ASI AAA Income CAT Standard

Invests in the highest quality, AAA rated, bonds.

  • 59.39p
    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.

  • 103.00p
    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?

  • 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!

  • 1.00%
    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).

  • 1.07%
    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.

  • 1.00%
    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 25 November 2020

Fund summary

Sector £ Corporate Bond
Structure OEIC
Launched April, 1999
Size £220m
Yield 1.00%
Charging basis
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.07%

Allocation

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Investment process

A low risk investment with a competitive level of interest, it invests in a portfolio of Sterling fixed interest securities which have a AAA credit rating from independent credit rating agencies, Standard & Poor's and/or Moody's. The manager will look to create performance through moving the fund's position along the yield curve and through switching the portfolio between corporate bonds and UK Gilts.

Manager research

Average monthly relative returns

  • 15/16 -0.37%
  • 16/17 -0.26%
  • 17/18 0.05%
  • 18/19 -0.43%
  • 19/20 -0.08%

Bestinvest MRI

  • 3 years -0.15%
  • 5 years -0.22%
  • Career -0.19%
  • 3 years 34.50%
  • 5 years 17.40%
  • Career 16.10%

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

Daniel Mckernan/ Sebastian Mackay

McKernan joined Standard Life Investments in 2013 as Head of Sterling Investment Grade Credit. He has responsibility for a number of large credit and aggregate bond mandates. McKernan has over 20 years’ investment experience as a fixed income fund manager. He previously worked at Scottish Widows Investment Partnership as Head of European and Sterling Credit. McKernan has also worked at BlackRock, Aegon Asset Management and Norwich Union. He has a BSc degree in banking and international finance from City University, London. Prior to joining Standard Life Investments in 2011, Mackay gained experience at Scottish Widows Investment Partnership (SWIP) in the Aggregate Bond team as an Investment Director. He joined SWIP in August 2000 after spending a year as a dealer in the unit trust department of Scottish Widows. He began his career in 1999 with the Bank of Scotland in the PEP and ISA department. Qualifications include an MA in economics from the University of Edinburgh and an MSc in financial economics from London University.

Track record

Daniel Mckernan/ Sebastian Mackay has 6.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.19%. During the worst period of relative performance (from March 2014 - January 2020) there was a decline of 15% relative to the index. The worst absolute loss has been 5%.

Periods of worst performance

Absolute -5.00% (August 2016 - November 2016)
Relative -15.00% (March 2014 - January 2020)

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

Government Bonds 43.00%
Asset/Mortgage-Backed Securities 23.00%
Financials 12.00%
Government Bonds 8.00%
Corporate Bonds 8.00%
Others 7.00%

Portfolio

The fund will hold between 30-40 positions in its' portfolio.

Key Investor Information - Income

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Key Investor Information - Accumulation

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