Wellington Management has launched the Wellington Euro High Yield Bond fund. This Ucits-compliant fund seeks long-term total returns by investing primarily in below-investment-grade bonds issued worldwide in European currencies.
The fund is managed by Konstantin Leidman, who joined Wellington in January 2019. As of July 2019, Leidman is working asportfolio manager and has been managing dedicated Euro High Yield strategies since 2007.
The new strategy is actively managed against the ICE Bank of America Merrill Lynch Euro High Yield Constrained Index and seeks to take advantages of inefficiencies in the pricing of credit risk in the European high-yield market. The Fund is denominated in euros, and any non-euro-denominated exposures will be hedged back to the euro.
Konstantin Leidman, Fixed Income portfolio manager, said: "European high yield is an exciting space as it offers investors the opportunity to take advantage of a growing and evolving market. Using our deep credit research resources, we seek companies that have sustainable competitive advantages and also look for investment opportunities in out-of-favour areas of the market."