The Defensive Capital Fund (the Fund) is designed to provide investors with an opportunity to attain the low volatility of bonds while maintaining exposure to potential equity upsides. The Fund aims to achieve long-term capital growth that is independent of equity market performance and positive absolute returns over rolling three year periods. To accomplish this the Fund invests in a range of defensive assets – investments that are generally lower risk and less volatile than equities, and that don’t rely on market growth to achieve positive returns – such as preference shares, convertibles and structured notes.
The Fund offers low sensitivity to short-term equity markets, as well as offering exposure to high short-term fixed returns. Defensive optionality and convexity is attained through holding mostly senior assets that provide tangible capital cover.
The DCF factsheet provides the latest information on performance, holdings, asset type breakdown and structured counterparties.
Download the latest factsheet here.
The following tables show the discrete and cumulative performance of the A share class against the benchmark, Libor.
Source: Financial Express Analytics, total return, net of all ongoing charges, bid-to-bid in Sterling as at 30.04.2017.
Below is a table which outlines the latest Annual Management Charge (AMC) and the Ongoing Charges Figure (OCF) for the different share classes and currency share classes of the Fund. These can also be found in the Key Investor Information Documents (KIIDs).
Fund risk ratings and profiling