Aegon High Yield Bond A

  • 48.40p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 135.54p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 4.50% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.25%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.29%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 4.30%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 17 September 2020, fund data last updated 11 March 2003

A core global high yield corporate bond fund focusing on US, euro and £ HYB markets. Relative to other 'global' corporate HYB mandates this fund will generally tend to be less US centric. The fund seeks to deliver 2nd quartile returns on a rolling 12 month basis within the IA high yield bond peer group. All non sterling exposure is hedged back to sterling. The two investment principals have worked together on the mandate since 2003.

Fund summary

Sector £ High Yield
Structure OEIC
Launched
Size £362m
Yield 4.30%
Charging basis Capital
Dividends paid Last day of each month

Charges

Standard initial charge 4.50%
Initial charge via Bestinvest 0.00%
Annual management charge 1.25%
Ongoing charges figure 1.29%

Allocation

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Investment process

The investment process begins with the a formation of a macro view which is formally reviewed on a monthly basis. This is followed by discussions on sector and security specifics. Security selection is based around a quadrant analysis framework which seeks to rate securities on basis of fundamentals, valuation, technicals, and sentiment. Relative to peer group the fund has more of a top down construction bias, that said security selection has historically also been an important driver of returns. The fund mandate provides for the use of credit derivatives for investment purposes - either as a replacement for cash securities or to control risk of loss. The fund has no prescribed minimum exposures to the US high yield corporate bond market which can be characteristic of some global HYB mandated funds.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

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Relative 0.00% ()

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Sector breakdown

Cyclical Consumer Goods 23.00%
Communications 12.00%
Capital Goods 11.00%
Non-Cyclical Consumer Goods 11.00%
Money Market 8.00%
Banks 8.00%
Energy 8.00%
Transport 5.00%
Basic Industries 3.00%
Other Financial 2.00%

Portfolio

Approx 100 names. max position size 2%. special situations 0.5-1%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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