The Fund aims to achieve a combination of income and capital growth and to outperform the ICE BofA Q880 Custom Index, net of charges, over rolling five-year periods. The Fund invests at least 80% of the value of its property in a diversified range of Sterling-denominated (or hedged back to Sterling) investment grade and sub-investment grade debt securities issued by companies, banks, public entities and governments located in developed and emerging markets anywhere in the world. Investment may be direct or indirect (e.g. through collective investment schemes or derivatives). The Fund may invest in asset-backed and mortgage-backed securities and may hold up to 20% in contingent convertible bonds (CoCos).