UBS Global Dynamic (USD)

The actively managed sub-fund invests in various types of fixed-income securities, including government, corporate, high-yield, emerging market and convertible bonds as well as ABS/MBS and CDO/CLO (collateralised loan obligations). Derivative strategies are intended to be a key element in achieving the investment objectives. The derivatives are intended to both build and hedge the market exposures of the portfolio. This creates a high degree of leverage. Each strategy is aligned with the sub-fund's risk budget to ensure that the overall risk remains moderate. The duration of the overall portfolio is always positive, which means that the value decreases when interest rates rise.The sub-fund is actively managed without reference to a benchmark. In times of high market volatility, the sub-fund's performance may therefore deviate significantly from the benchmark.This sub-fund promotes environmental and/or social features, but does not pursue a sustainable investment objective.The return of the fund depends primarily on the development of interest rates and creditworthiness of the issuers and the interest income. The return may also be affected by currency fluctuations, where active or unhedged positions exist.