We are delighted to introduce two new fixed income funds to our Academy of Funds.

We are introducing the M&G Global Floating Rate High Yield fund with an A rating. The fund invests in a mixture of physical and synthetic instruments that pay coupons inclusive of variable and fixed rate components, with the variable component linked to the base interest rates in the country of issue. Unlike most bonds these instruments therefore protect against interest rate fluctuations. The fund is ably managed by James Tomlins who is part of M&G's highly regarded Retail Fixed Interest Team and offers a relatively defensive way to access the high yield asset class. We are excited about adding this fund to our Academy of Funds and the embedded interest rate risk protection that it should be able to provide our clients.

We are also initiating coverage on the AXA Global Short Duration Bonds fund with a Positive Prospect rating. The fund is the latest in AXA's impressive global range of short duration bond funds and is managed by Nicolas Trindade, a Square Mile rated manager on the AXA Sterling Credit Short Duration Bond fund. We like the straightforward process which the fund uses, with Mr Trindade investing in bonds with a 1-5 year maturity dates, structured so that broadly 20% of the fund's holdings mature each calendar year. This provides considerable liquidity for the fund and helps protect it from rising interest rates. The fund is 'hot off the press' having been launched in May 2017 but is really an extension of what AXA is already doing in the short duration bond space and we are therefore pleased to introduce it to the Academy of funds at a 'Positive Prospect' rating.