Finding higher-quality issuers throughout the European capital and hybrid securities universe, while diversifying across the credit spectrum.
Active management based on specialized research and dynamic security selection to manage complex global markets.
An emphasis on capital preservation equates to higher quality and capital structure bias, seeking to deliver a low volatility profile and attractive risk-adjusted returns.
Deep and broad experience analyzing, managing, and pricing complex security structures across a variety of credit, interest rate, and regulatory conditions.
Investing down the capital structure by focusing on higher-quality issuers, while avoiding unrated securities.
Manager
Spectrum Asset Management
Index
ICE BofA Euro Corporate Senior Index
Targeted number of holdings
n/a
Expected turnover
20%-30%
Investment vehicles
UCITS Fund
Extensive experience managing global preferred and capital securities with a robust fundamental credit research approach, including both top-down and bottom-up analyses that lead to selective and thoughtful portfolio construction.
No information
Past performance does not guarantee future results.
Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Risks of preferred securities differ from risks inherent in other investments. In a bankruptcy preferred securities are senior to common stock but subordinate to other corporate debt. Preferreds also contain risks including coupon deferral risk, credit risk, call risk, conversion risk and write-down risk.
Investment guidelines are subject to change.
Not all investment options are available in all jurisdictions. Certain vehicles have not been registered with the United States Securities and Exchange Commission under the United States Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States or to any United States person.
Spectrum Asset Management, Inc., is an affiliate of Principal Global Investors.
The ICE BofA Euro Corporate Senior Index is a subset of ICE BofA Euro Corporate Index including all senior securities. ICE BofA Euro Corporate Index tracks the performance of EUR denominated below investment grade corporate debt publicly issued in the eurobond or Euro member domestic markets.