The Manager follows a long-only strategy. Investments are generally held to maturity, with an average modified duration of 1.5 years or less

The Manager focuses on alpha in its asset analysis and investment decisions, identifying trade finance assets offering returns above the risk-free rates, but supported by payment guarantees which are structured to significantly reduce risk.

Investments are not leveraged.

Trade finance assets typically generate risk-adjusted returns above an emerging market country’s bonds because the trade finance assets can be expected to exhibit less volatility.

The Manager closely monitors country, obligor and guarantor limits against risk analysis profiles. These profiles are continuously updated to reflect global political and economic developments.

The portfolios are diversified globally by both obligor and country-risk exposure within:


Investments are limited to US$-denominated assets (or assets swapped to US$ prior to purchase) to eliminate foreign exchange risk for both the investor and the obligor.