The Knebworth Active Income Fund

Income investing, rethought from the ground up.

An actively managed income fund built by institutional portfolio managers, accessible in a single UCITS, and targeting BoE Base Rate + 350bps

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The problem with income funds

Most income funds weren't built for the world we're now in.

The era of easy money is over. We have moved into a fundamentally different rate environment, one where governments carrying record debt levels have every incentive to let inflation do its quiet work on the value of money. In that world, the funds that served investors well for a decade are now working against them. Duration is no longer a free lunch. Passive income investing is no longer safe. Many funds that called themselves income investments have lost double digits in capital terms in recent years, leaving investors worse off even after collecting their coupons. The problem was structural: they were built for a world that no longer exists. Knebworth was designed for the world that does. Rather than chasing yield through long-dated bonds, it keeps average maturity deliberately short and earns its return through active, high-conviction credit selection and purposeful asset diversification.

Our solution: institutional rigour, private client access

Knebworth is run with the same multi-layered framework a Chief Investment Office uses to steward a family office or an investment bank's proprietary book. That means genuine active management: screening a universe of roughly 400,000 bonds down to a concentrated portfolio of 50-65 holdings, with every position sized by risk contribution. The team behind the fund held senior roles at JP Morgan's Chief Investment Office, HSBC European Credit Research, Deutsche Bank FICC, Credit Suisse, AXA Rosenberg and the Rothschild Family Office. Quant research trained at Cambridge, UCLA and Caltech.

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Our solution: institutional rigour, private client access

The team behind Knebworth

Knebworth is led by Ben Ashby, previously Managing Director at JP Morgan's Chief Investment Office and Head of European Credit Research at HSBC. He is supported by a team whose backgrounds span quantitative risk modelling, fixed income trading and portfolio execution at some of the world's most demanding institutions. The research function draws on probability mathematics and uncertainty modelling at a level rarely found outside a major investment bank. This is a team that has managed money through multiple credit cycles, at scale, for some of the most sophisticated investors in the world. Knebworth makes that experience available in a single, accessible structure.

The team behind Knebworth

The Knebworth Active Income Fund

Built for investors who think carefully about risk.

Knebworth suits private investors, family offices and professional intermediaries seeking meaningful income without taking on unnecessary duration or leverage. It is particularly well-suited to portfolios where capital preservation matters as much as yield, and where a conventional bond fund has disappointed. The fund operates within a UCITS structure, regulated and audited to institutional standards. Both institutional and clean retail share classes are available.

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If you'd like to understand the portfolio in more detail, or discuss whether Knebworth is right for your clients or your own portfolio, we'd be glad to talk.

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Legal Information:

This publication is a marketing advertisement. It is intended only for your information purposes and does not constitute an offer, solicitation of an offer, or public advertisement or recommendation to buy or sell the above-mentioned fund. Investment decisions should always be made on the basis of the current articles of association including annexes relating to sub-funds and prospectus, hereinafter the “constituent documents” (KoDo), the key information document and following consultation with an expert. The current constituent documents, the key information document as well as the respective annual and semi-annual reports can be obtained free of charge from LGT Fund Management Company Ltd., Herrengasse 12, FL-9490 Vaduz, Liechtenstein as well as electronically from the website of the Liechtenstein Investment Fund Association (Liechtensteinischer Anlagefondsverband,”LAFV”) at www.lafv.li. This publication addresses solely the recipient and may only be forwarded, multiplied or published to third parties by authorized persons. The content of this publication has been developed by Henderson Rowe Ltd. and is based on sources of information that is considered to be reliable. However, no confirmation or guarantee can be made as to its correctness, completeness and up-to-date nature, as the circumstances and principles to which the information contained in this publication relates may change at any time. Once published information is therefore not to be interpreted in a manner implying that since its publication no changes have taken place. The information in this publication does not constitute an aid for decision-making in relation to financial, legal, tax or other matters of consultation. Advice from a qualified expert is recommended.

 

This product does not use a sustainability label because the fund is a non-UK fund and the management company is not undertaking sustainability in-scope business in relation to the sustainability product as defined in the UK Financial Conduct Authority Environmental, Social and Governance Sourcebook.

Distribution countries

The fund may only be marketed in the Principality of Liechtenstein and the United Kingdom. Where units are distributed outside Liechtenstein, the pertinent provisions in the respective country shall apply. The units have not been registered under the United States Securities Act 1933. With regard to distribution in the United States or to US citizens or persons resident in the United States, the restrictions detailed in the constituent documents shall apply.

Facilities for UK investors

Zeidler Legal Services (UK) Ltd.

E1 Studios, 3-15 Whitechapel Road, London

E1 1DU, United Kingdom

E-Mail: facilities_agent@zeidlerlegalservices.com

Further Information

Investors should be aware of the fact that the value of investments can decrease as well as increase. Therefore, a positive performance in the past – even if it relates to longer periods – is no reliable indicator of a positive performance in the future. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out. There is a risk that investors will not receive back the full amount they originally invested. Forecasts are not a reliable indicator of future performance.

The commissions and costs charged on the issue and redemption of units are charged individually to the investor and are therefore not reflected in the performance shown. We disclaim, without limitation, all liability for any losses or damages of any kind, whether direct, indirect or consequential nature that may be incurred through the use of this publication. This publication is not intended for persons subject to a legislation that prohibits its distribution or makes its distribution contingent upon an approval. Persons in whose possession this publication comes, as well as potential investors, must inform themselves in their home country, country of residence or country of domicile about the legal requirements and any tax consequences, foreign currency restrictions or controls and other aspects relevant to the decision to tender, acquire, hold, exchange, redeem or otherwise act in respect of such investments, obtain appropriate advice and comply with any restrictions.

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    Our data-driven approach, combined with the knowledge and skills of our managers, allows us to navigate the market with precision and agility. This is summarised best by our '3 Ps', the principles we work upon:

    Precision

    Precision

    Invest directly. Prioritise research. Build technology. We prioritise targeted investments, using AI* to find the best ideas from around the world.

    Protection

    Protection

    Be dynamic. Be agile. Be proactive. In markets, there’s a time to make money and a time to not lose money. We proactively take risk off the table when we believe it is necessary, helping clients sleep better at night.

    Personal

    Personal

    Combine computer power with human intuition. We aim to hire the best talent to devise creative solutions and deliver them with full transparency.

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    If you’d like to learn more about our services — or if you’d like to hear our current views on the investing environment — fill out the form below to schedule a time to speak with a qualified representative.