Seeks total return, consisting of a high level of income and capital appreciation Invests two-thirds of its assets in below investment-grade debt securities rated below investment grade of corporate issues domiciled anywhere in the world May invest no more than 10% of its net assets in unrated or lowest rated categorised debt securities Will hedge non-US$-denominated investments to the US dollar Will target to decarbonise the sub-fund by 2050 Uses a negative screen to exclude securities issued by companies based on their exposure to ESG risks May also use derivatives for hedging, efficient portfolio management or for investment purposes Focuses on bottom-up credit research with a focus on well-underwritten credits and relative value Seeks to balance income whilst aiming for a competitive yield to drive total returns