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Key documents
Objective
The BlueBay Total Return Credit Fund (the Fund) is actively managed, does not reference any benchmark and aims to achieve a total return from investments in higher yielding fixed income asset classes through active security selection, asset allocation and capital preservation techniques. The Fund is a multi-asset credit strategy that provides diversified, global exposure, primarily to sub-investment grade credit throughout the credit cycle.
Sustainability-related disclosure
Fund specific risks
- At times, the market for emerging market bonds, high yield bonds or convertible bonds may dry up, which could make it difficult to sell these bonds, or the fund may only be able to sell them at a discount
- There may be cases where an organisation with which we trade assets or derivatives (usually a financial institution such as a bank) may be unable to fulfil its obligations, which could cause losses to the fund
- Investing in high yield bonds offers you the chance to gain higher returns through growing your capital and generating income. Nevertheless, there is a greater risk that the organisation which issued the bond will fail, which would result in a loss of income to the fund along with its initial investment
- RBC BlueBay could suffer from a failure of its processes, systems and controls – or from such a failure at an organisation on which we rely in order to deliver our services – which could lead to losses for the fund
- At times, the market for high yield bonds may dry up, which could make it difficult to sell these bonds, or the fund may only be able to sell them at a discount
- The liquidity of a security can fluctuate over time due to market conditions. Reduced market activity or participation and increased market restrictions or impediments may result in greater liquidity risk
- As nominal interest rates rise, the value of fixed income securities held by the fund is likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations
- RBC BlueBay's ESG analysis can rely on input from external providers. Such data may be inaccurate or incomplete or unavailable and RBC BlueBay could assess the ESG risks of securities held incorrectly
- RBC BlueBay could suffer from a failure of its processes, systems and controls – or from such a failure at an organisation on which we rely in order to deliver our services – which could lead to losses for the fund
This is a marketing communication. There are several risks associated with investing in this product. Please refer to the prospectus of the fund and to the KIID available on this website before making any final investment decisions.
Investment approach
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We seek to achieve a harmony between top-down and bottom-up views
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Dynamic asset allocation seeks to take advantage of relative value within the sub-asset classes over the medium term
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Specialist portfolio managers select their best ideas within each asset class
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Focus on capital preservation: bottom-up preservation of capital through best ideas credit selection; top-down capital preservation through asset allocation and liquid portfolio hedging strategies
Market opportunity
The Fund has been developed to meet investor demand for a more flexible, non-benchmark-driven approach to credit markets, and allows active shifts between areas of the market in a timely fashion
The Fund aims to contain only our best ideas across global high yield, loans, financial capital bonds, convertible bonds and emerging market debt
Mark Dowding
BlueBay Chief Investment Officer, BlueBay Fixed Income
Mark is Chief Investment Officer for BlueBay fixed income. He has over 30 years' investment experience as a macro fixed income investor and has been a senior BlueBay portfolio manager since he joined in August 2010. As a macro risk taker, Mark actively pursues an open dialogue with policy makers and opinion formers, believing that proprietary research is key to gaining insights to generate strong investment returns. Prior to joining the firm, Mark was Head of Fixed Income in Europe for Deutsche Asset Management, a role he previously occupied at Invesco. He started his career as a fixed income portfolio manager at Morgan Grenfell in 1993 and holds a BSc (Hons) in Economics from the University of Warwick.
Raphael Robelin
BlueBay Head of Multi-Asset Credit, Credit Strategy & Asset Allocation
Raphael is Head of Multi-Asset Credit at BlueBay. He has over 25 years' investment experience and was co-CIO and then sole CIO of BlueBay Asset Management (which is now part of RBC Global Asset Management) from January 2014 to May 2019. Raphael has had overall responsibility for the investment grade debt portfolios and held key portfolio management roles during his time at BlueBay. Raphael joined BlueBay in August 2003 from Invesco where he was a portfolio manager for investment grade funds. Prior to that, he was a portfolio manager with BNP Group and Saudi International Bank. Raphael holds a degree in Engineering (IT) and Applied Mathematics from EFREI as well as a Master's in Management and International Finance from La Sorbonne, Paris.
Jean-Philippe Blua
Chief Risk Officer, RBC BlueBay Asset Management
Jean-Philippe is Chief Risk Officer for RBC BlueBay and joined the firm in March 2011. Jean-Philippe oversees Investment Risk (market, liquidity and counterparty risk) and Performance & Attribution across all RBC BlueBay funds. His responsibilities also include the management of the Quantitative & Data Science team who is tasked with supporting the Portfolio Management teams in their investment process. Prior to BlueBay, Jean-Philippe was at JPMorgan Chase Investment Bank where he was Head of LATAM & EMEA Credit Market Risk Management and before that Head of EMEA Local Market Risk management. Prior to this, he was managing his own portfolio as a proprietary trader at JPMorgan Chase Investment Bank investing in EM credit, fixed income and FX products, and before that he started his career as a risk analyst covering European credit markets. Jean-Philippe holds a Master's degree in Management with a specialisation in Finance from Audencia School of Management, France.
Blair Reid
BlueBay Senior Portfolio Manager, Multi-Asset and Income
Blair is a BlueBay Senior Portfolio Manager within the Multi-Asset Credit Team. He joined BlueBay Asset Management (which is now part of RBC Global Asset Management) in August 2013 and is a member of the Multi Asset Decision Group (MADG). Prior to BlueBay, Blair worked for Goldman Sachs Asset Management where he spent six years as a lead portfolio manager in the fixed income team, specialising in emerging market debt and FX. Previously he worked for Barclays Global Investors as well as Aon (now Aon Hewitt), where he was an investment consultant. He holds an MBA from London Business School, a Bachelor of Economics degree from Macquarie University in Sydney and is a Fellow of the Institute of Actuaries.