Screening the assets and liabilities of entire economies

The New Capital Wealthy Nations Bond Fund is looking to access the best opportunities in sovereign and corporate debt across developed and emerging markets.

Celebrating 10 years



Wealthy Nations Bond Fund explained



We use a foreign assets screen to determine the best opportunities, taking the net debt position for each country and dividing it by GDP. We then reorder countries according to this screen and avoid those with assets less than -50% of their GDP.

Our screen takes into account the assets and liabilities of the entire economy. This helps to looks past situations in certain countries where the financial system is overleveraged for example but the sovereign debt to GDP is low. These risks within the economy are important but are often overlooked by ratings agencies.

In terms of leverage, most analysts do not tend to consider assets as a way of offsetting debt. Japan is a good example: it has a high debt to GDP ratio – but a lot of its debt is within its domestic system. As most of the debt exposure is to the domestic economy, Japan’s exposure to foreign creditors is low.

We have a fundamental value orientation as we look for countries that are cheap, considering their credit ratings, and the average credit quality of portfolio holdings is high.

The Fund is suitable for investors looking to diversify their global fixed income exposure – we are invested in countries that are underweighted in the benchmark relative to their credit quality. We aim to do this without sacrificing returns or taking on more risk – the fund has achieving both lower volatility and better performance than traditional portfolios and benchmarks.

Morningstar rating is shown for the New Capital Wealthy Nations Bond Fund USD I Inc share class

86.64%

Cumulative performance is for the USD I Inc share class, since inception (18 Sept 2009)
 
  1 Year YTD
Fund
Benchmark
»QUARTERLY COMMENTARY
»QUARTERLY WEBINAR

PRICES AND LITERATURE

Class ISIN Price Currency Price Date Factsheet Datasheet KIID
USD I Inc IE00B410WP56 122.70 USD 12/6/2019
EUR I Inc IE00B41M1657 107.79 EUR 12/6/2019 -
GBP I Inc IE00B41M1D28 115.45 GBP 12/6/2019 -
CHF O Inc IE00B4NJWB64 102.43 CHF 12/6/2019 -
GBP O Inc IE00B40Z9H20 115.37 GBP 12/6/2019 -
CHF I Inc IE00B3LNJP62 103.50 CHF 12/6/2019 -
SGD O Inc IE00B4X3Y349 168.09 SGD 12/6/2019 -
SGD I Inc IE00B4NVFJ12 111.87 SGD 12/6/2019 -
USD O Inc IE00B6VQXN27 118.95 USD 12/6/2019
EUR I Acc IE00B9KL1463 125.29 EUR 12/6/2019 -
USD I Acc IE00B87MFH62 143.30 USD 12/6/2019 -
USD O Acc IE00B8HR5X72 138.88 USD 12/6/2019 -
EUR O Acc IE00B9C7ZM86 123.58 EUR 12/6/2019 -
EUR O Inc IE00B6VW8H90 106.44 EUR 12/6/2019 -
NOK I Inc IE00B5VFLK51 120.04 NOK 12/6/2019 -
HKD O Inc IE00BDGSPT20 100.08 HKD 12/6/2019 -
EUR S Inc IE00BYYNG592 100.78 EUR 12/6/2019 -
USD S Acc IE00BYYNG485 122.10 USD 12/6/2019
GBP S Inc IE00BYYNG154 103.24 GBP 12/6/2019 -
EUR S Acc IE00BYYNG600 112.67 EUR 12/6/2019 -
USD S Inc IE00BYYNG378 109.76 USD 12/6/2019 -
GBP S Acc IE00BYYNG261 116.14 GBP 12/6/2019
CNH I Inc IE00B4Z32382 865.33 CNH 12/6/2019 -
CNH O Inc IE00B3Q25270 878.18 CNH 12/6/2019 -
USD O Inc (M) IE00BKDK1M51 100.16 USD 12/6/2019 -

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
Dealing Calendar
Dealing Calendar-ENG
Memorandum and Articles of Association
Memorandum and Articles of Association-ENG
Dividend Schedule
Dividend Schedule-ENG

DOWNLOAD HISTORICAL PRICES FOR DUE DILLIGENCE

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