The objective of the Sub-fund is to provide long term total return by investing in debt and debt-related securities in both developed and emerging markets. Up to 100% of the Sub-fund’s assets may be invested in sub-investment grade debt and debt-related securities. The Sub-fund is actively managed by the investment team, who will select securities without reference to an index weight or size with the aim of taking advantage of opportunities they have identified. The Sub-fund will invest in debt and debt-related securities that are listed or traded anywhere in the world (including in Emerging Markets), including government and corporate bonds, asset-backed securities, sub-investment grade bonds and inflation-linked bonds. The Sub-fund may also invest in other transferable securities, floating rate notes, money-market instruments, deposits, cash and near cash, derivatives (including currency forwards, interest rate and credit default swaps) and collective investment schemes.