fund
ASI Investment Grade Corporate Bond R
Aims to maintain high level of income whilst providing security of capital.
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68.16p
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.
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176.50p
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?
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4.00% 0.00%
Initial chargeSome 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!
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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).
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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.
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2.00%
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…
Fund summary
| Sector | £ Corporate Bond |
| Structure | OEIC |
| Launched | July, 1995 |
| Size | £393m |
| Yield | 2.00% |
| 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 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% |