BONDS PLUS FUND
A sub-fund of LDI Solutions Plus plc
31 MAY 2017
FOR PROFESSIONAL CLIENTS ONLY, NOT FOR DISTRIBUTION TO RETAIL CLIENTS
FUND OBJECTIVE
The investment objective of the Fund is to seek to deliver positive absolute returns on an
annual basis.
FUND FACTS
Fund size
Inception date
INVESTMENT APPROACH
The Fund aims to outperform its cash benchmark by two percentage points per annum over
rolling-three year periods*. The Fund is actively managed investing in fixed income securities
and currencies, either directly or via derivatives, to express views on the direction of global
bond markets. The Fund uses a diversified approach seeking to add value by incorporating a
wide fixed income opportunity set. The investment universe may include corporate bonds,
conventional and index linked gilts, overseas bonds, emerging market debt and currencies.
The Fund is managed following a rigorous, disciplined and proven investment process that
includes in-depth analysis within a strong risk-controlled framework. The management team
selects opportunities that offer attractive risk-adjusted returns across a diversified portfolio
within clearly defined parameters, with an aim to add value in all market conditions.
Benchmark
Fund manager
£3.5bn
31 August 2006
3 month sterling Libor
Andrew Wickham
KEY BENEFITS
• Actively managed and designed to
outperform a cash benchmark
• Aims for consistent risk-adjusted
returns through a diversified portfolio
• Rigorous, disciplined and proven
investment process
PERFORMANCE (%)
• A large and experienced team of fixed
income specialists
1 Month
3 Months
Bonds Plus Fund
1 Year
3 Years
5 Years
3 month sterling Libor
Source: Insight Investment. Performance of the Fund is on an offer basis with income reinvested and gross of
management charges. Performance for periods over one year is annualised.
FUND MANAGER’S COMMENTS
The Fund delivered a positive return in May, outperforming its cash benchmark. Economic data
remained broadly positive and inflation numbers were relatively benign. Yields ended the
month modestly lower, and credit spreads modestly tighter. In the Fund the main positives
were duration positioning and investment grade credit. In duration, we began short duration
then moved net long as yields began to rally mid-month. By month-end portfolio duration was
neutral. In credit, spreads tightened and our long in investment grade credit profited, as did a
long in asset-backed securities. Market allocation detracted from performance as our 30-year
US breakeven inflation position suffered when TIPS underperformed relative to conventional
treasuries. Our long in 5-year Germany, held against a short in 10-year US treasuries, was also a
small negative. Our long Australia versus short US duration-neutral trade partly offset these
losses. Other exposures had marginal impacts on performance.
*This is not a guarantee, may not be
achieved and a capital loss may
occur. Funds which have a higher
performance aim generally take
more risk to achieve this and so have
a greater potential for the returns to
be significantly different than
expected.
Past performance is not a guide to
future performance.
The value of investments and any income
from them will fluctuate and is not
guaranteed (this may be partly due to
exchange rate fluctuations). Investors may
not get back the full amount invested. This
document is aimed at professional clients
only. It is not designed for, and should not
be used or relied upon by retail clients.
Unless otherwise stated, all data is as at
the date of this factsheet and represents
share class S.
BONDS PLUS FUND
INTEREST RATE EXPOSURE BY CURRENCY
TECHNICAL DETAILS
(in weighted average duration)
Legal structure
Sterling
0.0
US dollar
-3.8
Euro
2.1
Other
2.9
Total
1.2
Qualifying Investor
Alternative Investment Fund
(QIAIF)
Domicile
Ireland
Listing
Irish Stock Exchange
Share class currency
Sterling
Dealing frequency
CREDIT AND EMERGING MARKET EXPOSURE (% of Fund)
Bi-monthly, 5pm*
Pricing method
Investment grade
6.0
High yield
0.2
Loans
6.1
Emerging market debt
8.1
ABS
6.4
TOP 10 CURRENCY EXPOSURES (% of Fund)
Custodian
Administrator
Swinging single price
Northern Trust Fiduciary
Services (Ireland) Limited
Northern Trust International
Fund Administration Services
(Ireland) Limited
* 15th day or next following business day and last
business day of month
SHARE CLASS B
Pound sterling
99.4
Chinese renminbi (Hong Kong market)
-1.3
ISIN £
IE00B3SRN297
Chinese yuan
1.3
ISIN €
IE00B8FYRB27
Japanese yen
-0.5
Annual management charge
0.5%
Indian rupee
0.4
Minimum initial investment
£1m
Euro
-0.3
Russian rouble
0.3
Turkish lira
0.2
Swedish krona
0.2
United States dollar
-0.2
This document may not be used for the purposes of an offer or solicitation to anyone in any jurisdiction in which such
offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. The
information in this document is general in nature and does not constitute legal, tax, or investment advice. Investors are
urged to consult their own advisers on the implications of making an investment in, and holding or disposing of shares
in the Fund. Any losses in the fund will be borne solely by investors in the fund and not by BNY Mellon (including its
affiliates); therefore BNY Mellon’s losses in the fund will be limited to losses attributable to the ownership interests in
the fund held by BNY Mellon and any affiliate in its capacity as an investor in the fund or as beneficiary of a restricted
profit interest held by BNY Mellon or any affiliate. Ownership interests in the fund are not insured by the FDIC, are not
deposits, obligations of, or endorsed or guaranteed in any way, by BNY Mellon. Neither BNY Mellon nor any of its
controlled affiliates (which includes the fund’s general manager/ managing partner/ investment adviser), may directly
or indirectly, guarantee, assume, or otherwise insure the obligations or performance of the fund or of any other
covered fund in which the fund invests. Investors should read the fund’s offering documents before investing in the
fund. Information about the role of BNY Mellon, its controlled affiliates, and their employees in sponsoring or providing
services to the fund are described in the Volcker Rule section of the offering documents. Issued by Insight Investment
Funds Management Limited, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 01835691.Insight
Investment Funds Management Limited is authorised and regulated in the UK by the Financial Conduct Authority.
© 2017 Insight Investment. All rights reserved.
SHARE CLASS S
ISIN £
IE00B1BMR334
ISIN €
IE00B7Z94C05
Annual management charge
Fees will be
negotiated and charged
outside the Fund via a fee
agreement.
Minimum initial investment
£1m
Need more information?
For details on all of our fund ranges or
to obtain any literature please contact:
Institutional Business Development
+44 (0) 207 321 1547
business.development@
insightinvestment.com
Your Insight Client Director
or visit our website at
www.insightinvestment.com
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