Introducing Allspring Global Investments
Allspring is a leading asset manager with USD$600 billion of assets under management and advisement, managing over USD$460 billion in fixed income assets for a global client base*. With over 390 investment professionals and 20 offices globally, Allspring has scale and experience and a strong reputation in active fixed income.
*As of March 31, 2025. Figures include discretionary and non-discretionary assets.
About the Fund
The Allspring Global Income Fund – Class A (the Fund) is based on Allspring’s global income strategy and offers daily liquidity in an Australian Unit Trust structure. We believe the Fund will help investors navigate complex and fast-moving fixed income markets. The strategy is unconstrained and has the flexibility to invest across government, securitised, investment grade credit, high yield and emerging market debt markets.
Allows dynamic allocation and implementation of best ideas across a breadth of alpha sources.
With a broad and transparent set of allocation ranges across a wide array of global flixed income sectors.
Targets attractive income and risk-adjusted returns with downside protection against market volatility.
Managed by a highly experienced, specialist team with a proven 10-year strategy track record.
Allspring’s flexible, dynamic multi-sector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes.
Furthermore, the strategy has delivered resilience in periods of market stress, delivering competitive differentiated performance even throughout disparate and challenging market environments.
Allspring global income strategy
Allspring will manage the Fund in accordance with their global income strategy.
Allspring’s investment team targets attractive income and risk-adjusted returns by dynamically allocating capital throughout the global fixed income universe while implementing the best ideas generated across the Allspring Global Investments Fixed Income Platform.
The team’s investment approach revolves around the following core beliefs:
Dedicated sector specialists: The team utilizes a specialist model in which each of the portfolio managers offers significant expertise in a given sector of the global fixed income markets. The team is able to source opportunities and navigate risks by leveraging the best ideas of the diverse team.
Primary research: The team believes primary research conducted by dedicated sector specialists in partnership with our substantial global fixed income research team is the optimal approach to uncover a wide range of investment outcomes.
Relative value focus: The team finds that fixed income markets offer alpha opportunities to active managers that effectively employ a relative value framework to sector, issue selection, duration, and yield curve decisions.
Focused on intentional risk: The team employs robust portfolio construction in combination with comprehensive risk control to take intentional risks and to minimize surprises, which leads to consistent alpha generation over a market cycle.
Additionally, the investment team believe that fixed income markets offer structural inefficiencies which skilled active fixed income managers may exploit. Broadly these inefficiencies may be grouped into three main areas:
- Investor and market composition.
- Benchmark construction.
- Practical complexities of fixed income markets.
The strategy is designed and managed to exploit the inefficiencies from each of these main areas and across a broad array of global fixed income sectors.
Competitive advantages
Within the framework established by the portfolio management team, the strategy utilises a six-month outlook, pulls multiple levers, and seeks to leverage an unbiased approach to capitalise on these inefficiencies.
Utilise a six-month investment horizon to anticipate and exploit market inflection points, different from strategies managed to 3- or 5-year macroeconomic themes
Strategy provides broad diversification by allocating across global fixed income sectors, different from strategies with more static allocations to fewer exposures.
Seeks diversified and unbiased sources of alpha to generate compelling returns over market cycle, different from strategies managed with a specific sector or expertise in mind.
The six-month outlook helps the team exploit inefficiencies more quickly than less nimble competitors, which can be larger and more macro-oriented investors that either take longer-term secular exposures or make investment decisions through larger and slower acting committees (eg institutions working with consultants). The six-month outlook also helps the investment team reduce the negative impact from incorrect investment decisions, which can reduce downside risk.
The Allspring team ‘pulls’ more investment levers than most competitors as well. These levers represent any active position in the portfolio where Allspring believe they can add value through more attractive returns, a better risk profile, or both, and include duration, curve, sector/quality/geography, security, and currency positioning. The team do not pull all levers all the time or with the same vigour at any given time. Instead, they look to utilise their six-month view to find as many attractive relative value opportunities as they can based on what the market provides at any given moment and build the portfolio through an assessment of how large the opportunities are, how much conviction they have in the ideas, and how the risk exposures fit together as a whole.
The unbiased approach represents the investment team’s effort to generate value through capitalising on these relative values through a cycle in a diversified and consistent way. By contrast, it has been observed that competitors tend to either specialise in a particular area of the fixed income market, or they maintain structural portfolio tilts that result in more concentrated and static exposures. As a result, their performance is highly dependent on market environments for relative outperformance. The Allspring team believes that this unbiased approach is the optimal strategy for delivering strong, risk-adjusted returns for investors through the cycle.
This information is issued by Bennelong Funds Management Ltd (ABN 39 111 214 085, AFSL 296806) (BFML) in relation to the Allspring Global Income Fund - Class A. This is general information only, and does not constitute financial, tax or legal advice or an offer or solicitation to subscribe for units in any fund of which BFML is the Trustee or Responsible Entity (Bennelong Fund). This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, you should consider the appropriateness of the information based on your own objectives, financial situation or needs or consult a professional adviser. You should also consider the relevant Product Disclosure Statement (PDS) which is available on the BFML website, bennelongfunds.com, or by phoning 1800 895 388 (AU) or 0800 442 304 (NZ). Information about the Target Market Determinations (TMDs) for the Bennelong Funds is available on the BFML website. BFML may receive management and or performance fees from the Bennelong Funds, details of which are also set out in the current PDS. BFML and the Bennelong Funds, their affiliates and associates accept no liability for any inaccurate, incomplete or omitted information of any kind or any losses caused by using this information. All investments carry risks. There can be no assurance that any Bennelong Fund will achieve its targeted rate of return and no guarantee against loss resulting from an investment in any Bennelong Fund. Past fund performance is not indicative of future performance. Information is current as at the date of this document.
