Aviva Investors Higher Income Plus 1

Provides a high monthly income by investing in high and low quality bonds.

  • 53.48p
    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?

  • 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).

  • 1.00%
    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.

  • 2.80%
    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 data last updated 01 August 2002

Fund summary

Sector £ Strategic Bond
Structure OEIC
Launched October, 1999
Size £381m
Yield 2.80%
Charging basis Income
Dividends paid 15th day of each month

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 1.00%

Allocation

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Investment process

Manager research

Average monthly relative returns

  • 15/16 -0.29%
  • 16/17 -0.04%
  • 17/18 0.01%
  • 18/19 -0.17%
  • 19/20 -0.07%

Bestinvest MRI

  • 3 years -0.08%
  • 5 years -0.11%
  • Career -0.12%
  • 3 years 39.40%
  • 5 years 17.40%
  • Career 9.30%

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

Christopher Higham

Higham rejoined Morley in September 2008 from Old Mutual Asset Managers where he worked as a fund manager since June 2005. He co-managed the AA rated Old Mutual Dynamic Bond fund and deputy managed the Old Mutual Corporate Bond fund. He previously worked at Morley from September 1999 as a credit analyst.

Track record

Christopher Higham has 12.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.12%. During the worst period of relative performance (from May 2008 - August 2020) there was a decline of 17% relative to the index. The worst absolute loss has been 23%.

Periods of worst performance

Absolute -23.00% (April 2008 - March 2009)
Relative -17.00% (May 2008 - August 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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Top 10 holdings

Data accurate as at 31 July 2020

9.18% Aviva Investors Em Mkts Bd Zqh Eur Inc
1.97% Legal & General Group Plc 0% 23/07/2041
1.9% United Kingdom Of Great Britain And Northern Ireland 4.5% 07/12/2042
1.62% Barclays Bank Plc 10% 21/05/2021
1.5% Electricite De France Sa 6.12% 02/06/2034
1.5% Virgin Media Secured Finance Plc 5% Bds 15/04/27 Gbp1000
1.43% Mitchells & Butlers Plc 6.469% Bds 15/12/32 Gbp1000 C
1.36% Telecom Italia Spa(New) 5.875% Bds 19/05/23 Gbp(Var)
1.35% Hsbc Hldgs 6.75% Subord Nts 11/09/28 Gbp50000
Source: Trustnet

Sector breakdown

Others 24.00%
Communications 22.00%
Banks 15.00%
Cyclical Consumer Goods 8.00%
Non-Cyclical Consumer Goods 7.00%
Insurance 6.00%
Electricity Supply 5.00%
Government Agency Bonds 5.00%
Government Bonds 5.00%
Government Bonds 4.00%

Portfolio

Around 140 stocks are held, in order to gain diversification given the size of the fund.

Constraints

UK Investment Grade Debt is limited to 30-60%, with UK/European High Yield limited to 25-60% and Emerging Market Debt limited to 0-20% of the portfolio.

Key Investor Information

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