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


Cumulative performance is for the USD I Inc share class, since inception (18 Sept 2009)
  1 Year YTD


Class ISIN Price Currency Price Date Factsheet Datasheet KIID
USD I Inc IE00B410WP56 129.43 USD 8/6/2020
EUR I Inc IE00B41M1657 110.72 EUR 8/6/2020 -
GBP I Inc IE00B41M1D28 119.92 GBP 8/6/2020 -
CHF O Inc IE00B4NJWB64 104.88 CHF 8/6/2020 -
GBP O Inc IE00B40Z9H20 119.60 GBP 8/6/2020 -
CHF I Inc IE00B3LNJP62 106.17 CHF 8/6/2020 -
SGD O Inc IE00B4X3Y349 174.40 SGD 8/6/2020 -
SGD I Inc IE00B4NVFJ12 116.26 SGD 8/6/2020 -
USD O Inc IE00B6VQXN27 125.25 USD 8/6/2020
EUR I Acc IE00B9KL1463 133.61 EUR 8/6/2020 -
USD I Acc IE00B87MFH62 155.53 USD 8/6/2020 -
USD O Acc IE00B8HR5X72 150.49 USD 8/6/2020 -
EUR O Acc IE00B9C7ZM86 131.51 EUR 8/6/2020 -
EUR O Inc IE00B6VW8H90 109.16 EUR 8/6/2020 -
NOK I Inc IE00B5VFLK51 123.53 NOK 8/6/2020 -
HKD O Inc IE00BDGSPT20 104.48 HKD 8/6/2020 -
EUR S Inc IE00BYYNG592 103.70 EUR 8/6/2020 -
USD S Acc IE00BYYNG485 132.79 USD 8/6/2020
GBP S Inc IE00BYYNG154 107.46 GBP 8/6/2020 -
EUR S Acc IE00BYYNG600 120.40 EUR 8/6/2020 -
USD S Inc IE00BYYNG378 114.95 USD 8/6/2020 -
GBP S Acc IE00BYYNG261 124.41 GBP 8/6/2020
CNH I Inc IE00B4Z32382 909.14 CNH 8/6/2020 -
CNH O Inc IE00B3Q25270 920.58 CNH 8/6/2020 -
USD O Inc (M) IE00BKDK1M51 106.19 USD 8/6/2020 -
CHF S Inc IE00BKDK1N68 102.94 CHF 8/6/2020 -


Reports & Accounts
Annual Report-ENG
Semi-Annual Report-ENG
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




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