With an emphasis on corporate bonds from around the globe, the managers use an active approach to managing both interest rate risk and credit exposure. They have done a great job in preserving investor capital. Looking at its performance in periods where the bond market in general is falling, it has managed to post positive returns. A drawback is it is likely to underperform in a sharp market rally. But if you’re comfortable with the underperformance in exchange for a stronger downside protection, this is a fund worthy of consideration.