• Investment risk – Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested, even if the share class is hedged against the main currency of the Fund. Furthermore, the Fund may exceed its volatility limit. A capital loss of some or all of the amount invested may occur.
• High Yield Bond Risk The Fund can invest a significant portion of the portfolio in high yield bonds and bonds which are not rated by a credit rating agency. While such bonds may offer a higher income, the interest paid on them and their capital value is at greater risk of not being repaid, particularly during periods of changing market conditions.
• Interest rate risk –  Bonds are very sensitive to interest rate changes and it is possible that issuers of bonds will not pay interest or return the capital promised. Bonds may also be downgraded by rating agencies. These events can reduce the value of bonds and have a negative impact on performance.
• Liquidity Risk  – In difficult market conditions, reduced liquidity in bond markets may make it harder for the manager to sell assets at the quoted price. This could have a negative impact on the value of your investment. In extreme market conditions, certain assets may become hard to sell in a timely manner or at a fair price. This could affect the Fund’s ability to meet investors’ redemption requests upon demand. 
• Emerging market risk – Investment in emerging markets carries greater risk than investment in more traditional western markets. This may result in large falls in the Fund’s value over short periods of time.
• Capital Erosion risk –  – All the share class charges are taken from income. Should there not be sufficient income charges will be taken from capital.

The fund may be subject to other risk factors, please see the Prospectus for further information. An investment constitutes the acquisition of shares in the fund, not in the fund’s underlying assets.