Institutional Overseas Bond Fund

ISIN
GB0007673055

NAV
GBP 214.70p
As of 23/10/2020

1-Day Change
GBP 0.30p (0.14%)
As of 23/10/2020

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 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, Collective Investment Schemes (including those managed by Janus Henderson) 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 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.

Nick Maroutsos

Head of Global Bonds | Portfolio Manager

Industry since 1999. Joined Firm in 2015.

Chris Diaz, CFA

Portfolio Manager

Industry since 1997. Joined Firm in 2011.

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 Inc JP Morgan Global Government Bond Ex UK Index IA Global Bonds
  
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
2.05% 15.06% -0.46% -7.20% 27.24%
JP Morgan Global Government Bond Ex UK Index 1.56% 15.10% 1.24% -6.27% 28.88%
IA Global Bonds 2.14% 8.58% 0.38% 0.93% 18.08%
 
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
2.98% 16.11% 0.51% -6.13% 28.72%
JPM GBI Global ex UK TR + 1.00% 2.58% 16.25% 2.25% -5.33% 30.17%

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 30/09/2020
A Inc (Net) JP Morgan Global Government Bond Ex UK Index IA Global Bonds
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
08/02/1998
A Inc (Net) 3.76% 10.83% 2.05% 5.34% 6.65% 2.78% 3.97%
JP Morgan Global Government Bond Ex UK Index 3.59% 10.02% 1.56% 5.77% 7.41% 3.98% 5.56%
IA Global Bonds 1.40% 4.93% 2.14% 3.64% 5.82% 3.65% 4.67%
 
  Annualised
3YR 5YR 10YR Since Inception
08/02/1998
A Inc (Gross) - 7.74% 3.91% 5.02%
JPM GBI Global ex UK TR + 1.00% - 8.48% 5.02% 6.61%

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.

FEE INFORMATION
Initial Charge 4.00%
Annual Charge 0.750%
Ongoing Charge
(As of 30/04/2020)
0.91%

Portfolio

Top Holdings (As of 30/09/2020)
% OF FUND
Mexican Bonos 8.00% 2023 8.89
Italy Certificati di Credito del Tesoro Zero Coupon 2020 4.70
United States Treasury Note 3.875% 2040 4.31
Bundesrepublik Deutschland Bundesanleihe 2029 4.20
Spain Government Bond 5.40% 2023 3.83
Japanese Government CPI Linked Bond 0.10% 2029 3.25
Italy Buoni Poliennali Del Tesoro 0.45% 2021 3.24
United States Treasury Note 0.375% 2025 2.98
French Republic Government Bond OAT 2030 2.96
United States Treasury Note 0.25% 2025 2.92

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 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 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 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.
  • 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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