Nordea Asset Management has launched a US bond fund focusing on investment grade debt with satellite positions in other areas of the US fixed income market.
The Nordea 1 – US Core Plus Bond fund is sub-managed by fixed income specialists DoubleLine Capital, based in Los Angeles.
Investment grade US debt is the main focus of the portfolio but the fund also invests in high yield, US dollar-denominated emerging market debt and non-agency mortgage-backed securities.
The new fund will sit alongside the five existing US fixed income funds in the Luxembourg-domiciled Nordea 1 Sicav, which includes the Nordea 1 – US Total Return fund that DoubleLine has sub-managed since its launch in 2012.
DoubleLine has been managing a similar strategy to the new fund since 2010. The investment manager uses top-down active management to segment the market alongside bottom-up security selection.
Christophe Girondel, global head of institutional and wholesale distribution at Nordea Asset Management, says: “The design and flexibility of the fund allows it to take advantage of areas of the market that DoubleLine believes offer attractive risk-adjusted return opportunities.
“We believe the fund forms an important addition to our current range of US fixed income solutions, one of the major asset classes in any well-diversified portfolio.”