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Fund Profile Insight Liquid Abs

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Fund Profile Insight Liquid Abs FOR ISSUE IN THE UK AND EU. FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. FUND PROFILE INSIGHT LIQUID ABS OPPORTUNITY SNAPSHOT The Insight Liquid ABS Fund aims to generate an attractive level Objective To generate a return for investors mainly through of yield from short-dated high quality, liquid asset-backed investment in a portfolio of liquid asset backed securities (ABS) and corporate floating rate notes securities (ABS). (FRNs). • Aims to benefit from investing in high credit quality ABS with Universe ABS and FRNs including, but not limited to, residential mortgage-backed securities, over 90% of securities having a credit rating of AAA. commercial mortgage-backed securities, money market instruments, fixed rate bonds, • Focus on daily liquidity management and will therefore have a currency, swaps and the Insight Liquidity Funds. high allocation to instruments with short maturities. Credit quality Subject to a rating of at least AA- at the date of purchase or, if unrated, deemed to be of • Potentially attractive alternative to money market equivalent quality by the manager. instruments that offer low or negative yields. • Potentially suitable to generate a return potentially above the funding cost of a swap or gilt-based hedging strategy within a liability driven investment (LDI) solution. PERFORMANCE1 2.0 1.8 1.6 1.4 1.2 % 1.0 0.8 0.6 0.4 0.2 0.0 1 year 3 years (pa) 5 years (pa) Since inception (pa) Insight Liquid ABS Fund SONIA 1 Source: Insight as at 30 June 2021. The Fund’s returns are shown for share class S GBP Acc and quoted gross of annual management charge and net of irrecoverable withholding tax and are not grossed up for charges applied to underlying unitised holdings. Inception date: 22 January 2015. Benchmark: SONIA from 2 January 2020, previously 3-month GBP LIBOR. All returns over one year are annualised. INVESTMENT PROCESS There are four stages to our investment process. This process is Our qualitative analysis is also bottom-up in approach. We the same as that adopted for the High Grade ABS Fund: undertake similar steps as the original underwriter in 1. Asset screening: Our defensive philosophy and the scope looking at the characteristics of a bond’s collateral. For of the opportunity set means we can decline around 80% of example, on a residential mortgage backed security we the available investments whilst retaining the prospect of look at variables such as the loan-to-value (LTV) ratios of high risk-adjusted returns. Our approach to sector strategy the mortgages in the pool, the borrowers’ debt to income is to identify preferred sectors and exposures based on ratio and the geographic spread of borrowers. We will then economic analysis and the management of diversification. consider the historical performance of the collateral within With regard to our issuer universe, we cover approximately the bond since issue, examining arrears, defaults, losses, 150 issuers with the bulk of our active trading occurring in etc. some 60 to 70 issuers. Our access to proprietary macroeconomic forecasting 2. Qualitative analysis: The starting point for our qualitative tools and our deep understanding of mortgage-originating analysis is top-down in nature and focused on the current practices allows us to select what we believe to be the economic environment and our outlook. The different highest quality investments. stages of the economic cycle will directly impact key 3. Quantitative analysis: A combination of our proprietary variables such as unemployment, property prices and analytics and third party systems allow us to price interest rates. These are taken into account by our models, investments accurately and conservatively. We use our giving us a good understanding of how different models to predict how high the losses can be on a collateral environments may impact our holdings. Another critical pool, based on individual loan level analysis, and stress test aspect of our top-down analysis is considering the quality of each deal to see what it can withstand before losses occur. the originating institution as defined by their financial 4. Proactive monitoring: Our surveillance systems enable us strength and loan underwriting standards. We also consider to spot potential problems quickly, allowing us to exit how they service and deal with both performing and non- positions in a timely fashion. performing borrowers. Figure 1: Investment process Asset screening Qualitative analysis Potential positions Quantitative analysis Proactive monitoring THE TEAM • Insight’s Fixed Income Group comprises 114 investment • Support is provided by analysts Justyna Kochanska and professionals with an average of 18 years’ industry Pritesh Solanki. Justyna joined Insight in February 2016 as experience, and manages mandates comprising over an analyst with a primary focus on CLOs and other £153.8bn of assets2. structured finance products. Prior to Insight, she worked at Moody’s as their primary ratings analyst for CLOs and ABS • The strategy is managed by portfolio managers Jeremy SME transactions. Pritesh joined us an analyst in May 2015 Deacon and Tristan Teoh. Jeremy joined Insight in October having spent two years at MKP Capital Europe as an 2010 as a structured credit analyst. Previously, he worked associate portfolio manager. at CQS where he was responsible for monitoring their ABS fund and also analysed European RMBS and CMBS. Tristan joined Insight from Morgan Stanley in May 2012 where he was responsible for pricing and structuring commercial and residential mortgage loans. 2 As at 30 June 2021. AUM are represented by the value of cash securities and other economic exposure managed for clients. Reflects the AUM of Insight, the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL), Insight Investment Management (Europe) Limited (IIMEL) and Insight North America LLC (INA), each of which provides asset management services. INSIGHT’S SECURED FINANCE OFFERING3 We provide a comparison of Insight’s strategies, all of which are EU Risk Retention compliant, in the table below: Secured Finance Liquid ABS High Grade ABS4 Global ABS (soft closed)5 Secured Finance II Benchmark 1-month SONIA6 1-month SONIA6 1-month SONIA6 SONIA SONIA Structured credit 100% 95% 95% 60% 60% Secured loans 0% 5% 5% 40% 40% Geographic focus Europe Europe Global Global Global Weighted average maturity 1.7 years 2.5 years 3.3 years 2.2 years 2.2 years Spread over benchmark +47bp +104bp +159bp +296bp +231bp Current average rating AAA AAA/AA AA- A A ABOUT INSIGHT INVESTMENT7 • Insight has, over the past 15 years, built a unique • We were among the first asset managers to bring investment platform that delivers outcome-oriented institutional-quality processes and transparency to investment solutions to our clients. We currently manage absolute return investing. 742 in assets under management (AUM). • Insight is at the forefront of developing new ways of • Our clients are among the most sophisticated institutional investing, providing institutional investors with access to investors in the world and include leading pension funds, innovative investment strategies, coupled with robust risk sovereign wealth funds, corporations and insurers. management techniques. We were a pioneer in recognising the unrewarded nature of currency risk and • We build portfolios aimed at an outcome, in partnership the importance of liabilities. Liability-driven investment with clients. Our investment strategies are designed to (LDI) has been a significant contributor to protecting evolve to meet changing needs and stay ahead of market funding levels for pension funds over the past decade. developments. 3 Source: Insight as at 30 June 2021. 4 Previously named LIBOR Plus. It was renamed High Grade ABS on 2 January 2020. 5 Investments into this strategy are currently restricted. Please contact your relationship manager for up-to-date details. The current holdings of existing investors are not affected. Investors are able to sell all or part of an existing holding as normal. 6 From 2 January 2020, previously 3-month GBP LIBOR. 7 As at 30 June 2021. AUM are represented by the value of cash securities and other economic exposure managed for clients. Reflects the AUM of Insight, the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL), Insight Investment Management (Europe) Limited (IIMEL) and Insight North America LLC (INA), each of which provides asset management services. FUND DETAILS Objective To generate a return for investors mainly through investment in a portfolio of liquid asset backed securities (ABS) and corporate floating rate notes (FRNs) Benchmark GBP SONIA Universe ABS and FRNs including, but not limited to, residential mortgage-backed securities, commercial mortgage-backed securities, money market instruments, fixed rate bonds, currency, swaps and the Insight Liquidity Funds Fund manager Shaheer Guirguis Scheme type UCITS Domicile Ireland Base currency GBP Share classes GBP, EUR, USD Annual charge Annual management charge 0.15%, B share class Umbrella Insight Global Funds II plc Dealing deadline Midday (Ireland time) on the business day before the relevant dealing day Settlement Three business days Income frequency Quarterly Dealing frequency Daily Registration Registered for sale in UK and Ireland Credit quality Subject to a rating of at least AA- at the date of purchase or, if unrated, deemed to be of equivalent quality by the manager IMPORTANT INFORMATION FIVE-YEAR PERFORMANCE RECORD TO 30 JUNE 2021 Calendar year returns 12-month rolling returns 2020- 2019- 2018- 2017- 2016- 2020 2019 2018 2017 2016 2021 2020 2019 2018 2017 Insight Liquid ABS Fund 1.11 2.09 0.78 1.55 1.93 1.87 0.98 1.34 1.28 2.44 SONIA 0.19 0.80 0.72 0.35 0.50 0.05 0.56 0.83 0.50 0.37 Please refer to the following risk disclosures.
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