ASI Higher Income R

Invests primarily in higher yielding bonds and some quasi equity securities.

  • 49.83p
    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.

  • 145.60p
    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!

  • 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).

  • 1.10%
    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.

  • 4.00%
    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 23 November 2020, fund data last updated 01 August 2003

Fund summary

Sector £ High Yield
Structure OEIC
Launched February, 2000
Size £341m
Yield 4.00%
Charging basis Income
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.10%

Allocation

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Investment process

The objective of this fund is to offer a high level of income with capital preservation being of secondary importance. Credit analysis is fundamental, with each bond assessed in terms of both business and financial risks. Business risk assesses the product, management and competitive position whilst financial risks are considered to be cash flow cover, cash flow projection, profitability and capitalisation. Unrated bonds may be held if considered to be a simple stable business that would find it uneconomic to pay for the rating.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.02%
  • 17/18 0.07%
  • 18/19 0.12%
  • 19/20 -0.16%

Bestinvest MRI

  • 3 years 0.01%
  • 5 years 0.00%
  • Career -0.19%
  • 3 years 61.30%
  • 5 years 0.00%
  • Career 30.50%

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

Fraser Duff

Fraser Duff joined Standard Life Investments in 2011 and is an Investment Director in the Credit team. Previously, Duff spent four years at Lehman Brothers as analyst and industry specialist for the Healthcare, Pharmaceuticals, and Chemicals sectors. Duff has 12 years’ experience in the industry, is a CFA Charterholder, a Chartered Accountant (CA) and holds a PhD in synthetic organic chemistry from Heriot-Watt University.

Track record

Fraser Duff has 4.5 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 May 2016 - August 2017) there was a decline of 16% relative to the index. The worst absolute loss has been 13%.

Periods of worst performance

Absolute -13.00% (January 2020 - March 2020)
Relative -16.00% (May 2016 - August 2017)

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

Telecom, Media & Technology 26.00%
Financials 16.00%
Industrials 13.00%
Services 10.00%
Consumer Services 8.00%
Money Market 8.00%
Industrials 8.00%
Industrials 4.00%
Food, Beverages and Tobacco 4.00%
Transport 3.00%

Portfolio

Around 55 stocks are held, with an average credit rating of single B. 25% of the fund is held in unrated bonds and debentures. The mandate of this fund also enables it to hold emerging market debt.

Key Investor Information - Income

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Key Investor Information - Accumulation

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