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The fund offers passive exposure to the global market of investment-grade corporate bonds excluding those issued in Sterling. The fund is primarily marketed for UK-based investors as a complement to domestic corporate-bond exposure. The absence of the pound-denominated component does not appear to be statistically significant as bonds issued by U.K.-domiciled corporations in foreign currencies are part of the index. The fund displays a decent tracking record when assessed over extended periods. The low ongoing charge of 0.16% for the clean share class is a key factor in its favour. Overall, this is a cheaply priced tracker for global corporate-bond exposure.
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