Thames River has unveiled a Ucits III absolute return fund that will focus on global high-yield bonds.
It will launch in May and will be overseen by the global cre- dit team, led by Stephen Drew and Mehrdad Noorani. The fund will be listed on the Irish stock exchange and be structured as a Dublin-domiciled Oeic. It will have retail and institutional share classes denominated in sterling, euros and dollars. The retail class will have a 1.5 per cent annual charge.
Around 70 per cent of holdings will be in developed markets and 30 per cent in emerging markets. About 80 per cent will be in high-yield bonds and the rest will be directed at the investment-grade sector.
The fund will hold about 50 stocks, using a bottom-up process biased towards those with good trading liquidity.