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On a YTD basis, average securities ratings on the fund went from BBB to BBB+, what changes were applied to the fund?

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  • November 2019
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  • On a YTD basis, average securities ratings on the fund went from BBB to BBB+, what changes were applied to the fund?

Context:Reflection on the fund of the multi-year process of capital strengthening that the financial sector is undergoing

Impact for the fund:Improvement in the credit risk profile of the product

 

On a YTD basis, despite no structural change in the product, the average rating of the fund went from BBB to BBB+, this one notch upgrade is a reflection of the multi-year process of capital strengthening that the financial sector is undergoing.

This reinforces our issuers value within the context of historically wide credit spreads and creates opportunities for long term investors as fundamentals of our issuers are improving while valuation of our holdings remains extremely attractive, current spreads do not reflect the strong underlying credit quality of issuers held in the portfolio.

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