Russell Investments Fallen Ange (HALO.NE) Research

This actively managed fund strategically invests in "Fallen Angels," which are corporate bonds that have experienced a downgrade from investment-grade to sub-investment-grade status, generally carrying a rating of BB+ or lower. The selection of these securities within the Fallen Angels universe is driven by sophisticated quantitative models. While all direct investments are made in U.S. Dollars, the fund proactively hedges its foreign currency exposure back to Canadian Dollars using instruments like currency forwards and futures. Furthermore, forward contracts are employed to convert Canadian cash into the necessary foreign currencies for its holdings. The fund maintains the option to retain higher-rated securities if they receive an upgrade from credit rating agencies. It benefits from a special exemption granted by Canadian regulators, allowing for the use of a wider range of securities for derivative coverage. Derivatives serve both hedging functions and other objectives as detailed in the fund's official materials. The manager reserves the right to alter the investment strategy at any point.

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