Relevance Credit

Please see the attached fund details outlining the current portfolio positioning. The portfolio is maintaining a cautious stance on corporate credit with a more constructive outlook on consumer related risk like residential mortgage backed securities (RMBS) and financials, the latter providing the main transmission channel for both monetary and fiscal stimulus. With the massive fiscal stimulus that central banks globally are providing to specific areas and credits over others investors must be aware of technical and fundamental considerations. Opportunities for tactical trades as well as longer term investments are in considerably greater supply than were available prior to March providing a good backdrop for increases to investors overall allocation to credit.