ASI Investment Grade Corporate Bond P1

Aims to maintain high level of income whilst providing security of capital.

  • 62.89p
    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.

  • 80.55p
    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!

  • 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).

  • 0.65%
    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.

  • 2.40%
    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 15 January 2021

Fund summary

Sector £ Corporate Bond
Structure OEIC
Launched May, 2012
Size £393m
Yield 2.40%
Charging basis Income
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 0.50%
Ongoing charges figure 0.65%

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Investment process

The fund will achieve its objective by investing in corporate bonds with at least an investment grade rating according to Moody's, S&P's or an equivalent agency. The fund may also hold unrated assets such as debentures and structured bonds, which the manager assesses to be of a similar quality to offically rated investment grade credits. The Standard Life's equity team's "black box" system, the Matrix is utilised during the investment process, providing a score on company's fundamentals and acting as an initial filter for the focus of the team's research.

Manager research

Average monthly relative returns

  • 16/17 -0.34%
  • 17/18 -0.05%
  • 18/19 0.00%
  • 19/20 -0.18%
  • 20/21 -0.17%

Bestinvest MRI

  • 3 years -0.12%
  • 5 years -0.15%
  • Career -0.19%
  • 3 years 20.10%
  • 5 years 10.00%
  • Career 4.60%

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

Daniel Mckernan / Mark Munro

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. Munro joined Standard Life Investments as an Investment Director in 2013. He was previously an Investment Manager in the Credit Team at Scottish Widows Investment Partnership, with responsibility for a number of institutional funds. Munro began his career in 2009 as a graduate trainee on the UK equity desk at SWIP. He graduated from the University of Edinburgh with an LLB Honours in Law and is also a CFA Charterholder.

Track record

Daniel Mckernan / Mark Munro has 6.8 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 - April 2020) there was a decline of 15% relative to the index. The worst absolute loss has been 8%.

Periods of worst performance

Absolute -8.00% (January 2020 - March 2020)
Relative -15.00% (March 2014 - April 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

Corporate Bonds 42.00%
Financials 41.00%
Asset/Mortgage-Backed Securities 16.00%
Others 1.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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