CFS FC W Pen-Macquarie Dynamic Bond

The option provides exposure to an actively managed, benchmark unaware and diversified portfolio of fixed income investments such as sovereign bonds and investment grade credit. The option may also provide exposure to other sectors such as high yield and emerging markets debt. The duration profile of the option is actively managed through the use of derivatives such as swaps and futures. A disciplined framework is used to analyse each sector and proposed investment to assess its risk. The portfolio is generally hedged to Australian dollars.