For individual investors in the UK

Institutional Overseas Bond Fund

ISIN
GB0007673055

NAV
GBP 191.30p
As of 01/07/2022

1-Day Change
GBP 2.00p (1.06%)
As of 01/07/2022


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 JP Morgan Global Government Bond Ex UK Index by 1% 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 overseas (non-UK) bonds of any quality, including high yield (non-investment grade) bonds, issued by governments, public authorities and international organisations.
The Fund may also hold other assets including bonds of other types from any issuer and cash.
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 JP Morgan Global Government Bond Ex UK 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 Global Bonds 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 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.

PORTFOLIO MANAGEMENT

Andrew Mulliner, CFA

Head of Global Aggregate Strategies | Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Ales Koutny, CFA

Portfolio Manager

Industry since 2013. Joined Firm in 2015.

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 (%)
As of 31/03/2022
A Inc (Net) JPM GBI Global ex UK TR IA Global Government Bond
  
Mar-2021 - Mar-2022 Mar-2020 - Mar-2021 Mar-2019 - Mar-2020 Mar-2018 - Mar-2019 Mar-2017 - Mar-2018
A Inc (Net) -2.50 -8.38 13.03 4.60 -5.82
JPM GBI Global ex UK TR -2.43 -10.10 12.96 6.79 -4.43
IA Global Government Bond -3.40 -4.42 7.81 4.09 -2.82
 
Mar-2021 - Mar-2022 Mar-2020 - Mar-2021 Mar-2019 - Mar-2020 Mar-2018 - Mar-2019 Mar-2017 - Mar-2018
A Inc (Gross) -1.59 -7.53 14.06 5.56 -4.79
JPM GBI Global ex UK TR + 1.00% -1.46 -9.21 14.10 7.86 -3.48

Index Description

The JP Morgan Global Government Bond (Ex UK) Index is a measure of the combined performance of bonds issued by governments (excluding the UK). 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 31/05/2022
A Inc (Net) JPM GBI Global ex UK TR IA Global Government Bond
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
02/10/2000
A Inc (Net) -0.10 -4.05 -2.16 -1.76 -0.17 0.90 3.01
JPM GBI Global ex UK TR -0.21 -4.18 -2.13 -2.23 0.13 1.79 4.45
IA Global Government Bond -0.07 -5.07 -4.58 -1.87 -0.14 1.51 3.64
 
  Annualised
3YR 5YR 10YR Since Inception
02/10/2000
A Inc (Gross) - 0.78 1.97 4.05
JPM GBI Global ex UK TR + 1.00% - 1.13 2.81 5.50

Index Description

The JP Morgan Global Government Bond (Ex UK) Index is a measure of the combined performance of bonds issued by governments (excluding the UK). 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.

Calendar Year Returns (%)
As of 31/12/2021
A Inc (Net) JPM GBI Global ex UK TR IA Global Government Bond
2021 2020 2019 2018 2017
A Inc (Net) -5.74 7.07 2.40 3.42 -4.07
JPM GBI Global ex UK TR -5.66 6.07 1.55 5.90 -2.74
IA Global Government Bond -5.32 5.63 3.39 2.69 -1.13
 
2021 2020 2019 2018 2017
A Inc (Gross) -4.85 8.05 3.33 4.36 -2.96
JPM GBI Global ex UK TR + 1.00% -4.72 7.13 2.56 6.97 -1.77

Index Description

The JP Morgan Global Government Bond (Ex UK) Index is a measure of the combined performance of bonds issued by governments (excluding the UK). 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.

Calendar Year Returns (%)
Year A Inc (Net) Index
2021 -5.74 -5.66
2020 7.07 6.07
2019 2.40 1.55
2018 3.42 5.90
2017 -4.07 -2.74
2016 20.84 21.99
2015 1.52 3.19
2014 3.19 6.37
2013 -8.24 -6.41
2012 -4.34 -3.57
2011 5.21 7.44
2010 8.41 9.93
2009 -7.78 -9.73
2008 48.56 58.11
2007 6.49 9.22
2006 -9.26 -7.53
2005 3.88 4.32
2004 -0.10 2.44
2003 4.28 3.03
2002 5.14 7.86
2001 -0.85 1.76
FEE INFORMATION
Initial Charge 4.00%
Annual Charge 0.750%
Ongoing Charge
(As of 31/10/2021)
0.94%

Portfolio

Top Holdings (As of 31/05/2022)
% OF FUND
Japan Government Two Year Bond 0.005% 2023 10.25
Italy Buoni Poliennali Del Tesoro 2022 8.42
United States Treasury Note 2.50% 2027 5.69
Italy Buoni Poliennali Del Tesoro 2023 5.28
Japanese Government CPI Linked Bond 0.10% 2029 3.80
Italy Buoni Poliennali Del Tesoro 0.90% 2022 3.67
Bundesrepublik Deutschland Bundesanleihe 2029 3.42
United States Treasury Note 0.25% 2025 3.33
China Government Bond 2.68% 2030 3.30
Japan Government Ten Year Bond 0.10% 2028 3.30

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 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. This risk is generally greater the longer the maturity of a bond investment.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • 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.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share/unit class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a hedged share/unit class, seeks to mitigate exchange rate movements of a currency relative to the 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.
  • 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.