(The following statement was released by the rating agency) Link to Fitch Ratings' Report: BlueBay Global Investment Grade Corporate Bond Fund here LONDON, September 22 (Fitch) Fitch Ratings has assigned BlueBay Global Investment Grade Corporate Bond Fund (BlueBay GIGBF) a 'Strong' Fund Quality Rating. The fund is managed by BlueBay Asset Management LLP. KEY RATING DRIVERS The 'Strong' rating reflects the fund's research-driven investment approach, allowing an effective exploitation of diversified sources of fixed income returns within a well-defined risk-control framework. The rating is also supported by the depth of BlueBay's dedicated fixed income resources. FUND PROFILE BlueBay GIGBF is a sub-fund of a Luxembourg Part I SICAV and is UCITS IV-compliant. Launched in October 2012, the fund invests predominately in global investment grade (IG) securities, with a focus on Europe and North America. The fund aims to generate excess returns of 150bps per annum, gross of fees, over the Barclays Global Aggregate Corporates TR USD Hedged Index with a maximum tracking error of 3%. The fund had USD965m of assets at end-July 2014. INVESTMENT PROCESS The fund implements a well-balanced, research-driven investment process combining macro, fundamental, technical and relative valuation inputs in a formalised, disciplined but also flexible and reactive manner. Fixed income alpha sources result from the implementation of high conviction, mainly relative value trades within well-defined risk guidelines. Macro exposures and overall portfolio positioning are adjusted dynamically using a derivatives-based overlay strategy. Credit selection has been the main contributor to performance. RESOURCES The lead portfolio manager (PM), Raphael Robelin, has 18 years of investment experience and is the co-CIO and co-head of IG. The co-PM, Andrzej Skiba, is based in the US, alongside two dedicated US IG analysts and one US IG trader. The fund benefits from the depth of BlueBay's IG fixed income resources (a team of 22 staff with an average of 12 years of experience). TRACK RECORD Since its launch, the fund has exceeded its objectives, returning a cumulative 14.8% (B USD share class; net of fees) compared with the benchmark of 7.7%, with an annualised tracking error of 1.5% as at end-August 2014. Fitch assessed BlueBay's track record in IG credit management since 2002 (following the same investment process) when assigning the fund's 'Strong' rating. Although BlueBay has only been managing global IG products since 2010, its European IG products have typically contained a portion of global IG investments (hedged to euros). This represents sufficient track record in the research and management of global IG investments. FUND MANAGER Founded in 2001 and now owned by the Royal Bank of Canada (AA/Stable/F1+), BlueBay Asset Management is a specialist credit asset manager with assets under management of USD66.6bn as at end-June 2014 (of which USD29.9bn were IG credits). BlueBay has been investing in IG credit and managing long/short funds since 2002. RATING SENSITIVITIES The rating may be sensitive to material changes in the investment or operational processes or resources dedicated to the fund. A material adverse deviation from Fitch's guidelines for any key rating driver could result in a downgrade. For example, this may be manifested in significant structural deterioration in the fund's performance or excessive risk-taking relative to the fund's investment guidelines. Fitch sees limited key person dependency given the depth of the IG team. Fitch's Fund Quality Ratings combine Fitch's experience in qualitative fund analysis with rankings and performance data from Lipper, a Thomson Reuters company. Fitch's Fund Quality Ratings offer an independent, forward-looking assessment of a fund's key performance and risk attributes and consistency of longer-term returns, relative to peer group or benchmarks. The ratings focus on the fund manager's investment process, key fund performance drivers, risk management, and the quality of the fund's operational infrastructure. For more information, please see www.fundmanagement.fitchratings.com To receive forthcoming Fund Quality Rating research, opt in here Contacts: Primary Analyst Richard Woodrow, CFA Associate Director 30 North Colonnade London E14 5GN +44 20 3530 1388 Secondary Analyst Manuel Arrive, CFA Senior Director +33 1 44 29 91 77 Committee Chairperson Alastair Sewell, CFA Senior Director +44 20 3530 1147 Media Relations: Christian Giesen, Frankfurt am Main, Tel: +49 69 768076 232, Email: christian.giesen@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, 'Fund Quality Ratings Criteria', dated 16 September 2014, are available at www.fitchratings.com. Applicable Criteria and Related Research: Fund Quality Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
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