High Yield Fund

A true high-yield portfolio seeking strong, risk-adjusted returns while being mindful of risk

ISIN
IE0009530639

NAV
EUR 29.07
As of 05/08/2020

1-Day Change
EUR 0.12 (0.41%)
As of 05/08/2020


Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a high income with the potential for some capital growth over the long term.
Performance target: To outperform the Bloomberg Barclays U.S. Corporate High Yield Bond Index by 1.25% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in US high yield (non-investment grade, equivalent to BB+ rated or lower) corporate bonds, issued by companies or any other type of issuer.
The Fund may also hold other assets including bonds of other types from any issuer, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund.
The Fund is actively managed with reference to the Bloomberg Barclays U.S. Corporate High Yield Bond Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund’s performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.

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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 for promotional purposes and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • Leverages a bottom-up process using fundamental analysis in close partnership between equity and fixed income analysts to seek the best risk-adjusted opportunities
  • Seeks to generate returns through individual issuer selection, with a focus on companies committed to transforming their balance sheets
  • Proprietary research and risk management system, Quantum Global, is integrated into the investment process
Past performance is not a guide to future performance. 
 

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Multi Sector Income | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Brent Olson

Portfolio Manager | Credit Analyst

Industry since 1997. Joined Firm in 2017.

Performance

Past performance is not a guide to future performance. 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 (%)
As of 30/06/2020
A2 HEUR Bloomberg Barclays U.S. Corporate High Yield Bond
  
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
-4.92% 2.79% -2.01% 6.96% -1.46%
Bloomberg Barclays U.S. Corporate High Yield Bond -2.32% 4.20% 0.18% 10.75% 0.55%
 
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
-3.10% 4.78% -0.08% 9.07% 0.48%
Bloomberg Barclays U.S. Corporate High Yield Bond TR Hgd EUR+ 1.25% -1.09% 5.49% 1.43% 12.13% 1.81%
Cumulative & Annualised Performance (%)
As of 30/06/2020
A2 HEUR (Net) Bloomberg Barclays U.S. Corporate High Yield Bond
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
31/12/1999
A2 HEUR (Net) 0.58% -7.09% -4.92% -1.43% 0.19% 3.33% 4.68%
Bloomberg Barclays U.S. Corporate High Yield Bond 0.91% -4.68% -2.32% 0.65% 2.57% 5.36% 5.81%
 
  Annualised
3YR 5YR 10YR Since Inception
31/12/1999
A2 HEUR (Gross) - 2.14% 5.35% 6.73%
Bloomberg Barclays U.S. Corporate High Yield Bond TR Hgd EUR+ 1.25% - 3.85% 6.67% 7.13%
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 31/12/2019)
1.91%

Portfolio

Top Holdings (As of 30/06/2020)
% OF FUND
General Electric Co, 5.00%, 01/20/66 1.82
ARD Finance SA, 6.50%, 06/30/27 1.57
Allegheny Technologies Inc, 7.88%, 08/15/23 1.41
Altice France SA/France, 7.38%, 05/01/26 1.36
CCO Holdings LLC / CCO Holdings Capital Corp, 5.12%, 05/01/27 1.31
First Quantum Minerals Ltd, 7.25%, 04/01/23 1.28
Altice France Holding SA, 10.50%, 05/15/27 1.16
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 1.00
Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 5.75%, 03/01/25 0.95
Ford Motor Co, 9.00%, 04/22/25 0.90
Total 12.76

Documents

  • 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 is not a guide to future performance.
  • 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. This risk is generally 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.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • 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.
  • The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets. These transaction costs are in addition to the Fund's Ongoing Charges.
  • Some or all of the Annual Management Charge and other costs of the Fund may be taken from capital, which may erode capital or reduce potential for capital growth.
  • The Fund may invest in contingent convertible bonds (CoCos), which 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 of the issuer or to be partly or wholly written off.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • 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.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • 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.
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