Institutional Long Dated Gilt Fund

ISIN
GB00B45ZDW09

NAV
GBP 274.30p
As of 19/10/2020

1-Day Change
GBP -2.70p (-0.97%)
As of 19/10/2020

Morningstar Rating


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 Conventional Gilts greater than 15 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 government bonds (also known as gilts), typically with maturities of 15 years or more. (Longer dated bonds are generally more sensitive to changes in interest rates and may at times exhibit significant volatility.)
The Fund may also hold other assets including bonds of other types from any issuer, Collective Investment Schemes (including those managed by Janus Henderson), cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the FTSE Actuaries UK Conventional Gilts greater than 15 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 Sterling Corporate Bond 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 30/09/2020
A Acc FTSE Actuaries UK Conventional Gilts greater than 15 years to maturity Index IA UK Gilts
  
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
6.13% 21.67% 0.52% -9.16% 24.33%
FTSE Actuaries UK Conventional Gilts greater than 15 years to maturity Index 5.22% 22.98% 1.35% -6.30% 23.01%
IA UK Gilts 4.19% 13.85% 0.63% -5.62% 15.18%
 
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
7.12% 22.80% 1.44% -8.33% 25.56%
FTSE Actuaries UK Gilts greater than 15 years to maturity + 0.75% 6.01% 23.90% 2.11% -5.60% 23.93%

Index Description

The FTSE Actuaries UK Conventional Gilts greater than 15 years to maturity Index is a measure of the combined performance of bonds issued by the British government with more than 15 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 30/09/2020
A Acc (Net) FTSE Actuaries UK Conventional Gilts greater than 15 years to maturity Index IA UK Gilts
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
12/08/2011
A Acc (Net) 4.60% 14.18% 6.13% 9.08% 7.95% - 7.78%
FTSE Actuaries UK Conventional Gilts greater than 15 years to maturity Index 2.77% 12.63% 5.22% 9.46% 8.61% - 9.12%
IA UK Gilts 2.56% 8.92% 4.19% 6.08% 5.35% - 5.13%
 
  Annualised
3YR 5YR 10YR Since Inception
12/08/2011
A Acc (Gross) - 8.96% - 8.90%
FTSE Actuaries UK Gilts greater than 15 years to maturity + 0.75% - 9.42% - 9.94%

Index Description

The FTSE Actuaries UK Conventional Gilts greater than 15 years to maturity Index is a measure of the combined performance of bonds issued by the British government with more than 15 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 31/12/2019)
0.94%

Portfolio

Top Holdings (As of 30/09/2020)
% OF FUND
United Kingdom Gilt 1.75% 2037 8.70
United Kingdom Gilt 1.50% 2047 6.26
United Kingdom Gilt 3.25% 2044 6.07
United Kingdom Gilt 4.25% 2055 5.47
United Kingdom Gilt 4.00% 2060 5.04
United Kingdom Gilt 2.50% 2065 4.72
United Kingdom Gilt 1.75% 2057 4.54
United Kingdom Gilt 3.50% 2068 4.18
United Kingdom Gilt 3.75% 2052 4.04
United Kingdom Gilt 4.50% 2042 4.00

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 or are expected to rise. This is especially true for bonds with a longer time to maturity. A high portion of this fund is invested in longer maturity bonds and so rising interest rates can pose a significant risk to capital.
  • 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, 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.
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