Investment Objective
Closely track the performance of US High Yield 1-5 Year Coupon 4% exChina Index
Fund Characteristic
The Bloomberg Barclays US High Yield 1-5 Year Coupon 4% exChina Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.
Principal Investment Strategy
For each index, Bloomberg maintains two universes of securities: the Returns (Backward) and the Projected(Forward) Universes. The composition of the Returns Universe is rebalanced at each month-end and represents the fixed set of bonds on which index returns are calculated for the next month. The Projected Universe is a forward-looking projection that changes daily to reflect issues dropping out of and entering the index but is not used for return calculations. On the last business day of the month (the rebalancing date), the composition of the latest Projected Universe becomes the Returns Universe for the following month.
Top Ten Holdings
| No. |
Stock Code |
Stock Name |
Weighting |
| 1 |
US85207UAF21 |
S 7 7/8 09/15/23 |
1.88% |
| 2 |
USP2121VAE40 |
CCL 11 1/2 04/01/23 |
1.74% |
| 3 |
US345370CW84 |
F 9 04/22/25 |
1.54% |
| 4 |
US345370CV02 |
F 8 1/2 04/21/23 |
1.46% |
| 5 |
USU2829LAC91 |
ERI 6 1/4 07/01/25 |
1.34% |
| 6 |
USC96729AC96 |
|
1.27% |
| 7 |
US88033GCE89 |
THC 8 1/8 04/01/22 |
1.09% |
| 8 |
US85207UAH86 |
S 7 1/8 06/15/24 |
1.09% |
| 9 |
US404119BR91 |
HCA 5 3/8 02/01/25 |
1.06% |
| 10 |
USV7780TAC72 |
RCL 11 1/2 06/01/25 |
1.02% |
Source: Bloomberg Index Services Limited Data as of 2020.09.30
