The Fund aims to deliver absolute positive returns by investing across the G10 government bond markets. The Fund invests in a portfolio comprising fixed and/or floating rate investment grade government and inflation linked bonds, and supranational and sovereign floating rate notes issued by the G10 Member States, and financial derivative instruments. The Fund may also invest in AAA rated securities as the managers deem appropriate.

Fund Manager Paul Rayner is supported by the broader Fixed Income Team.

Paul Rayner is Head of Government Bonds at RLAM. Paul joined RLAM in June 2005 from SG Asset Management where he was Head of UK Bonds. Paul has over 30 years experience in managing UK and global government bonds and is a graduate in Economics from the University of Kent.

The investment strategy aims to exploit valuation differences amongst the government bond markets of the G10 economies (Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, UK and the United States). To achieve this, the Fund simultaneously takes long positions in cheap securities and short positions in related expensive securities. Exposures will be gained through investment in physical G10 government bond assets and other highly-rated securities, as well as through relevant and appropriate derivative instruments associated with the government bond markets in the G10 countries.

Portfolio exposures express the portfolio management teams views on valuation differentials amongst G10 government bond markets and within each individual market across interest rates and inflation. All non-base currency exposures arising from market exposures are hedged back to the base currency of the Fund in order not to express currency views.

Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested. Unlike the income from a single fixed income security, the level of income (yield) from a fund is not fixed and may go up and down. For funds that use derivatives, their use may be beneficial, however, they also involve specific risks. Derivatives may alter the economic exposure of a fund over time, causing it to deviate from the performance of the broader market. This fund can invest more than 35% of its value in government securities.