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IMPORTANT INFORMATION

You are about to enter a website for professional/institutional investors and the information contained herein is not suitable for retail investors. Private/retail investors should not proceed any further.

By clicking “Accept” you expressly acknowledge and confirm that you are accessing this site for the purposes of acquiring information as a professional/institutional investor and accept the Terms of Use.

  • TERMS OF USE

    Your access to and use of the web sites (“Services”) of Wellington Management are conditioned on your acceptance of and compliance with these Terms of Use (“Terms”). By accessing or using the Services, you agree to be bound by these Terms. If you are accepting these Terms and using the Services on behalf of a company, organization, government, or other legal entity, you represent and warrant that you are authorized to do so. You may use the Services only in compliance with these Terms and all applicable local, state, national, and international laws, rules, and regulations.

    Ownership
    All materials on this web site are owned or licensed by Wellington Management and/or its third-party providers and are protected by US and international intellectual property laws.  Unless otherwise indicated, all service marks, trademarks, and logos appearing on this web site are the exclusive property of Wellington Management. The information, materials, and other content of this web site may not be copied, displayed, distributed, downloaded, licensed, modified, published, reposted, reproduced, reused, sold, transmitted, used to create a derivative work, or otherwise used for public or commercial purposes without the express written consent of Wellington Management.

    Products and services
    The information, materials, products, and services on this web site are current at the time of writing and are subject to change. Not all products and services are available in all geographic areas. Your eligibility for particular products or services is subject to determination by and the approval of Wellington Management. No solicitation is made by Wellington Management to any person to use any information, materials, products, or services in any jurisdiction where the provision of such information, materials, products, and services is prohibited by law.

    The information on this web site or in any communication containing a link to this web site is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities.

    Investment products and services are available through Wellington Management. Investment products and services are not FDIC-insured, are not deposits or obligations of, or guaranteed by, any bank, and involve investment risks, including the possible loss of the principal amount invested. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or invest in a fund.

    International use
    Wellington Management makes no warranties that materials on this web site are appropriate for use in countries other than the US. Because the web site may be accessed internationally, you agree to comply with all local laws, rules, and regulations including, without limitation, all laws, rules and regulations in effect in the country in which you reside and the country from which you access the web site. The information on this web site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Wellington Management or its affiliates to any registration requirement within such jurisdiction or country.

    No warranty
    Wellington Management does not warrant the accuracy, adequacy, completeness, or timeliness of the information, materials, products, and services on this web site or the error-free use of this web site. All information, materials, products, and services are “as is” and “as available.” No warranty of any kind, express or implied, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose, and freedom from computer virus is given in conjunction with the information, materials, products, and services. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Wellington Management does not warrant that the web site will meet your needs. You agree to assume the entire risk as to your use of the web site.

    Limitation of liability
    In no event shall Wellington Management be liable for any damages, losses, or liabilities including without limitation, direct or indirect, special incidental, consequential damages, losses, or liabilities, in connection with your use of this web site or your reliance on or use or inability to use the information, materials, products, and services on this web site, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, or line or system failure, even if Wellington Management is advised of the possibility of such damages, losses, or expenses.

    YOU UNDERSTAND AND AGREE THAT YOUR USE OF THIS WEB SITE IS PREDICATED UPON YOUR WAIVER OF ANY RIGHT TO SUE WELLINGTON MANAGEMENT OR ITS AFFILIATES DIRECTLY OR TO PARTICIPATE IN A SUIT FOR ANY LOSSES OR DAMAGES RESULTING FROM YOUR USE OF THIS WEB SITE.

    Indemnification
    As a condition of your use of the Services, you agree to indemnify and hold Wellington Management, its affiliates, and its and their respective partners, directors, employees, and agents harmless from and against any and all claims, losses, liability, costs, and expenses (including but not limited to attorneys’ fees) arising from your use of the web site or from your violation of these Terms.

    Hyperlinks
    Your use of the hyperlinks on this web site to other Internet web sites is at your own risk. Wellington Management is not responsible for the content or accuracy of third-party web sites hyperlinked from this web site, nor does it guarantee the products or services offered on third-party web sites. You should review the privacy statements of a web site before you provide any personal or confidential information.

    Web site security and restrictions on use
    As a condition to your use of Services, you agree that you will not, and you will not take any action intended to:  (i) access data that is not intended for you; (ii) invade the privacy of, obtain the identity of, or obtain any personal information about any other user of this web site; (iii) probe, scan, or test the vulnerability of this web site or Wellington Management’s network or breach security or authentication measures without proper authorization; (iv) attempt to interfere with service to any user, host, or network or otherwise attempt to disrupt our business; or (v) send unsolicited mail, including promotions and/or advertising of products and services. Unauthorized use of the web site or Services, including but not limited to unauthorized entry into Wellington Management’s systems, misuse of passwords, or misuse of any information posted to a web site, is strictly prohibited. Portions of the web site are designated for password access only as indicated by a lock icon. In these instances, if you do not have an authorized password, no access is permitted.

    Confidentiality and password security
    Certain parts of this web site may be protected by passwords or require a login. You are responsible for maintaining the confidentiality of any user names, passwords, security questions, and answers. All information available through the privileged area of the site is confidential and proprietary to us. This includes all investment information and results, offering materials, financial statements, and other information provided through this part of the site.

    You will use your best efforts to keep all this information strictly confidential. You will not disclose any of this information to any person or use it for any purpose other than those strictly permitted by us, in writing.

    Severability
    If any provision of these Terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be reformed only to the extent necessary to make it enforceable, and it will be deemed severable from these Terms and will not affect the validity and enforceability of the remaining provisions.

    Applicable law
    These Terms and any action related thereto are governed by Massachusetts law and applicable US federal law. Any dispute relating to the above shall be resolved solely in the state or federal courts located in Massachusetts.

    Privacy statement
    Wellington Management respects the privacy of its clients and the confidentiality of information pertaining to its clients.

    Information we collect
    We may collect non-public personal information about you on RFPs, questionnaires, and other forms we receive from you, as well as from personal contacts such as correspondence, e-mail, telephone calls, or meetings. We may also receive information about you from third parties, such as your accountants, lawyers, financial consultants, and/or other service providers.

    It also is possible to receive information from web browsers and apps regarding certain of your online activities using cookies, or other common tracking technologies.  Some web browsers and other applications may provide a Do Not Track (DNT) preference setting.  When a user turns on a tracking preference, the browser or application may send a message to web sites requesting that they do or do not track the user. At this time, we take no actions in response to any DNT settings or messages.

    Information sharing
    Wellington Management seeks to provide seamless service to all clients. To facilitate that process, information regarding client accounts is shared broadly between affiliates within the Wellington Management group of companies. For example, an affiliate may share information with other affiliates in order to facilitate portfolio management or provide client liaison services to a particular client. Client information may be used by Wellington Management in order to identify potential client needs for additional investment management services.

    Wellington Management generally does not share non-public client information with unaffiliated third parties, except as necessary to perform the investment management services it has been hired to provide. For example, Wellington Management may share non-public client information with brokers and custodian banks in order to buy and sell securities and record those purchases and sales accurately. As a general rule, Wellington Management does not engage in joint marketing arrangements with unaffiliated third parties that involve the sharing of non-public information regarding Wellington Management’s clients. Wellington Management does not provide client information to unaffiliated third parties for their own marketing purposes.

    Wellington Management does not disclose your information except as required or permitted by law. In the event that Wellington Management is involved in a merger, acquisition, reorganization or sale of assets, or bankruptcy, your information may be transferred or sold as part of that transaction.

    Security policies
    We use technical, administrative, and procedural measures in an attempt to safeguard your personal and other information from unauthorized access or use. No such measure is ever 100% effective though, so we do not guarantee that your personal and other information will be secure from theft, loss, or unauthorized access or use, and we make no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information. Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting your relationship team member.

    Transfer of data to other countries
    Any information you provide to Wellington Management through use of the Site may be stored and processed, transferred between, and accessed from the US and other countries which may not guarantee the same level of protection of personal information as the one in which you reside. However, Wellington Management will handle your personal information in accordance with this Privacy Statement regardless of where your personal information is stored/accessed.

    Changes to Terms of use

    We may revise these Terms from time to time; the most current version will always be at https://www.wellington.com/terms-use. By continuing to access or use the Services after those revisions become effective, you agree to be bound by the revised Terms.

    Effective as of  17 January 2014

I ACCEPT I DO NOT ACCEPT
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Website Terms of use:

You are about to enter a website for professional investors (as defined in the Markets and Financial Instruments Directive 2014/65/EU as amended or updated (“MiFID”)) including financial advisers and/or intermediaries and the information contained herein is not suitable for retail clients. Any person unable to accept these terms and conditions should not proceed any further. Before making any investment decision, you shall read carefully the offering documents of each Fund.

The use of Wellingtonfunds.com (this “Website”) is subject to the following terms and conditions (the “Terms”). After you have read and understood these Terms, you may click “Accept” to confirm that you agree to the Terms.

By clicking “Accept” you:

(i) expressly acknowledge that you have read and understood the Terms and agree to abide by them;

(ii) represent and warrant that the jurisdiction you have selected is the applicable jurisdiction for the intended investment activities, and that you are not resident in the United States of America and are not a U.S. Person;

(iii) confirm that you are accessing this Website in compliance with the laws and regulations of the jurisdiction you have selected, and all other applicable laws, rules and regulations;

(iv) represent and warrant, if applicable, that you are authorised to accept these Terms and use or access (or attempt to use or access) this Website on behalf of your employer, your client, or both, and that in doing so you are acting within the scope of your duties and, at all times, on behalf of your employer, your client or both; and

(v) hereby represent and warrant that you are not a private investor or retail client as categorised under MiFID) and that you shall not in any circumstances use or rely on any information displayed on this Website for your own personal investment use.

If you do not agree with these Terms you must refrain from using this Website.

In these Terms, references to “you” and “your” are references to any person using or accessing (or attempting to use or access) this Website or, as the context requires, the legal entity on whose behalf a user uses or accesses (or attempts to use or access) this Website. References to “Wellington Management”, “we” and “us” are references to Wellington Management International Limited.

By entering this Website, you acknowledge and agree to be bound by each of the Terms, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this Website (together, the “Conditions of Use”). If there are any Conditions of Use that you do not understand or agree with, you must leave this Website or the webpage in question (as applicable) immediately and delete immediately from the memory of your computer all documents from this Website.

  1. About this Website: The information on this Website is issued and communicated by Wellington Management International Limited (“Wellington Management,” “we” and “us”), which is authorised and regulated by the Financial Conduct Authority of the United Kingdom. This Website contains information about various umbrella funds (each an “Umbrella Fund” and together the “Umbrella Funds”) and their sub-funds (the “Funds”) which have been registered, or otherwise notified, for public distribution and marketing in the jurisdiction you have selected.

    Please note that the fact of such registration or notification does not mean that any regulator (including the Commission de Surveillance de Secteur Financier (CSSF) or any national regulator of your jurisdiction) has determined that the Funds are suitable for all or any investors. The Funds referred to on this Website may not be suitable investments for you and you should therefore seek professional investment advice before making a decision to invest in any of the Funds.

    Before making any investment decision read carefully the offering documents of each Fund.

  2. Access to this Website: In order to access this Website, you have been asked to select the jurisdiction which is applicable for the intended investment activities. Your selection will be used to determine the information that you will be able to access on this Website. You hereby represent and warrant to Wellington Management that the information that you have provided is true, accurate and complete and you undertake to notify us of any change to such information. Failure to provide us with accurate information will be treated as a material breach of these Terms. Certain Funds may not be available in all geographical locations and so information about certain Funds may not be available to all users of this Website. You must not attempt to gain access to areas of this Website other than those made available to users in the jurisdiction you selected. If the jurisdiction you should select changes, you must access this Website selecting your new jurisdiction. You should be aware that this may result in you not being able to access (i) information in relation to the same Funds as previously, or (ii) any information at all. Please note that the fact of selecting a jurisdiction does not mean that all or any of the Funds in relation to which information is made available, have been deemed suitable for you.

    When using this Website you must comply with all applicable local, national and international laws and regulations including those related to data privacy, international communications and exportation of technical or personal data. It may be unlawful to access or download the information contained on this Website in certain countries and the Umbrella Funds, Wellington Management and its affiliates disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation of the United Kingdom, the jurisdiction in which you are residing or domiciled or the jurisdiction from which you access the Website.

    If you are acting as a financial adviser or intermediary, you agree to access this Website only for the purposes for which you are permitted to do so under applicable law. If you are acting as a financial adviser or intermediary and provide services to clients categorised as retail clients under MiFID, you agree that you will not share with or provide to your retail clients any information available on this Website that has not been approved for retail use and is not otherwise suitable for your retail clients.

    Wellington Management reserves the right to suspend or withdraw access to any page(s) included on this Website without notice at any time and accepts no liability if, for any reason, these pages are unavailable at any time or for any period.

  3. No Market Timing: You agree not to engage in any “market timing” practices with respect to your investment in any Fund and shall take all reasonable steps to ensure that no user authorised to access this Website on your behalf engages in any such market timing practices. For these purposes, “market timing” shall include engaging in any trading strategy with the intention of taking advantage of short term changes in market prices including (without limitation) by engaging in: (i) excessive trading, (ii) late trading or (iii) market abuse.

  4. U.S. Persons: Interests in the Funds are not being offered, and will not be sold, within the United States or to, or for the account or benefit of, any U.S. Person. The term U.S. Person shall have the meaning given to it in Regulation S under the United States Securities Act of 1933, as amended, and includes, among other things, U.S. residents and U.S. corporations and partnerships.

  5. Selling Restrictions: The distribution of the information and documentation on this Website may be restricted by law in certain countries. This Website, and the information and documentation on it, are not addressed to any person resident in the territory of any jurisdiction where such distribution would be contrary to local law or regulation. Not all the Funds in relation to which information is available on this Website are available in all geographical locations and so not all areas of this Website will be accessible to all users. The Funds are not available, and offering materials relating to them will not be distributed, to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation.

  6. No Investment Advice: The information on this Website is provided for information only and on the basis that you will make your own investment decisions.

    Nothing contained on this Website constitutes, and nothing on this Website should be construed as, investment advice or a recommendation to buy, sell, hold or otherwise transact in any investment including interests in the Funds. It is strongly recommended that you seek professional investment advice before making any investment decision.

    Unless agreed separately in writing with a client, Wellington Management and its affiliates neither provide investment advice to nor receive and transmit orders from investors in the Funds nor do they carry on any other activities with or for such investors that constitute “investment services” or “ancillary services” for the purposes of MiFID.

    You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision. You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to the subscription, holding, transfer or disposal of interests in the Funds.

  7. Past Performance; Forecast; Simulation: To the extent that this Website contains any information regarding the past performance and/or forecast of the Funds, such information is not a reliable indicator of future performance of these Funds and should not be relied upon as a basis for an investment decision.

    To the extent that this Website contains any information regarding simulated past performance, such information is not a reliable indicator of future performance and should not be relied on as the basis for an investment decision. Investment results for each Fund may vary.

    The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment. The value of investments in the Funds may be affected by the price of underlying investments. Exchange rate changes may cause the value of overseas investments to rise or fall.

  8. Price Information: All prices or values may not reflect actual prices or values that would be available in the market at the time provided or at the time you may decide to purchase or sell an interest in a particular Fund.

  9. Risk Warnings: There are significant risks associated with an investment in any of the Funds. Investment in the Funds is intended only for those investors who can accept the risks associated with such an investment (including the risk of a complete loss of investment).You should ensure that you have fully understood such risks before taking any decision to invest.

    Investments in the Funds are neither insured nor guaranteed by any investor compensation scheme and are not deposits or obligations of, or guaranteed by, any entity within the Wellington Management group.

    These Terms do not represent a complete statement of the risk factors associated with an investment in the Funds. The offering documents for each Fund contain risk warnings which are specific to the relevant Fund. You should consider these risk warnings carefully and take appropriate investment advice before taking any decision to invest.

  10. Offering Documents: The terms of any investment in a Fund are governed by the documents establishing such terms. An application for interests in any of the Funds should only be made having fully and carefully read the offering documents, which are the relevant offering memorandum, the latest financial reports and any other offering documents for the relevant Fund which are available on this Website and upon request from the fund representative in your jurisdiction and specified in the offering memorandum for the relevant Fund.

    It is your responsibility to use the offering documents and by making an application to invest in a Fund you will represent that you have read the offering memorandum for the relevant Fund, the appropriate key investor information document for the Fund and any other applicable offering document and will agree to be bound by its contents.

  11. Information on this Website: This Website, and the information on it, are provided for information purposes only and do not constitute an invitation, offer or solicitation to engage in any investment activity including to buy, hold or sell any investment including any interests in the Funds.

    The information on this Website is provided in good faith and reasonable care has been taken to ensure that such information is accurate, current and fit for its intended purpose. To the extent that any information on this Website relates to a third party, this information has been provided by that third party and is the sole responsibility of such third party and, as such, Wellington Management and its affiliates accept no liability for such information.[ No representation or warranty of any kind regarding the accuracy, adequacy, validity, completeness or timeliness of the information on this Website or the error-free use of this Website is given and, to the extent permitted by applicable laws, no liability is accepted for the accuracy or completeness of such information. No warranty of any kind, express or implied, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose, and freedom from computer virus is given in conjunction with the information, materials, products, and services on the Website. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Wellington Management does not warrant that the Website will meet your needs. You agree to assume the entire risk as to your use of the Website. Any person who acts upon, or changes his investment position in reliance on information contained on this Website, does so entirely at his own risk. In the event of any inconsistency between the information on this Website and the terms of the relevant offering documents, the terms of the offering document shall prevail.

    All content on the Website is subject to modification from time to time without notice save for any mandatory disclosure requirements. Please contact Wellington Management (using the details in the “Contact Us” section below) for further information regarding the validity of any information contained on this Website. This Website and most of the documentation contained within it is provided in the English language and you represent and warrant that you understand the English language.

    The Website is limited to funds and sub-funds (and related information and documents) which have been authorised for sale.

  12. Conflicts of Interest: Wellington Management, its affiliates and their directors, officers, employees or clients may have or have had interests or long or short positions in any investment product or other financial instruments underlying any investment product referred to on this Website and may at any time make purchases and/or sales in them as principal or agent. In addition, Wellington Management and/or its affiliates may act or have acted as market maker in any investment product, or financial instruments underlying such investment product or entered into an arrangement to hedge the market risk associated with the investment products. The Wellington Management group has conflicts of interest policies in place which specify the procedures that they follow and the measures that they have adopted in order to avoid such conflicts or to manage such conflicts in a way that ensures fair treatment for clients.

  13. Monetary Benefits: You agree that we may, to the extent permitted by applicable laws and regulations, share charges or commission with affiliates of Wellington Management or other third parties, or receive remuneration from them, in respect of transactions you carry out in relation to the Funds described on this Website. Where relevant, we may disclose such arrangements to you. Details of any such arrangements are available on request.

  14. Liability: No warranty is given that the contents of this Website are compatible with all computer systems or browsers or that this Website shall be available on an uninterrupted basis.

    The internet is not a completely reliable transmission medium and none of the Umbrella Funds, Wellington Management or any of its affiliates accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from the Umbrella Funds, Wellington Management or any of its affiliates. Any such transmission of information is entirely at your own risk and any material downloaded from this Website is downloaded at your own risk.

    The information on this Website is provided “as is” and “as available”. To the extent permitted by law, no guarantee or representation, express or implied, is made as to the accuracy, validity, timeliness, completeness or continued availability of any information made available on the Website The Umbrella Funds, Wellington Management, its affiliates and each of their directors, officers, employees and/or agents expressly exclude all conditions, warranties, representations, and other terms which might otherwise be implied by statute, common law or the law of equity to the fullest extent permitted by applicable law or regulation.

    In no event will the Umbrella Funds, Wellington Management, or any of its affiliates be liable to any person for any direct, indirect, special or consequential damages, losses or liabilities arising out of any use of, or inability to use, this Website or the information contained on it including, without limitation, lost profits, business interruption, any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, line or system failure, loss of programs or data on your equipment or otherwise, even if the Umbrella Funds, Wellington Management or its affiliates is expressly advised of the possibility or likelihood of such damages, losses or liabilities, unless such damages, losses or liabilities are due to the Umbrella Funds’, Wellington Management’s or its affiliates’ negligence, willful default, fraud or material breach of the Umbrella Funds’, Wellington Management’s or its affiliates’ obligations under applicable law or regulation.

    This does not affect the liability of the Umbrella Funds, Wellington Management, or its affiliates for any loss or damage which cannot be excluded or limited under applicable law.

  15. Indemnification: As a condition of your use of the Website, you agree to indemnify and hold the Umbrella Funds, Wellington Management, and its affiliates, and their respective partners, directors, employees, and agents harmless from and against any and all claims, losses, liability, costs, and expenses (including but not limited to legal fees) arising from your use of the Website or from your violation of these Terms unless such claims, losses, liability, costs or expenses are due to the Umbrella Funds’, Wellington Management’s or its affiliates’ negligence, willful default, fraud or material breach of the Umbrella Funds’, Wellington Management’s or its affiliates’ obligations under applicable law or regulation.

  16. Intellectual Property: The entire content of this Website is subject to copyright with all rights reserved. All materials on this Website are owned or licensed by the Umbrella Funds, Wellington Management, its affiliates and/or its third-party providers and are protected by UK and international intellectual property laws. Unless otherwise indicated, all service marks, trademarks, and logos appearing on this Website are the exclusive property of the Wellington Management group. You may not copy, display, distribute, download, license, modify, publish, repost, reproduce, sell, transmit, and use to create a derivative work, or otherwise use for public or commercial purposes the content of this Website without the prior written permission of Wellington Management.

  17. Privacy: Please see our privacy policy which is contained on this Website for information about how the Wellington Management group protects your personal data, including personal data collected through this Website. You will be asked to agree to the terms of our privacy policy when selecting your relevant jurisdiction.

  18. Cookies: When you visit this Website, a Wellington Management group company server will record your IP address together with the date, time, page visited and duration of your visit. Please note that the Wellington Management group uses cookies on this section of the Website. Cookies are small pieces of software that are issued to your computer or device and that store and sometimes track information about your use of the site. Cookies on this Website may collect a unique identifier, user preferences and profile information and membership information from which it is possible to identify individual users. The Wellington Management group also uses cookies to collect general usage and volume statistical information that does not include personally identifiable information. Some cookies may remain on the user’s computer after they leave this Website (these are known as persistent cookies). For more information about cookies including how to set your internet browser to reject cookies, please go to www.allaboutcookies.org or http://youronlinechoices.eu.

    By using this Website, you agree that the Wellington Management group can place cookies on your device which collect the data and for the purposes described above and as further detailed in the Cookie Policy. If you delete cookies relating to this Website, we will not remember things about you, you will be treated as a first-time visitor the next time you visit this Website and we will not be able to tailor your experience of this Website.

    The Wellington Management group has engaged one or more third party service providers to track and analyze usage and volume statistical information from visitors to this Website. The service provider(s) set cookies on behalf of the Wellington Management group. The Wellington Management group may re-associate the information provided by the technologies directly above with other personal information we hold about you. By using this Website, you agree that third parties can place cookies on your device as described above.

  19. Your use of this Website: You must not use this Website (or permit or procure others to use it) as follows:

    • for any unlawful, improper or illegal purpose or activity;
    • to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
    • in a manner intended to threaten, harass, or intimidate;
    • to violate Wellington Management’s or any third party’s copyright, trademark, proprietary or other intellectual property rights;
    • to damage Wellington Management’s name or reputation or that of Wellington Management’s affiliated companies or any third parties;
    • to impersonate any of Wellington Management’s employees or other person or use a false name while using this Website or implying an association with Wellington Management;
    • to penetrate Wellington Management’s security measures or other entities’ systems (“hacking”);
    • to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website;
    • to generate excessive amounts of internet traffic, to interfere with Wellington Management’s network or other’s use of this Website or to engage in activities designed to, or having the effect of, degrading or denying service to other users of this Website or others;
    • to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity’s systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items;
    • to post or transmit information that is defamatory, fraudulent or deceptive including, but not limited to, scams such as “make-money-fast” schemes or “pyramid/chain” letters; and/or
    • to transmit confidential or proprietary information, except solely at your own risk.
  20. Linked Websites: Links to websites operated by third parties are provided for information only and do not constitute any form of advice, endorsement or recommendation of such websites or the material on them. Wellington Management accepts no responsibility for information contained on any other sites which can be accessed by hypertext link from this Website or for these sites not being available at all times. Any use that you make of such websites and information is at your own risk. Please note that when you click on any external site hypertext link you will leave this Website. You should review the privacy statements of such websites before you provide any personal or confidential information.

  21. Website Security and Restrictions on Use: As a condition to your use of this Website, you agree that you will not, and you will not take any action intended to: (i) access data that is not intended for you; (ii) invade the privacy of, obtain the identity of, or obtain any personal information about any other user of this Website; (iii) probe, scan, or test the vulnerability of this Website or Wellington Management’s network or breach security or authentication measures without proper authorisation; (iv) attempt to interfere with service to any user, host, or network or otherwise attempt to disrupt our business; or (v) send unsolicited mail, including promotions and/or advertising of products and services. Unauthorised use of the Website, including but not limited to unauthorised entry into Wellington Management’s systems or misuse of any information posted to a web site, is strictly prohibited.

  22. Website Security and Restrictions on Use: As a condition to your use of this Website, you agree that you will not, and you will not take any action intended to: (i) access data that is not intended for you; (ii) invade the privacy of, obtain the identity of, or obtain any personal information about any other user of this Website; (iii) probe, scan, or test the vulnerability of this Website or Wellington Management’s network or breach security or authentication measures without proper authorisation; (iv) attempt to interfere with service to any user, host, or network or otherwise attempt to disrupt our business; or (v) send unsolicited mail, including promotions and/or advertising of products and services. Unauthorised use of the Website, including but not limited to unauthorised entry into Wellington Management’s systems or misuse of any information posted to a web site, is strictly prohibited.

  23. Third Parties: The Umbrella Funds, Wellington Management, and its affiliates shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.

  24. Applicable Law: These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of England and Wales.

  25. Jurisdiction: You agree that the English courts shall have exclusive jurisdiction in relation to any legal action or proceedings arising out of or in connection with these Terms (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum. You further agree that this paragraph operates for the benefit of the Umbrella Funds, or Wellington Management and accordingly the Umbrella Funds, or Wellington Management shall be entitled to take Proceedings in any other court or courts having jurisdiction.

  26. Specific information for Spanish investors: Wellington Management International Limited is registered in the Spanish Securities Market Commission – Comision Nacional del Mercado de Valores (“CNMV”) with number 874, to provide investment services on a cross border basis. The Funds are registered in the CNMV for sale to professional investors and registration numbers may be found on the Website. The distributors in Spain of Funds registered in the corresponding CNMV Registry must provide to each unit-holder or shareholder, prior to subscribing units or shares in the Funds, a copy of the simplified prospectus or the document substituting it ( when applicable) and a copy of the latest published annual report and accounts. Delivery of these documents is mandatory and cannot be waived by the unit-holder or the shareholder. In addition, an updated copy of other official documentation of the Funds must be provided upon request. In any event at least one of the distributors will make available by electronic means all the documents, as well as the net asset values corresponding to the share or units marketed in Spain.

  27. About Wellington Management International Limited and the Umbrella Funds. Wellington Management International Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom and is entered on the register maintained by the Financial Conduct Authority and the Prudential Regulation Authority(Reference number: 208573). Its registered office is at Cardinal Place, 80 Victoria Street, London SW1E 5JL, United Kingdom and its VAT number is GB420309205. Wellington Management International Limited is an appointed distributor to the Funds.

    Wellington Management Funds (Luxembourg) II is an open-ended unincorporated mutual investment fund (fonds commun de placement) and is governed by the Luxembourg Law of 13th February 2007 on specialised investment funds, as amended from time to time, and qualifies as an AIF.

    Wellington Management Funds (Luxembourg) II SICAV is an open-ended investment company with variable capital (societe d’investestissement a capital variable) and is governed by Luxembourg Law of 13th February 2007 on specialised investment funds, as amended from time to time, and qualifies as an AIF.

    Wellington Luxembourg S.à r.l. is the appointed management company of Wellington Management Funds (Luxembourg) and alternative investment fund manager of Wellington Management Funds (Luxembourg) II and Wellington Management Funds (Luxembourg) II SICAV. Wellington Luxembourg S.à r.l. is a société à responsabilité limitée registered in Luxembourg and authorised by the Commission de Surveillance du Secteur Financier (the CSSF) as a management company authorised under chapter 15 of the Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended. Wellington Luxembourg S.à r.l.’s registered address is at 33, Avenue de la Liberté, L-1931 Luxembourg.

  28. Contact Us: If you have any enquiries in relation to this Website or the information on it, please contact Wellington at infofunds@wellington.com.

Effective as of 21 August 2019

You are about to enter a website for qualified and professional investors including financial advisors / intermediaries and the information contained herein is not suitable for retail investors. Any person unable to accept these terms and conditions should not proceed any further.

 The use of Wellingtonfunds.com (this “Website”) is subject to the following terms and conditions (the “Terms”). After you have read and understood these Terms, you may click “Accept” to confirm that you agree to the Terms.

 By clicking “Accept” you:

(i) expressly acknowledge that you have read and understood the Terms and agree to abide by them;

(ii) represent and warrant that the jurisdiction you have selected is the applicable jurisdiction for the intended investment activities, and that you are not resident in the United States of America and are not a U.S. Person;

(iii) confirm that you are accessing this Website in compliance with the laws and regulations of the jurisdiction you have selected, and all other applicable laws, rules and regulations;

(iv) represent and warrant, if applicable, that you are authorised to accept these Terms and use or access (or attempt to use or access) this Website on behalf of your employer, your client, or both, and that in doing so you are acting within the scope of your duties and, at all times, on behalf of your employer, your client or both; and

(v) hereby represent and warrant that you are not a private investor or retail client (as defined in the Markets and Financial Instruments Directive 2014/65/EC as amended or updated (“MiFID”)) and that you shall not in any circumstances use or rely on any information displayed on this Website for your own personal investment use. 

If you do not agree with these Terms you must refrain from using this Website.

In these Terms, references to “you” and “your” are references to any person using or accessing (or attempting to use or access) this Website or, as the context requires, the legal entity on whose behalf a user uses or accesses (or attempts to use or access) this Website. References to “Wellington Management”, “we” and “us” are references to Wellington Management Switzerland GmbH. 

By entering this Website, you acknowledge and agree to be bound by each of the following terms and conditions, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this Website (together, the “Conditions of Use”). If there are any Conditions of Use that you do not understand or agree with, you must leave this Website or the webpage in question (as applicable) immediately and delete immediately from the memory of your computer all documents from this Website.

  1. About this Website: The information on this Website is issued and communicated by Wellington Management Switzerland GmbH (“Wellington Management,” we” and “us”), which is registered at the commercial register of the canton of Zurich with number CH-020.4.050.857-7 and which holds a distribution license from the Swiss Financial Market Supervisory Authority (“FINMA”), as a fund distributor. This Website contains information about various umbrella funds (each an “Umbrella Fund” and together the “Umbrella Funds”) and their sub-funds (the “Funds”) which have been registered, or otherwise notified, for public distribution and marketing in the jurisdiction you have selected. 

    Please note that the fact of such registration or notification does not mean that any regulator (including the Swiss Financial Market Supervisory Authority, the Commission de Surveillance de Secteur Financier (CSSF) or any national regulator of your jurisdiction) has determined that the Funds are suitable for all or any investors. The Funds referred to on this Website may not be suitable investments for you and you should therefore seek professional investment advice before making a decision to invest in any of the Funds.

    Before making any investment decision read carefully the offering documents of each Fund.

  2. Access to this Website: In order to access this Website, you have been asked to select the jurisdiction which is applicable for the intended investment activities. Your selection will be used to determine the information that you will be able to access on this Website. You hereby represent and warrant to Wellington Management that the information that you have provided is true, accurate and complete and you undertake to notify us of any change to such information. Failure to provide us with accurate information will be treated as a material breach of these Terms. Certain Funds may not be available in all geographical locations and so information about certain Funds may not be available to all users of this Website. You must not attempt to gain access to areas of this Website other than those made available to users in the jurisdiction you selected. If the jurisdiction you should select changes, you must access this Website selecting your new jurisdiction. You should be aware that this may result in you not being able to access (i) information in relation to the same Funds as previously, or (ii) any information at all. Please note that the fact of selecting a jurisdiction does not mean that all or any of the Funds in relation to which information is made available, have been deemed suitable for you. 

    When using this Website you must comply with all applicable local, national and international laws and regulations including those related to data privacy, international communications and exportation of technical or personal data. It may be unlawful to access or download the information contained on this Website in certain countries and the Umbrella Funds, Wellington Management and its affiliates disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation of the United Kingdom, the jurisdiction in which you are residing or domiciled or the jurisdiction from which you access the Website. 

    If you are acting as a financial adviser or intermediary, you agree to access this Website only for the purposes for which you are permitted to do so under applicable law. If you are acting as a financial adviser or intermediary and provide services to clients categorised as retail clients under the MiFID, you agree that you will not share with or provide to your retail clients any information available on this Website that has not been approved for retail use and is not otherwise suitable for your retail clients. 

    Wellington Management reserves the right to suspend or withdraw access to any page(s) included on this Website without notice at any time and accepts no liability if, for any reason, these pages are unavailable at any time or for any period.

  3. No Market Timing: You agree not to engage in any “market timing” practices with respect to your investment in any Fund and shall take all reasonable steps to ensure that no user authorised to access this Website on your behalf engages in any such market timing practices. For these purposes, “market timing” shall include engaging in any trading strategy with the intention of taking advantage of short term changes in market prices including (without limitation) by engaging in: (i) excessive trading, (ii) late trading or (iii) market abuse.

  4. U.S. Persons: Interests in the Funds are not being offered, and will not be sold, within the United States or to, or for the account or benefit of, any U.S. Person. The term U.S. Person shall have the meaning given to it in Regulation S under the United States Securities Act of 1933, as amended, and includes, among other things, U.S. residents and U.S. corporations and partnerships.

  5. Selling Restrictions: The distribution of the information and documentation on this Website may be restricted by law in certain countries. This Website, and the information and documentation on it, are not addressed to any person resident in the territory of any jurisdiction where such distribution would be contrary to local law or regulation. Not all the Funds in relation to which information is available on this Website are available in all geographical locations and so not all areas of this Website will be accessible to all users. The Funds are not available, and offering materials relating to them will not be distributed, to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation. 

    Certain information and documentation available on the Website relate to Funds, which have not been registered with the FINMA for distribution in or from Switzerland to non-qualified investors in accordance with Articles 119 etseq of the Federal Act on Collective Investment Schemes of 23 June 2006, as amended (“CISA”). Such information and documentation are exclusively directed at qualified investors within the meaning of Article 10 CISA located in Switzerland (“Qualified Investors”). By entering into this website you certify that you are a Qualified Investor and that you have read, understood and accepted the legal terms and conditions summarized hereinafter. Qualified Investors pursuant to Article 10 para 3, 3bis and 3ter CISA are in particular: 1) regulated financial intermediaries, such as banks, securities dealers, fund management companies, asset managers of collective investment schemes as well as central banks, 2) regulated insurance companies, 3) public entities and retirement benefits institutions with professional treasury facilities, 4) companies with professional treasury facilities, and 5) high-net worth individuals, which meet the requirements of Articles 6 and 6a of the Ordinance on Collective Investment Schemes of 22 November 2006, as amended (“CISO”). If you are a high-net worth individual resident in Switzerland, you hereby declare that you meet the requirements provided for by Article 6 CISO and that you have submitted an appropriate written opting-in declaration according to Article 6a CISO to Wellington Management. The Swiss representative and Swiss paying agent of the Funds is BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Switzerland. The offering memorandum and the latest annual report of the Funds can be obtained free of charge from the Swiss representative of the Funds. In respect of the interests of the Funds distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss representative of the Funds.

  6. No Investment Advice: The information on this Website is provided for information only and on the basis that you will make your own investment decisions. 

    Nothing contained on this Website constitutes, and nothing on this Website should be construed as, investment advice or a recommendation to buy, sell, hold or otherwise transact in any investment including interests in the Funds. It is strongly recommended that you seek professional investment advice before making any investment decision.

    The information on this Website does not take account of any investor’s investment objectives, particular needs or financial situation. Investment in the Funds may not be suitable for you. In addition, nothing on this Website shall, or is intended to, constitute financial, legal, accounting or tax advice. 

    Unless agreed separately in writing with a client, Wellington Management and its affiliates neither provide investment advice to, nor receive and transmit orders from, investors in the Funds nor do they carry on any other activities with or for such investors that constitute “investment services” or “ancillary services” for the purposes of MiFID. 

    You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision. You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to the subscription, holding, transfer or disposal of interests in the Funds. 

    Any opinion, article, comment, financial analysis, market forecast, market commentary or other such information which is published on the Website is not binding on Wellington Management or its affiliates nor are they deemed responsible for the opinions or information offered.

  7. Past Performance; Forecast; Simulation: To the extent that this Website contains any information regarding the past performance and/or forecast of the Funds, such information is not a reliable indicator of future performance of these Funds and should not be relied upon as a basis for an investment decision. To the extent that this Website contains any information regarding simulated past performance, such information is not a reliable indicator of future performance and should not be relied on as the basis for an investment decision. Investment results  for each Fund may vary.

    The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment. The value of investments in the Funds may be affected by the price of underlying investments. Exchange rate changes may cause the value of overseas investments to rise or fall. 

  8. Price Information: All prices or values may not reflect actual prices or values that would be available in the market at the time provided or at the time you may decide to purchase or sell an interest in a particular Fund.

  9. Risk Warnings: There are significant risks associated with an investment in any of the Funds. Investment in the Funds is intended only for those investors who can accept the risks associated with such an investment (including the risk of a complete loss of investment).You should ensure that you have fully understood such risks before taking any decision to invest.

    Investments in the Funds are neither insured nor guaranteed by any investor compensation scheme and are not deposits or obligations of, or guaranteed by, any entity within the Wellington Management group.

  10.  Offering Documents: The terms of any investment in a Fund are governed by the documents establishing such terms. An application for interests in any of the Funds should only be made having fully and carefully read the offering documents, which are the relevant offering memorandum, the latest financial reports and any other offering documents for the relevant Fund which are available on this Website and upon request from the fund representative in your jurisdiction and specified in the prospectus for the relevant Fund.

    It is your responsibility to use the offering documents and by making an application to invest in a Fund you will represent that you have read the offering memorandum for the relevant Fund and any other applicable offering document and will agree to be bound by its contents.

  11. Information on this Website: This Website, and the information on it, are provided for information purposes only and do not constitute an invitation, offer or solicitation to engage in any investment activity including to buy, hold or sell any investment including any interests in the Funds.

    The information on this Website is provided in good faith and reasonable care has been taken to ensure that such information is accurate, current and fit for its intended purpose. To the extent that any information on this Website relates to a third party, this information has been provided by that third party and is the sole responsibility of such third party and, as such, Wellington Management and its affiliates accept no liability for such information. No representation or warranty of any kind regarding the accuracy, adequacy, validity, completeness or timeliness of the information on this Website or the error-free use of this Website is given and, to the extent permitted by applicable laws, no liability is accepted for the accuracy or completeness of such information. No warranty of any kind, express or implied, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose, and freedom from computer virus is given in conjunction with the information, materials, products, and services on the Website. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Wellington Management does not warrant that the Website will meet your needs. You agree to assume the entire risk as to your use of the Website. Any person who acts upon, or changes his investment position in reliance on information contained on this Website, does so entirely at his own risk. In the event of any inconsistency between the information on this Website and the terms of the relevant offering documents, the terms of the offering document shall prevail.

    All content on the Website is subject to modification from time to time without notice save for any mandatory disclosure requirements. Please contact Wellington Management (using the details in the “Contact Us” section below) for further information regarding the validity of any information contained on this Website. 

    This Website and most of the documentation contained within it is provided in the English language and you represent and warrant that you understand the English language.

    The Website is limited to funds and sub-funds (and related information and documents) which have been authorised for sale.

  12. Conflicts of Interest: Wellington Management, its affiliates and their directors, officers, employees or clients may have or have had interests or long or short positions in any investment product or other financial instruments underlying any investment product referred to on this Website and may at any time make purchases and/or sales in them as principal or agent. In addition, Wellington Management and/or its affiliates may act or have acted as market maker in any investment product, or financial instruments underlying such investment product or entered into an arrangement to hedge the market risk associated with the investment products. The Wellington Management group has conflicts of interest policies in place which specify the procedures that they follow and the measures that they have adopted in order to avoid such conflicts or to manage such conflicts in a way that ensures fair treatment for clients. 

  13. Monetary Benefits: You agree that we may, to the extent permitted by applicable laws and regulations, share charges or commission with affiliates of Wellington Management or other third parties, or receive remuneration from them, in respect of transactions you carry out in relation to the Funds described on this Website. Where relevant, we may disclose such arrangements to you. Details of any such arrangements are available on request.

  14. Liability: No warranty is given that the contents of this Website are compatible with all computer systems or browsers or that this Website shall be available on an uninterrupted basis.

    The internet is not a completely reliable transmission medium and none of the Umbrella Funds, Wellington Management or any of its affiliates accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from the Umbrella Funds, Wellington Management or any of its affiliates. Any such transmission of information is entirely at your own risk and any material downloaded from this Website is downloaded at your own risk. The information on this Website is provided “as is” and “as available”. To the extent permitted by law, no guarantee or representation, express or implied, is made as to the accuracy, validity, timeliness, completeness or continued availability of any information made available on the Website. The Umbrella Funds, Wellington Management, its affiliates and each of their directors, officers, employees and/or agents expressly exclude all conditions, warranties, representations, and other terms which might otherwise be implied by statute, common law or the law of equity to the fullest extent permitted by applicable law or regulation.

    In no event will the Umbrella Funds, Wellington Management, or any of its affiliates be liable to any person for any direct, indirect, special or consequential damages, losses or liabilities arising out of any use of, or inability to use, this Website or the information contained on it including, without limitation, lost profits, business interruption, any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, line or system failure, loss of programs or data on your equipment or otherwise, even if the Umbrella Funds, Wellington Management or its affiliates is expressly advised of the possibility or likelihood of such damages, losses or liabilities, unless such damages, losses or liabilities are due to the Umbrella Funds’, Wellington Management’s or its affiliates’ negligence, wilful default, fraud or material breach of the Umbrella Funds’, Wellington Management’s or its affiliates’ obligations under applicable law or regulation.

    This does not affect the liability of the Umbrella Funds, Wellington Management or its affiliates for any loss or damage which cannot be excluded or limited under applicable law.

  15. Indemnification: As a condition of your use of the Website, you agree to indemnify and hold the Umbrella Funds, Wellington Management, and its affiliates, and their respective partners, directors, employees, and agents harmless from and against any and all claims, losses, liability, costs, and expenses (including but not limited to legal fees) arising from your use of the Website or from your violation of these Terms, unless such claims, losses, liability, costs or expenses are due to the Umbrella Funds’, Wellington Management’s or its affiliates’ negligence, willful default, fraud or material breach of the Umbrella Funds’, Wellington Management’s or its affiliates’ obligations under applicable law or regulation.

  16. Intellectual Property: The entire content of this Website is subject to copyright with all rights reserved. All materials on this Website are owned or licensed by the Umbrella Funds, Wellington Management, its affiliates and/or its third-party providers and are protected by UK and international intellectual property laws. Unless otherwise indicated, all service marks, trademarks, and logos appearing on this Website are the exclusive property of the Wellington Management group. You may not copy, display, distribute, download, license, modify, publish, repost, reproduce, sell, transmit, use to create a derivative work, or otherwise use for public or commercial purposes the content of this Website without the prior written permission of Wellington Management.

  17. Privacy: Please see our privacy policy which is contained on this Website for information about how the Wellington Management group protects your personal data, including personal data collected through this Website. You will be asked to agree to the terms of our privacy policy when selecting your relevant jurisdiction. 

    For users in Switzerland: the data that Wellington Management collects from you may be transferred to, processed by, or stored by Wellington Management or its affiliates which may be based outside Switzerland. You acknowledge that such foreign jurisdictions do not necessarily have equivalent data protection laws compared to Switzerland. By submitting your personal data, you agree to this transfer, processing or storing.

  18. Cookies: When you visit this Website, a Wellington Management group company server will record your IP address together with the date, time, page visited and duration of your visit. Please note that the Wellington Management group uses cookies on this section of the Website. Cookies are small pieces of software that are issued to your computer or device and that store and sometimes track information about your use of the site. Cookies on this Website may collect a unique identifier, user preferences and profile information and membership information from which it is possible to identify individual users. The Wellington Management group also uses cookies to collect general usage and volume statistical information that does not include personally identifiable information. Some cookies may remain on the user’s computer after they leave this Website (these are known as persistent cookies). For more information about cookies including how to set your internet browser to reject cookies, please go to http://www.allaboutcookies.org or http://youronlinechoices.eu.

  19. The Wellington Management group has engaged one or more third party service providers to track and analyze usage and volume statistical information from visitors to this Website. The service provider(s) set cookies on behalf of the Wellington Management group. The Wellington Management group may re-associate the information provided by the technologies directly above with other personal information we hold about you. By using this Website, you agree that third parties can place cookies on your device as described above.

    • to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
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    • to violate Wellington Management’s or any third party’s copyright, trademark, proprietary or other intellectual property rights;
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    • to impersonate any of Wellington Management’s employees or other person or use a false name while using this Website or implying an association with Wellington Management;
    • to penetrate Wellington Management’s security measures or other entities’ systems (“hacking”);
    • to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website;
    • to generate excessive amounts of internet traffic, to interfere with Wellington Management’s network or other’s use of this Website or to engage in activities designed to, or having the effect of, degrading or denying service to other users of this Website or others;
    • to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity’s systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items;
    • to post or transmit information that is defamatory, fraudulent or deceptive including, but not limited to, scams such as “make-money-fast” schemes or “pyramid/chain” letters; and/or
    • to transmit confidential or proprietary information, except solely at your own risk.
  20. Linked Websites: Links to websites operated by third parties are provided for information only and do not constitute any form of advice, endorsement or recommendation of such websites or the material on them. Wellington Management accepts no responsibility for information contained on any other sites which can be accessed by hypertext link from this Website or for these sites not being available at all times. Wellington Management has not reviewed, and will not review or update, such websites or information and any use that you make of such websites and information is at your own risk. Please note that when you click on any external site hypertext link you will leave this Website. You should review the privacy statements of such websites before you provide any personal or confidential information.

  21. Website Security and Restrictions on Use: As a condition to your use of this Website, you agree that you will not, and you will not take any action intended to: (i) access data that is not intended for you; (ii) invade the privacy of, obtain the identity of, or obtain any personal information about any other user of this Website; (iii) probe, scan, or test the vulnerability of this Website or Wellington Management’s network or breach security or authentication measures without proper authorisation; (iv) attempt to interfere with service to any user, host, or network or otherwise attempt to disrupt our business; or (v) send unsolicited mail, including promotions and/or advertising of products and services. Unauthorised use of the Website, including but not limited to unauthorised entry into Wellington Management’s systems or misuse of any information posted to a web site, is strictly prohibited.

  22. Amendment: Wellington Management may delete or make changes to these Terms and to the information contained on this Website at any time. Where such amendments are made, you will be required to accept any such changes in order and prior to continue to use the Website. If you do not accept such revised Terms, you may no longer be able to access this Website. 

    If any provision of these Terms is found by any court or authority of competent jurisdiction to be illegal, void or invalid under the laws of any jurisdiction, the legality, validity or enforceability of the remainder of these Terms in that jurisdiction shall not be affected and the legality, validity and enforceability of the whole of these Terms in any other jurisdiction shall not be affected.

  23. Third Parties: The Umbrella Funds, Wellington Management, and its affiliates shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the United Kingdom Contracts (Rights of Third Parties) Act 1999.

  24. Applicable Law: These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of England and Wales.

  25. Jurisdiction: You agree that the English courts shall have exclusive jurisdiction in relation to any legal action or proceedings arising out of or in connection with these Terms (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum. You further agree that this paragraph operates for the benefit of the Umbrella Funds, or Wellington Management and accordingly the Umbrella Funds, or Wellington Management shall be entitled to take Proceedings in any other court or courts having jurisdiction.

  26. About Wellington Management Switzerland GmbH and the Umbrella Funds:

    Wellington Management Switzerland GmbH is registered at the commercial register of the canton of Zurich with number CH-020.4.050.857-7 and its registered office is at Limmatquai 92, 8001 Zurich. It holds a distribution license from FINMA. Its VAT number is CHE-229.706.429 MWST. Wellington Management Switzerland GmbH is an appointed distributor to the Funds.

    Wellington Luxembourg S.à r.l. is the appointed management company of Wellington Management Funds (Luxembourg). Wellington Luxembourg S.à r.l. is a société à responsabilité limitée registered in Luxembourg and authorised by the Commission de Surveillance du Secteur Financier (the CSSF) as a management company authorised under chapter 15 of the Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended. Wellington Luxembourg S.à r.l.’s registered address is at 33, Avenue de la Liberté, L-1931 Luxembourg.

  27. Contact Us: If you have any enquiries in relation to this Website or the information on it, please contact Wellington Management at infofunds@wellington.com. Registered office: Limmatquai 92, CH-8001 Zurich, Switzerland.

Effective as of 21st August 2019

I ACCEPT I DECLINE

April 2019 | Chris Perret, CFA, Invesment Director Fixed Income; Lori Whiting, CFA, Investment Director Wellington Alternative Investments; Paul Skinner, Investment Director Fixed Income

Taking notice: Five reasons to consider absolute return fixed income

A possible convergence of several current and anticipated macroeconomic trends argues for a thoughtful consideration of why absolute return fixed income may merit portfolio inclusion.

Views expressed are those of the authors, are based on available information and subject to change, and should not be taken as a recommendation or advice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Before investing, all investors should consider the risks that may impact their capital. The value of your investment may become worth more or less than at the time of the original investment. Please refer to the risk section for more information.

Key points

We believe there are five key reasons why investors should consider (or reconsider) absolute return fixed income at this stage of the cycle:

We recently shared our views on how rapidly shifting economic and market conditions could create a more favorable environment for alpha-focused, absolute return fixed income strategies. Since then, many of our observations appear to be taking shape, led by central banks aiming to pull back from ultra-accommodative policies like quantitative easing (QE). This has caused markets to behave differently, with more alpha opportunities appearing as a result.

We believe absolute return strategies, in particular, are potentially positioned to do well in this environment, and investors are taking notice. We think now is a good time to reexamine these strategies, especially as markets continue to transition into a late-cycle economic environment — one we consider favorable for active management, and in particular, absolute return investing.

To help frame our ongoing case for absolute return fixed income, below we offer five key reasons to consider these strategies at this stage of the cycle. From our perspective, each one has the differentiated ability to potentially both increase returns and offer very important diversification properties to a portfolio, particularly in periods of market stress.

1. Interest rates are at in inflection point

After a multiyear decline, global interest rates found the bottom in 2016. With growth strong, inflation steadily rising, and central banks pulling back liquidity, bond yields moved higher throughout 2017 and into 2018. As a result, many bond investors expressed concern about this marking the start of the long-anticipated trend (higher) in interest rates. With a strong global cycle running above most expert forecasts, the reasoning was that bond yields were not reflecting true underlying macroeconomic fundamentals. In addition, with central banks telegraphing the end of loose monetary policy, many questioned who would pick up the slack in providing liquidity to the market in the form of bond purchases.

Fast-forward a few short months: Much has changed. Central banks have repivoted to a much more dovish policy outlook. For bond investors, this means a more patient, data-dependent reaction function. In other words, the bar for short-term, policy-driven interest rates was raised substantially in a very short time.

The circularity of the current cycle has created a frustrating situation for both markets and policymakers. Central banks have pushed hard to “normalize” monetary conditions to account for rising inflation risks and address the structural imbalances brought on by low interest rates and QE. The challenge in doing so is that the real economy seems ill prepared, or potentially unwilling to handle tighter financial conditions which flared up again in the second half of 2018 (Figure 1). In this latest episode, the risk of further rate hikes tipped the scales, given the fragility in both the consumer and corporate sectors, particularly in the US.

Figure 1

US – CAPEX intentions vs FCI

This economic circularity leaves bond investors in a difficult spot, with a wide distribution of potential outcomes for where interest rates may move. From our perspective, we believe the answer will come down to four key economic themes now playing out: global trade negotiations, the degree of the US Federal Reserve (Fed) tightening, China’s economy stabilizing, and the fiscal impulse in the US and Europe.

Given the wide uncertainty around these four key issues, we caution investors to expect increased volatility across asset markets. Under a scenario in which interest-rate volatility increases, a relatively small move higher in yields can immediately put a traditional bond portfolio into negative territory, just like we saw early in 2018. One potential solution to this well-known risk is to reduce the duration of a portfolio to a level that can better withstand an increased amount of interest-rate volatility. However, this almost inevitably would sacrifice the full benefit of diversification in the event that a protracted correction in risk assets ensues.

We believe a better solution is for investors to exchange a portion of traditional fixed income exposure for an allocation to absolute return fixed income. Absolute return strategies are specifically designed to be flexible and indifferent to the direction of interest rates and other markets. What this means to interested investors is that in both rising and falling interest-rate regimes, absolute return strategies have the ability to add value, or at the very least protect capital. Thus, absolute return strategies can have a very powerful role in a fixed income portfolio — dampening the adverse outcome of rising rates, but at the same time providing a high degree of diversification to the overall portfolio in times of market stress.

2. Valuations look rich

It is no secret that a lot of juice has been squeezed out of beta. Risk assets have enjoyed a multiyear period of exceptionally strong returns, in many cases, the riskier the better. Within credit markets, spreads now sit at very tight levels, which from a historical standpoint look quite rich, leaving little juice (in the way of excess returns) to squeeze out of these assets.

Similar to what has happened to government bonds, credit beta has been both directly and indirectly supported by central bank actions. QE effectively has put a ceiling on interest rates, and in many cases forced yield-hungry investors further out along the risk spectrum, creating a powerful bid for these assets. With central banks now pulling back, and the US Fed tightening policy, we believe investors need to be mindful of current valuations and think the potential for credit beta is more challenged as we transition into a late-cycle environment. This risk asymmetry within credit beta is prompting investors to look elsewhere.

Absolute return strategies offer an interesting place to look, serving as potential alternatives or complements to credit. We believe there are two key reasons for this. One, while credit beta may be expensive from a valuation standpoint, the opportunity to generate alpha has greatly improved over the past six to 12 months as assets have observably become less synchronized (more on this below). Two, many absolute return strategies aim to offer the added benefit of low correlations to traditional market betas, like credit. Low correlations generally provide broader portfolio diversification, which in a period of market stress can be a valuable tool to potentially help mitigate principal losses.

3. More volatility is likely

Last year was marked by heightened volatility, providing further evidence of a late-cycle economic and market environment. Various factors have contributed to this spike, including a growing acceptance by markets that ultra-accommodative monetary policy is now a thing of the past. In the aftermath of last December’s episode, markets have mostly stabilized, yet there seems to be a growing acceptance that the low-volatility era is behind us. What is driving this? We believe it relates to what drives volatility in the first place — uncertainty.

Uncertainty surrounds our world today, from both a macro and micro standpoint. The global economy has remained strong but there are factors that could challenge the current optimistic outlook. An inflation overshoot could force central banks to tighten policy at a more aggressive pace, tightening financial conditions and weakening the recent strengthening of consumer and corporate sentiment. A global trade war could dampen animal spirits and pull forward the end of the current business cycle. Geopolitics and the rise of populism also remain valid concerns.

Consider Italy. The rise of the populist Five Star party has increased the uncertainty regarding the country’s future within the Euro area, and in the near term, questions around debt servicing and sustainability caused Italian bond yields to skyrocket last year (Figure 2).

Figure 2

Uncertain times call for uncertain markets

Volatility is typically not a friend of beta. Higher volatility generally lowers the predictability of an asset’s return, making it less efficient from a capital allocation standpoint (e.g., the asset has a lower Sharpe ratio). However, volatility can be a friend of absolute return strategies, given the potential opportunities that arise as asset prices deviate from their perceived fair value. Flexible absolute return strategies are specifically designed to be on the lookout for these mispricings and opportunistically take advantage of them, irrespective of whether the direction is up or down. Notably, managers must demonstrate skill in identifying and exploiting these opportunities, on both the long and short side. It follows that extensive due diligence should be conducted on an absolute return manager, regardless of a strategy’s observable track record.

With an increase in market volatility, absolute return strategies potentially offer a more capital-efficient way to generate returns within a fixed income portfolio, or at the very least offer complementary characteristics (as described in our second point above) to more market-sensitive assets.

4. Greater differentiation is occurring

As noted, assets are starting to behave in a less synchronized fashion. Our own research suggests that part of this behavior is due to the market’s renewed focus on the fundamentals when valuing assets, particularly sovereign bonds. For example, looking at sovereign bonds of the US and Australia, one could conclude that until recently both economies were trending in a similar direction. However, the comparative activity data would suggest otherwise — the US economy is on many measures surpassing that of Australia.

What is the disconnect? We think a finger can be pointed directly at central bank actions, which in many ways have distorted prices across various asset markets. That is changing, as policy becomes less accommodative and the conversation shifts toward more country-specific topics, such as inflation, consumer confidence, and financial conditions. This can be seen in the pickup in the variability of developed market sovereign bonds (Figure 3), which coincided with the slowdown in total monthly QE bond purchases that peaked in mid-2016 at approximately US$270 billion.

Figure 3

Sovereign bond variability is on the rise

We believe this theme of more differentiation is on the rise. With it could come attractive relative value opportunities for skilled managers to identify the winners (buy) and losers (sell). Potential benefits of including these relative strategies within a portfolio include alpha diversification and the ability to hedge market risk owing to their long/short orientation. We believe absolute return fixed income is well suited for these types of strategies given their focus on alpha (versus beta) and flexible mandates (e.g., the ability to short) to take advantage of opportunities across the global opportunity set.

5. Correlation spikes have been more frequent

Equities and bonds in most environments are negatively correlated to each other. This diversification benefit is something we have come to expect when allocating between these two main asset classes. However, there are periods where a negative correlation relationship can move quickly into positive territory and present an adverse outcome for both equity and bond prices. The latest correlation spike earlier this year provides a good example of the adverse effects that bond investors can face in this environment. In this case, equities followed a strong bond market sell-off driven by concerns that a large fiscal stimulus in the US posed significant risks to domestic inflation, Fed policy, and, ultimately, higher bond yields. Correlations eventually settled down, but this occurrence highlights the shorter-term vulnerability of this relationship.

History would suggest that the instability of correlation relationships may remain elevated relative to where we are in a cycle. An example is the last US hiking cycle, where equity/bond market correlations were elevated and spikes were more frequent. Since the US Fed signaled the end of its QE program earlier this year, the current tightening cycle is exhibiting similar characteristics: We have seen a considerable increase in these correlation spikes (Figure 4), indicating much more instability that likely could continue.

Figure 4

Correlation spikes have increased in frequency and magnitude

We believe absolute return fixed income strategies provide a potential remedy to these headaches. Given their history of low correlations to market betas, including equities, absolute return strategies offer an alternative mechanism to embed portfolio-level diversification at a time when valuations across asset classes are increasingly stretched.

Implementation considerations

Deciding to allocate capital to absolute return is an important first step. An equally important next step is to try to identify the optimal strategy that exhibits a profile closely matching the objectives used for making an allocation in the first place. Unlike traditional long-only approaches, absolute return is a highly heterogeneous space, with managers exhibiting differing styles that can lead to various risk and return outcomes. For example, if the primary objective is to diversify a portfolio from a rising-rate environment, identifying managers with a demonstrated style and skill in duration management, especially in this most recent period, would be an important consideration.

Risk management, or more specifically downside mitigation, is also an important consideration that all absolute return managers should demonstrate. We have observed instances where a strategy’s risk-management process was undefined, not properly calibrated, or lacked a clear mechanism to intervene, resulting in errant drawdowns. Portfolio liquidity is also a critical risk that can be overlooked, leading to trouble for strategies that invest in less liquid or illiquid assets. These considerations are not meant to scare off potential investors. We highlight them as a potential way of filtering the absolute return strategies that warrant further due diligence from those that do not.

Some parting thoughts

As loose policy fades into the sunset, we think fixed income investors should be asking themselves some pivotal questions about their current portfolio: Where will my returns come from? Do I have too much interest-rate risk? Do I have too much credit beta exposure? How diversified are my bond allocations? How will the portfolio hold up in a risk asset sell-off?

In many instances, we think investors may identify a potential shortfall relative to their objectives. We believe absolute return fixed income strategies offer investors a potential solution to these challenges, providing a return source that has a history of being independent from market factors and, in the process, can provide critical diversification benefits, especially in times of market stress. As mentioned above, we believe the market environment has transitioned in a way that is considerably more favorable to active strategies like absolute return. As a result, we encourage investors to consider the benefits these approaches may be able to bring to a broader fixed income allocation.

1FCI (financial conditions indicator) is representative of a Wellington Management proprietary financial conditions indicator based on bond yields, stocks, currency, and credit conditions


Please refer to this important disclosure for more information, and to the investment risks page for information about each of the following risks:

  • Currency
  • Fixed income securities market risks
  • Foreign and emerging markets
  • Interest rate
  • Leverage
  • Risks of derivative instruments

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