Index-Linked Bond Fund

ISIN
GB0007460032

NAV
GBP 541.20p
As of 18/09/20

1-Day Change
GBP 3.30p (0.61%)
As of 18/09/20


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 an income with the potential for capital growth over the long term.
Performance target: To outperform the FTSE Actuaries UK Index-Linked Gilts greater than 5 years to maturity Index by 0.75% 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 UK index-linked government bonds (also known as index-linked gilts) of any maturity. (Index-linked bonds pay interest which increases in line with inflation, while their capital values are not directly related to inflation and may fall in value.)
The Fund may also hold other assets including bonds of other types from any issuer, cash and money market instruments
, Collective Investment Schemes (including those managed by Janus Henderson), cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) 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 FTSE Actuaries UK Index-Linked Gilts greater than 5 years to maturity 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.
As an additional means of assessing the performance of the Fund, the IA UK Index Linked Gilts sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.

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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.

PORTFOLIO MANAGEMENT

Andrew Mulliner, CFA

Head of Global Aggregate Strategies | Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Bethany Payne, CFA

Portfolio Manager

Industry since 2006. Joined Firm in 2006.

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 FTSE Actuaries UK Index-Linked Gilts greater than 5 years to maturity Index IA UK Index Linked Gilts
  
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
12.21% 8.52% 0.89% 7.57% 14.59%
FTSE Actuaries UK Index-Linked Gilts greater than 5 years to maturity Index 11.95% 9.09% 2.01% 7.12% 17.04%
IA UK Index Linked Gilts 11.21% 8.99% 1.88% 6.73% 15.25%
 
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
13.24% 9.51% 1.81% 8.55% 15.78%
FTSE Actuaries UK Index-Linked Gilts over 5 years to maturity + 0.75% 12.79% 9.90% 2.78% 7.92% 17.92%

Index Description

The FTSE Actuaries UK Index-Linked Gilts (greater than 5 years to maturity) Index is a measure of the combined performance of index-linked bonds issued by the British government with greater than 5 years to maturity. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

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) can be a useful performance comparison against other funds with similar aims.

Cumulative & Annualised Performance (%)
As of 31/08/20
A Inc (Net) FTSE Actuaries UK Index-Linked Gilts greater than 5 years to maturity Index IA UK Index Linked Gilts
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
08/02/94
A Inc (Net) -5.82% 8.63% -4.81% 3.78% 6.66% 7.57% 6.40%
FTSE Actuaries UK Index-Linked Gilts greater than 5 years to maturity Index -4.93% 8.88% -1.78% 4.81% 7.86% 8.67% 7.42%
IA UK Index Linked Gilts -5.46% 7.85% -4.07% 4.09% 6.91% 7.61% 6.53%
 
  Annualised
3YR 5YR 10YR Since Inception
08/02/94
A Inc (Gross) - 7.65% 8.68% 7.44%
FTSE Actuaries UK Index-Linked Gilts over 5 years to maturity + 0.75% - 8.67% 9.48% 8.22%

Index Description

The FTSE Actuaries UK Index-Linked Gilts (greater than 5 years to maturity) Index is a measure of the combined performance of index-linked bonds issued by the British government with greater than 5 years to maturity. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

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) can be a useful performance comparison against other funds with similar aims.

FEE INFORMATION
Initial Charge 4.00%
Annual Charge 0.65%
Ongoing Charge
(As of 31/12/19)
0.91%

Portfolio

Top Holdings (As of 31/08/20)
% OF FUND
United Kingdom Gilt Inflation Linked 1.25% 2055 5.71
United Kingdom Gilt Inflation Linked 0.375% 2062 5.62
United Kingdom Gilt Inflation Linked 0.125% 2068 5.62
United Kingdom Gilt Inflation Linked 0.125% 2044 5.22
United Kingdom Gilt Inflation Linked 1.125% 2037 5.16
United Kingdom Gilt Inflation Linked 0.75% 2034 5.10
United Kingdom Gilt Inflation Linked 0.625% 2040 4.96
United Kingdom Gilt Inflation Linked 0.50% 2050 4.93
United Kingdom Gilt Inflation Linked 0.125% 2029 4.93
United Kingdom Gilt Inflation Linked 0.25% 2052 4.56

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.
  • 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 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.
  • 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 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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