The aim of the Sub-Fund is to achieve capital growth by generating stable, absolute returns. The Sub-Fund will invest primarily in corporate bonds (both investment grade and non-investment grade) and credit default swaps. The Sub-Fund mainly invests in US dollar denominated bonds issued by companies based in the US but may also invest a portion of its assets globally and does not focus on any particular industry or sector. The Sub-Fund may invest in a broader range of asset classes, such as shares and debt (including government debt) and may make use of financial contracts (derivatives). The Investment Manager decision-making process includes consideration of the sustainability risks. An ESG (Environmental, Social, Governance) analysis is conducted for all issuers and an investment memo is prepared, which contains summaries and ratings around each of environmental, social, and governance considerations relevant to the issuer. The Investment Manager's philosophy is to combine rigorous fundamental credit research with technical analysis and sophisticated market risk management techniques in a disciplined investment process. The Sub-Fund aims to generate stable, absolute returns by taking long and short positions in the assets mentioned above and capturing relative value opportunities (seeking to identify opportunities to capture positive returns on two related investments), event-driven opportunities (seeking to identify investment opportunities linked to certain corporate events which affect the value of securities) and arbitrage opportunities (seeking to exploit price differences in assets purchased by the Sub-Fund). The Sub-Fund may use derivatives for investment purposes as well as to attempt to offset potential losses that may be incurred by other investments made. Derivatives may also be used to try to increase returns by increasing the exposure to certain investments (leverage). The leverage is not expected to exceed 750% of the value of the Fund.