Aperture Investors SICAV - Short Duration High Yield AY EUR Inc

The objective of the Fund is to seek a return in excess of the ICE BofAML 1-3 Year BB-B US Cash Pay High Yield Index (J1A4) (with EUR/hedged selections, expressed in EUR). The Fund invests directly or indirectly, through the use of cash credit instruments and financial derivatives on corporate credit single names and indices, in a portfolio of long only debt securities with a rating above CCC+ (or equivalent) with a target duration of the portfolio being 1-3 years. In the event the rating of an existing position falls below B- (or equivalent), the Fund may keep the position, provided that at the time of acquisition the credit rating was B- (or equivalent) or higher and the value of the positions falling below B- (or equivalent) is no greater than 5% of the overall portfolio. In case more than 5% of the securities in the portfolio are downgraded to below B- (or equivalent), the Investment Manager will seek to sell some or all of the relevant securities at its discretion as soon as reasonably practicable to comply with the 5% limit. The Fund shall mainly invest in a diversified basket of debt securities of issuers globally with no restriction in term of maturity of these debt securities, their duration, average credit rating or their reference currency. Investments in Contingent Convertibles and in unrated debt securities are allowed up to 20% and 10% respectively of the Fund's net assets. The Fund may also invest into "Rule 144A" and/or Regulation S Securities. The Fund does not intend to hold any investments in distressed/ defaulted securities, other than as described herein. The Fund is actively managed and references the Benchmark by seeking to outperform it. The Investment Manager has full discretion over the composition of the Fund's portfolio and therefore its composition may deviate substantially from the Benchmark so as to take advantage of specific investment opportunities. The Fund may use financial instruments and derivatives for hedging purposes, for efficient portfolio management purposes and for investment purposes. The Fund is open-ended. You may redeem shares of the Fund on any Luxembourg business day. The Share Class makes a dividend payment. The Benchmark of the Fund is the ICE BofAML 1-3 Year BB-B US Cash Pay High Yield Index (J1A4) (with EUR/hedged selections, expressed in EUR).