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Aston Hill launches Strategic Yield II Fund

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Aston Hill Asset Management has launched Aston Hill Strategic Yield II Fund (SY II Fund), which has been created to provide a new option for investors looking to access the high yield portfolio managed by Sandy Liang.

 
Liang’s (pictured) Aston Hill Strategic Yield Fund (SY Fund) was closed for new purchases earlier this year as a result of the Federal Budget changes announced in March.
 
Specifically, the Federal Budget ended the use of a forward purchase or sale agreement if entered into or extended on or after 21 March, 2013. Forward agreements have been used by investment funds to obtain exposure to a reference portfolio or asset on a more tax-efficient basis than directly holding the reference portfolio or asset. SY Fund currently has in place a forward agreement which provides exposure to the investment returns of Aston Hill Strategic Yield Trust (SY Trust). This agreement was entered into prior to the date of the Budget and will therefore continue to offer current unitholders tax-efficiency until the end of its term on 9 December 2014.
 
The newly launched SY II Fund has the same investment objective as SY Fund. Similarly to SY Fund, SY II Fund’s investment strategy is to obtain exposure to SY Trust by investing directly in units of SY Trust, but without the use of a forward agreement. As both SY Fund and SY II Fund seek to achieve their objective by obtaining exposure to SY Trust, the manager expects the returns for these two funds to be similar; however, it is important to note that future returns will not be identical as there are different fees and expenses associated with each fund, one of which is the cost of the forward agreement used by SY Fund.
 
"Mr Liang has done an impressive job generating low volatility returns for current investors and, as a result, the Strategic Yield strategy continues to garner significant interest. We are pleased to have launched Aston Hill Strategic Yield II Fund in order to continue to provide investors with access to Mr Liang’s portfolio management expertise," says Michael J Killeen, president of Aston Hill Asset Management.
 
"Aston Hill currently is managing approximately USD2bn in high yield corporate debt assets and I look forward to being able to provide investors with access to this market," says Liang.

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