Nordea Asset Management has launched the Nordea 1 – US Core Plus Bond Fund, which will be sub-managed by Los Angeles based fixed income boutique DoubleLine Capital.
Nordea extends its partnership with DoubleLine, which as the sub-manager has provided investment services to the Nordea 1 – US Total Return Fund since launch in 2012.
The portfolio mainly consists of investment grade US debt instruments that are covered by the Barclays Capital US Aggregate Index. But the investment universe also falls into areas such as high yield, USD-denominated emerging market debt and non-agency mortgage-backed securities.
The fund strategy is driven by a top-down active management of exposure to specific market segments combined with bottom-up security selection.
The new strategy has been added to US fixed income range of the Luxembourg-domiciled Nordea 1 Sicav, that currently include the Low Duration US High Yield Bond Fund, US Corporate Bond Fund, US High Yield Bond Fund, North American High Yield Bond Fund and US Total Return Bond Fund.
“The design and flexibility of the fund allows it to take advantage of areas of the market which DoubleLine believes offer attractive risk-adjusted return opportunities,” says Christophe Girondel, global head of Institutional and Wholesale Distribution at Nordea Asset Management.
Nordea AM had €189bn of assets under management as at end 2015.