Hartford Funds has launched its first closed-end interval fund, the Hartford Schroders Opportunistic Income Fund, which expands the opportunity set for investments within Hartford Funds’ fixed income product suite to include a broad range of securitised investments.
The fund is designed to offer the potential for risk-adjusted returns across market cycles that can exceed those of funds that do not invest in this asset class.
Sub-advised by Schroder Investment Management North America, the Hartford Schroders Opportunistic Income Fund seeks to provide current income and long-term total return consistent with preservation of capital by investing in US and foreign fixed and floating rate securitised credit instruments and various types of loan investments. The Fund, along with the recently launched Hartford Schroders Securitized Income Fund (March 2019), adds to Hartford Funds’ lineup of fixed income funds that invest across the yield curve in varying regions, sectors, and asset classes.
“The Hartford Schroders Opportunistic Income Fund is a specialised strategy that is designed to generate compelling income and fill a core portfolio need,” says Vernon Meyer, Chief Investment Officer of Hartford Funds. “We are thrilled to once again leverage Schroders’ robust research-oriented process and legacy of investing in securitised credit instruments to offer investors greater fixed income diversification with the flexibility of an interval fund structure.”
The Fund incorporates proprietary research into models, scores, and databases, and features a top down view of the economy, risk, and critical trends and market drivers, alongside a strong, disciplined bottom-up approach. The Fund will invest in a variety of securitised instruments and other fixed income investments, mortgage-related investments, private commercial real estate loans, cash and short-term equivalents, treasuries, and derivatives. The Fund will continuously offer shares for sale and will offer to repurchase shares on a quarterly basis only.
Michelle Russell-Dowe, Head of Securitised Credit at Schroders, will serve with Anthony Breaks as the Fund’s portfolio managers.
“The Hartford Schroders Opportunistic Income Fund allows us to leverage the closed-end interval fund structure and give investors access to the full capabilities of the Schroders securitized platform,” says Russell-Dowe. “The fund uses liquid markets and private credit to offer a potential solution designed to fit today’s credit cycle, today’s crowded markets, and today’s volatility. The fund represents an opportunity to benefit from a broad investment universe by allowing us to deploy capital into the best opportunity, be it in the public markets, or in the private markets.”
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