Allianz Gilt Yield C

Entirely invested in UK Government bonds.

  • 187.92p
    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.

  • -
    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?

  • 4.00% 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!

  • 0.50%
    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).

  • 0.53%
    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.

  • 1.20%
    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 13 December 2019, fund data last updated 31 January 2003

A portfolio of UK government issued debt held to provide a high level of income. Now managed by Allianz Global Investors.

Fund summary

Sector UK Gilt
Structure OEIC
Launched May, 2002
Size £2,215m
Yield 1.20%
Charging basis Capital
Dividends paid 30 Apr, 31 Oct

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.50%
Ongoing charges figure 0.53%

Allocation

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Investment process

The objective of the fund is to provide a high level of income by investing in UK Government issued bonds. The manager will look to provide outperformance of the UK Gilt Market through strategic positioning determined by prevailing economic conditions. They will take relative weights against the index in terms of long or short dated issues and long or short duration.

Manager research

Average monthly relative returns

  • 14/15 0.35%
  • 15/16 0.22%
  • 16/17 -0.20%
  • 17/18 -0.24%
  • 18/19 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.07%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 91.80%

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

Mike Riddell

Riddell joined M&G’s fixed income team in 2003, originally as a portfolio analyst. In March 2010, he was promoted to fund manager of the M&G Emerging Markets Bond Fund, the M&G International Sovereign Bond Fund and the M&G Index-Linked Bond Fund. Prior to joining M&G, Riddell worked as an assistant portfolio manager at Premier Asset Management within the private client department, covering both equities and fixed income. Riddell graduated from Birmingham University in 2001 with a BSc honours in money banking & finance, and passed CFA level 3.

Track record

Mike Riddell has 5.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.07%. During the worst period of relative performance (from March 2013 - May 2014) there was a decline of 7% relative to the index. The worst absolute loss has been 15%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 92%.

Periods of worst performance

Absolute -15.00% (March 2013 - June 2014)
Relative -7.00% (March 2013 - May 2014)

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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Top 10 holdings

Data accurate as at 31 July 2019

14.74% Hm Treasury United Kingdom Dmo 0.625% Principal Strip 07/06/25 Gbp0.01
14.58% Hm Treasury United Kingdom Dmo 1.75% Gilt 07/09/37 Gbp0.01
9.64% Hm Treasury United Kingdom Dmo 3.75% Gilt 07/09/19 Gbp0.01
9.53% Hm Treasury United Kingdom Dmo 1.5% Gilt 22/07/47 Gbp1
9% Hm Treasury United Kingdom Dmo 6% Gilt 2028
8.03% Hm Treasury United Kingdom Dmo 4.5% Gilt 7/12/42 Gbp
5.63% Hm Treasury United Kingdom Dmo 2.5% Gilt 22/07/65 Gbp0.1
5.15% Hm Treasury United Kingdom Dmo 0.125% Idxlk Tsy Gilt 10/08/41 Gbp0.01
4.66% Uk Treas 4.5% 07/09/2034
3.1% Hm Treasury United Kingdom Dmo 3.5% Gilt 22/07/68 Gbp0.01
Source: Trustnet

Sector breakdown

Government Bonds 94.00%
Index Linked 5.00%
Others 2.00%
Government Guaranteed 1.00%

Portfolio

A tight portfolio of around 15 gilts will be held and the duration will be altered to reflect the managers view on influential economic factors.

Key Investor Information

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