Risk Considerations

1. The Fund is actively managed and invests mainly in a diversified portfolio of high yield corporate debt securities that are denominated in European currencies.
2. Investment in the Fund involves risks, including general investment risk, geographic concentration risk and Eurozone risk, currency risk, risk associated with changes resulting from the United Kingdom’s exit from the EU and exclusion criteria risk which may result in loss of a part or the entire amount of your investment. 
3. The investment in debt securities is also subject to credit/counterparty risk, interest rate risk, downgrading risk, credit rating risk, risk associated with high yield debt securities which are generally rated below investment grade or unrated, risk associated  with investments in debt instruments with loss-absorption features and valuation risk. 
4. The Fund may use derivatives for hedging, efficient portfolio management and investment purposes or to create synthetic short positions in debt securities and credit indices, and is subject to derivatives risk. The Fund may also implement active currency position and is subject to relevant risks. Exposure to derivatives may also lead to a risk of significant loss to the Fund.
5. Dividend of certain share class(es) may be paid directly out of capital and/or effectively out of the capital which amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distribution may result in an immediate reduction of net asset value per share (Note 1). 
   
6. The value of the Fund can be volatile and could go down substantially.
7. Investors should not invest in the Fund solely based on this website.