Looking through the 'Annual Reports to Underlying Entities'...

Looking through the 'Annual Reports to Underlying Entities' released on 31/08/2022, you find that KKC listed a Spotify bond with a 0% coupon with a maturity date of March 2026 (accounting for approximately 0.5% of the portfolio). Looking online, it looks to be a convertible bond with a strike price of $515 per share. Spotify's shares are currently trading at $90.56 (after hours trading). Even at the time the bond was sold, Spotify's share price was about $310 (so, $515 was no high probability bet).

I'd say people who invest in high yield shares have a higher risk appetite, but, typically, they're still after income. I'm not sure how this security past the investment committee's investment criteria. I know hindsight is 20/20, but I think I can honestly say I wouldn't of thought of this security as eligible for KKC investment.