Fixed Interest Monthly Income Fund

A monthly paying income fund, which is one of the oldest bond funds in the UK

ISIN
GB00B62HVR46

NAV
EUR 3.08
As of 18/09/20

1-Day Change
EUR 0.00 (0.00%)
As of 18/09/20

Morningstar Analyst Rating
Morningstar Analyst Rating				Silver


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

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 is not a guide to future performance. 
 

PORTFOLIO MANAGEMENT

Jenna Barnard, CFA

Co-Head of Strategic Fixed Income | Portfolio Manager

Industry since 2001. Joined Firm in 2002.

John Pattullo

Co-Head of Strategic Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 1997.

Nicholas Ware

Portfolio Manager

Industry since 1998. Joined Firm in 2009.

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 30/06/20
A Inc EUR IA Sterling Strategic Bond
 
Quarter End
As of 30/06/20
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
2.37% 6.99% -1.89% 9.43% 1.76%
IA Sterling Strategic Bond - - - - -

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.

Cumulative & Annualised Performance (%)
As of 31/08/20
A Inc EUR (Net)
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
04/05/12
A Inc EUR (Net) 0.19% 3.07% 3.15% 3.28% 4.24% - 5.20%

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.

FEE INFORMATION
Initial Charge 4.25%
Annual Charge 1.25%
Ongoing Charge
(As of 01/03/20)
1.38%

Portfolio

Top Holdings (As of 31/08/20)
% OF FUND
Nationwide Building Society 1.94
Co-operative Group 2011 7.50% 2026 1.88
Service Corp International 4.625% 2027 1.81
Phoenix Group 6.625% 2025 1.69
IQVIA 5.00% 2026 1.68
Tesco 5.50% 2033 1.57
Scottish Widows 7.00% 2043 1.48
Equinix 3.20% 2029 1.21
TransDigm 6.25% 2026 1.18
Galaxy Bidco 6.50% 2026 1.14

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.
  • The Fund may use derivatives towards the aim of achieving its investment objective. This can result in 'leverage', which can magnify an investment outcome and gains or losses to the Fund may 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 currency hedged share class of the Fund (with ‘Hedged’ in its name), seeks to mitigate (hedge) exchange rate movements of a currency relative to the Fund’s base currency, the hedging strategy itself may create a positive or negative impact to the value of the Fund due to differences in short-term interest rates between the currencies.
  • When the Fund, or a currency hedged share class of the Fund (with ‘Hedged’ in its name), seeks to mitigate (hedge) exchange rate movements of a currency relative to the Fund’s base currency, the hedging strategy itself may create a positive or negative impact to 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 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 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.
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