
2026 | 2025
- The fund seeks positive returns above SOFR over a 3-year rolling basis, combining top-down macro views with bottom-up issuer analysis.
- It focuses on short-dated HY bonds with refinancing potential via calls or tenders. As of 31 March 2026, duration was 2.03 years, with a focus on B/BB-rated credits.
- Security selection drives returns, with about 80% of alpha contribution from issuer-level analysis. Non-USD currency exposure is hedged and cash is typically 2–5%.
- The team sees opportunities from wider HY spreads but remains cautious on highly leveraged and CCC-rated issuers, favouring resilient cash flows and clear refinancing paths.
Fund Investment Style


Source: Bloomberg Finance L.P., iFAST
Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
|
Recommended fund |
3-year Annualised return |
3-year Maximum drawdown |
3-year Downside deviation |
3-year Risk-return ratio |
|
6.0% |
-6.7% |
3.0% |
1.17 |
|
|
Peer Average |
3.1% |
-14.2% |
4.5% |
0.18 |
Source: Bloomberg Finance L.P., iFAST Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
About the Fund Managers
For this fund, BNY Mellon has partnered with Insight Investments, one of Europe’s largest active managers and a leader in global fixed income markets. The fund is led by Senior Portfolio Managers Uli Gerhard and Cathy Braganza. Uli has managed the fund since 2012, while Cathy was appointed co-PM in 2019.
These two Senior Portfolio Managers are part of the wider High Yield and Loans Team, and are able to draw on the idea of the wider Fixed Income Group, including its 20-strong Credit Analysis Team. Risk management is core to the team, and the team aims to assess investment opportunities with precision while applying diversification. Solid fundamentals and strong cashflow generation are the primary factors the team looks at in evaluating each issuer.

