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For individual investors in the UK
A monthly paying income fund, which is one of the oldest bond funds in the UK.
ISIN
GB00BJ0LFK04
NAV
GBP 29.94p
As of20/02/2024
1-Day Change
GBP 0.00p(0.00%)
As of20/02/2024
Morningstar Medalist Rating ™
As of 25/08/2023
Overview
INVESTMENT OBJECTIVE
The Fund aims to provide a high income. Performance target: To outperform the IA Sterling Strategic Bond sector average, after the deduction of charges, over any 5 year period.
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The Fund invests at least 80% of its assets in a global portfolio of bonds of any quality, including high yield (non-investment grade) bonds, issued by governments, companies or any other type of issuer. Where investments are made in assets in currencies other than Sterling, the Fund will seek to hedge at least 80% of those assets back to Sterling to largely remove the risk of currency exchange rate movements. The Fund may also hold other assets including preference shares, cash and money market instruments. In certain market conditions, the Fund may invest more than 35% of its assets in government bonds issued by any one body. The Investment Adviser may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the IA Sterling Strategic Bond sector average, which is based on a peer group of broadly similar funds, as this forms the basis of the Fund's performance target. The Investment Adviser has complete freedom to choose individual investments for the Fund and to vary allocations between different types of bonds.
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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.
Investment into the fund will acquire units / shares of the fund itself and not the underlying assets owned by the fund.
ABOUT THIS FUND
- Seeks to generate income through an actively managed, diversified portfolio of high-yielding assets
- Seeks to deliver a relatively high and consistent level of income
- Active risk management leverages a broad toolkit to enhance/smooth returns or add/reduce risk as deemed appropriate
Past performance does not predict future returns.
GLOSSARY
YIELDS (%)
| Distribution Yield At NAV (As of 31/01/2024) | 4.20% |
| Underlying Yield (As of 31/01/2024) | 3.50% |
Fund Details
| Asset class | Fixed Income |
| Product Structure | Unit Trust |
| Inception Date | 28 Mar 1979 |
| Base Currency | GBP |
| Peer Group Benchmark | IA Sterling Strategic Bond sector |
| Peer Group Benchmark Usage | Target, Comparator |
| Year End | 28-Feb |
| Valuation Point | 12:00 |
| Pricing Basis | Single Priced |
If index usage refers to a ‘target’ please read the objective and investment policy section within this webpage for the definition of the fund’s performance target.
PORTFOLIO MANAGEMENT
John Pattullo
Co-Head of Global Bonds | Portfolio Manager
Industry since 1993.Joined Firm in 1997.
Jenna Barnard, CFA
Co-Head of Global Bonds | Portfolio Manager
Industry since 2001.Joined Firm in 2002.
Nicholas Ware
Portfolio Manager
Industry since 1998.Joined Firm in 2009.
Performance
Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
- Discrete Performance
- Calendar Year Performance
Discrete Performance (%)
As of 31/12/2023
E Acc (Net)IA £ Strategic Bond
| Quarter End As of 31/12/2023 | Dec-2022 - Dec-2023 | Dec-2021 - Dec-2022 | Dec-2020 - Dec-2021 | Dec-2019 - Dec-2020 | Dec-2018 - Dec-2019 |
|---|---|---|---|---|---|
| E Acc (Net) | 7.57 | -19.08 | 2.00 | 7.90 | 12.84 |
| IA £ Strategic Bond | 8.00 | -11.70 | 0.93 | 6.08 | 9.23 |
Peer Group Description
The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) forms the basis of the Fund's performance target and can be a useful performance comparison against other funds with similar aims.
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Cumulative & Annualised Performance (%)
As of31/01/2024
E Acc (Net)IA £ Strategic Bond
| Cumulative | Annualised | ||||||
|---|---|---|---|---|---|---|---|
| 1MO | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception 04/05/2012 | |
| E Acc (Net) | -0.82 | -0.82 | 2.36 | -4.11 | 0.95 | 2.36 | 3.40 |
| IA £ Strategic Bond | -0.08 | -0.08 | 4.75 | -1.26 | 1.85 | 2.52 | 3.19 |
Peer Group Description
The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) forms the basis of the Fund's performance target and can be a useful performance comparison against other funds with similar aims.
The E Acc share class was launched on 24/06/2019. Performance prior to that date is past performance based on the Acc share class of the same fund which has a different current ongoing charge included of 1.43.
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Calendar Year Returns (%)
As of 31/12/2023
E Acc (Net)IA £ Strategic Bond
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| E Acc (Net) | 7.57 | -19.08 | 2.00 | 7.90 | 12.84 |
| IA £ Strategic Bond | 8.00 | -11.70 | 0.93 | 6.08 | 9.23 |
Peer Group Description
The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) forms the basis of the Fund's performance target and can be a useful performance comparison against other funds with similar aims.
The E Acc share class was launched on 24/06/2019. Performance prior to that date is past performance based on the Acc share class of the same fund which has a different current ongoing charge included of 1.43.
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
FEE INFORMATION
| Initial Charge | 4.00% |
| Annual Charge | 0.65% |
| Ongoing Charge (As of01/09/2023) | 0.93% |
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.
Portfolio
Top Holdings(As of 31/01/2024)
| % OF FUND | |
| Bundesrepublik Deutschland Bundesanleihe 2.30% 2033 | 1.87 |
| Nationwide Building Society | 1.81 |
| Service Corp International 4.625% 2027 | 1.55 |
| Fannie Mae Pool 3.00% 2052 | 1.52 |
| Lorca Telecom Bondco 4.00% 2027 | 1.46 |
| Ziggo 4.875% 2030 | 1.34 |
| TMNL 3.75% 2029 | 1.24 |
| Galaxy Bidco 6.50% 2026 | 1.23 |
| Verisure 3.875% 2026 | 1.18 |
| Virgin Media Vendor Financing Notes III DAC 4.875% 2028 | 1.16 |
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- Specific risks
- General risks
- General information
The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
Past performance does not predict future returns
Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
- An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
- When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
- The Fund invests in high yield (non-investment grade) bonds and while these generally offer higher rates of interest than investment grade bonds, they are more speculative and more sensitive to adverse changes in market conditions.
- The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
- When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
- Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
- Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
- CoCos can fall sharply in value if the financial strength of an issuer weakens and a predetermined trigger event causes the bonds to be converted into shares/units of the issuer or to be partly or wholly written off.
- The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
- Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
- Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved, you may wish to consult a financial adviser.
- If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
- Some documents are available in alternative formats. Click here for information on how to request them.
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