For professional investors in Mexico

High Yield Fund

A high-conviction active high-yield portfolio that focuses on taking the appropriate amount of risk throughout the credit cycle

ISIN
IE0009530639

NAV
EUR 31.29
As of 02/12/2021

1-Day Change
EUR 0.05 (0.16%)
As of 02/12/2021


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 with the potential for some capital growth over the long term.
Performance target: To outperform the Bloomberg U.S. Corporate High Yield Bond Index by 1.25% 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 US high yield (non-investment grade, equivalent to BB+ rated or lower) corporate bonds, issued by companies or any other type of issuer.
The Fund may also hold other assets including bonds of other types from any issuer, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund.
The Fund is actively managed with reference to the Bloomberg U.S. Corporate High Yield Bond 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, but at times the Fund may hold investments similar to the index.

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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

  • High Conviction: We believe a high-conviction approach is essential to unlocking competitive excess returns and monitoring high-yield risk for our clients. We are focused on taking the appropriate amount of risk throughout the credit cycle by actively managing market exposure and portfolio composition.
  • Research Driven: Our analysts cover issuers across the credit-quality spectrum and capital structure, enabling a complete picture of fundamental credit risk. Analysts function as sector experts and risk managers alongside portfolio managers to identify potential outperformers.
  • Global Resources: This U.S. strategy benefits from our team of global credit experts. Instead of separate teams, we operate as one team globally looking at companies.
Past performance is not a guide to future performance. 
 

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

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 30/09/2021
A2 HEUR (Net) Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR
  
Sep-2020 - Sep-2021 Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017
A2 HEUR (Net) 10.01 -1.27 2.17 -2.22 4.46
Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR 10.23 1.14 3.04 0.44 6.84
 
Sep-2020 - Sep-2021 Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017
A2 HEUR (Gross) 12.09 0.63 4.13 -0.30 6.53
Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR+ 1.25% 11.61 2.41 4.34 1.69 8.17
Cumulative & Annualised Performance (%)
As of 31/10/2021
A2 HEUR (Net) Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
31/12/1999
A2 HEUR (Net) -0.57 2.77 9.05 4.06 2.37 3.40 5.02
Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR -0.23 3.69 9.49 5.32 4.18 5.35 6.10
 
  Annualised
3YR 5YR 10YR Since Inception
31/12/1999
A2 HEUR (Gross) - 4.35 5.42 7.07
Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR+ 1.25% - 5.48 6.67 7.42
CALENDAR YEAR RETURNS (%)
A2 HEUR (Net) Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR
2016 2017 2018 2019 2020
A2 HEUR (Net) 9.75 2.43 -6.85 10.01 3.19
Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR 15.31 5.42 -4.85 10.91 5.29
 
2016 2017 2018 2019 2020
A2 HEUR (Gross) 11.92 4.46 -5.03 12.11 5.18
Bloomberg U.S. Corporate High Yield Bond TR Hgd EUR+ 1.25% 16.75 6.73 -3.66 12.29 6.61
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 30/06/2021)
1.88%

Portfolio

Top Holdings (As of 31/10/2021)
% OF FUND
ARD Finance SA, 6.50%, 06/30/27 1.21
Mozart Debt Merger Sub Inc, 5.25%, 10/01/29 1.10
Bausch Health Cos Inc, 5.00%, 01/30/28 0.99
Standard Industries Inc/NJ, 3.38%, 01/15/31 0.94
Clarivate PLC 0.91
Ford Motor Co, 7.45%, 07/16/31 0.88
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp, 5.62%, 09/01/29 0.87
CoreLogic Inc, 4.50%, 05/01/28 0.86
Cargo Aircraft Management Inc, 4.75%, 02/01/28 0.86
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp, 5.88%, 09/01/31 0.80
Total 9.42

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.
  • 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.
  • 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 may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets. These transaction costs are in addition to the Fund's Ongoing Charges.
  • 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 may invest in contingent convertible bonds (CoCos), which can fall sharply in value if the financial strength of an issuer weakens and a predetermined trigger event causes the bonds to be converted into shares of the issuer or to be partly or wholly written off.
  • 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.
  • Information on compliance with EU sustainable related disclosures can be found here.
  • 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.
  • Summary of Investor rights