The IP All Seasons Asian Credit Fund invests in a diverse range of public and corporate debt across Asia, seeking absolute returns, and has been a robust performer over its 18-year life.

The fund has an experienced and stable investment team that uses a tested, fundamental-based investment style consistently applied. Multiple strategies are used, including credit long/short investments, situational credit investments, credit derivative trading, local market opportunities, and macro trading and hedges.

The strategy is clear about its focus on liquidity and is aware of the amount of “"sacrificed yield"" in return for such a profile. Risk management policies are in place at the macro level, portfolio, and issuer level, together with a disciplined credit analysis framework. Drawdown has been intense and extended periods of being below high watermark. The performance also varies with exposure to Chinese real estate, which seems to be consequential.

ESG factors are taken into account, but the manager is honest in its appraisal of how far they can go with this analysis. A principles-based ESG policy was introduced in 2019, although ESG remains at the early stages of adoption. Looking ahead, this is expected to be strengthened as formalized policies around stewardship and governance are introduced.

This fund has been reviewed by ten industry veterans of the Benchmark judging committee.