Seeking income in excess of money market funds
We believe that a value-oriented, total return, risk-managed approach to fixed income investing should produce competitive long-term performance. We integrate top-down views and risk management with a bottom-up valuation process. Within the ultra-short duration universe, we believe in a high quality, multi-sector approach that invests in three distinct, diversified pools of risk.

Risk level
Lower risk Higher risk
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Typically lower reward Typically higher reward
Notation - December 2019
© 2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Why now?

  • Rising interest rates: ultrashort bonds can help investors manage risk in a rising rate environment. We take minimal rate risk with a target 0.25 duration1  
  • Low yield environment: compelling yield opportunity
  • Significant floating rate exposure may help manage risk in the rising rate environment

Why this Fund?

  • Seeks higher yield: by taking highly diversified credit risk, with minimal interest rate risk
  • Multiple levels of risk diversification2: does not take concentrated positions in any single sector to help diversify risk
  • High-quality portfolio: the minimum rating of A-, and at least 80% in investment grade securities1
  • Has offered higher returns and Sharpe ratios than investment grade-only peer group average, with similar volatility.3
  • Diversification across many different U.S. dollar fixed income classes, sectors and credit ratings, which may allow for higher potential returns, but also seek to manage risk.²
  • Potential higher returns through the use of three separate risk pools: Liquidity, Intermediate, and Core Layers, the latter offering the ability to invest in less liquid but higher-yielding securities.

Why Amundi?

  • Experienced fixed income team
  • Our portfolio management team constantly monitor opportunities across different sectors and securities, taking full advantage of the firm’s extensive research capabilities.
  • The portfolio draws from a highly experienced investment team. The Portfolio Managers have an average of 11 years with the company.

Source: Amundi as of 31 December 2017. Past performance does not prejudge future results, nor is it a guarantee of future returns.
1PLEASE NOTE: The Internal Guidelines referenced do not necessarily represent prospectus/statutory limitations. These internal guidelines are used as guidance in the daily management of the Portfolio’s investments. These guidelines are subject to change and should not be relied upon as a long term view of the Portfolio’s exposures, limitations, and/or risks.
²Diversification does not assure a profit or protect against loss.
3A USD share versus Morningstar category EEA OE USD Diversified Bond – Short Term universe average over 3 and 5 year time periods

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