The fund invests in debt instruments (i.e. notes, bonds, certificates etc.) denominated in currencies of economically developed and politically stable countries which are members of the OECD (Organisation for Economic Cooperation and Development). We invest in countries where we are able to assess specific political and economic risks and in countries that have undertaken certain economic reforms. The issuers of the debt instruments are governments and corporates established in low and middle income developing countries (emerging markets). We invest in South and Central American (including the Caribbean), Central and Eastern European, Asian, African and Middle Eastern debt instruments. We aim to keep the average rating of the fund portfolio at BBB- or better, but are allowed to invest in lower quality debt instruments. The fund aims to limit the volatility in its periodic returns by aiming for a weighted average duration between 1 and 3 years. A large majority of these debt instruments have a maturity of less than 5 years. Duration is a measure of the sensitivity to changes in interest rates. The fund aims to provide returns in excess of its benchmark (3-month SOFR), as measured over a medium term time horizon. The fund is actively managed and the benchmark is not used for portfolio construction but for performance measurement purposes only.