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Fixed investment period and redemption date
Smaller sums can be invested:
investing in fractions is not possible with individual bonds
Declining default risk as maturity date approaches: better visibility on financial position of issuers
December 2023: sweet spot between sufficient reward and contained duration risk (which is lower in the fund than in the High Yield benchmark)
European core government bonds yield paltry or even negative interest rates. Taking on additional duration risk may not be a wise thing to do when interest rates rise.
Default rates of European high yield issuers are set to remain low. Individual high yield bonds may be too difficult to invest in.
Ratio of interest coverage has improved significantly in recent years.