The L&G Global High Yield Bond Fund invests primarily in sub-investment grade securities across the world to provide a combination of income and capital growth.

It is a large and highly diversified fund that has outperformed the benchmark over its target, longer-term horizon.

The Manager’s investment philosophy is top-down macro-led, combined with a disciplined and standardized security analysis process. As expected, L&G has a large and experienced team of high-yield professionals, industry analysts, and portfolio managers to support its global strategy, and there is a clear team-led decision-making sequence.

ESG practices are well developed and integrated into the investment process alongside active stewardship. We liked the example of the ESG -inspired investment in Fortescue Metals Group in Australia, where its ground-breaking social sustainability employment practices and improving governance were eloquently explained as critical parts of the investment case.

This Fund has been reviewed by five industry veterans of the Benchmark judging committee.