Aviva Investors Managed High Income SC 1

A hybrid bond fund investing globally in high yield, emerging market and quality debt.

  • 52.07p
    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?

  • 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!

  • 1.25%
    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).

  • 1.39%
    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.

  • 3.20%
    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 11 December 2019, fund data last updated 14 July 2006

This is a hybrid bond fund investing across UK Investment Grade, UK/European & US High Yield and Emerging Market Debt. At least 30% of the portfolio will be invested in quality bonds. The asset mix of this portfolio is designed to provide investors with a higher income whilst diversifying risk.

Fund summary

Sector £ Strategic Bond
Structure OEIC
Launched April, 1989
Size £134m
Yield 3.20%
Charging basis Income
Dividends paid 27th day of each month

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.25%
Ongoing charges figure 1.39%

Allocation

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Investment process

The objective of the fund is to provide diversification across international fixed income securities and a high monthly income. Unusually the high yield element is supplemented by the fund's ability to invest within US High Yield and Emerging Market debt. The portfolio consists of a selection of best ideas recommended by Morley Asset Management's specialist fixed income teams. All non sterling currency exposure is hedged. The performance data prior to April 2002 requires careful interpretation due to a change in the fund's mandate.

Manager research

Average monthly relative returns

  • 14/15 -0.03%
  • 15/16 -0.28%
  • 16/17 -0.07%
  • 17/18 -0.01%
  • 18/19 -0.14%

Bestinvest MRI

  • 3 years -0.07%
  • 5 years -0.11%
  • Career -0.13%
  • 3 years 33.70%
  • 5 years 14.70%
  • Career 7.90%

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 11.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.13%. During the worst period of relative performance (from May 2008 - July 2019) there was a decline of 16% relative to the index. The worst absolute loss has been 23%.

Periods of worst performance

Absolute -23.00% (April 2008 - March 2009)
Relative -16.00% (May 2008 - July 2019)

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 2019

2.46% Uk Conv Gilt
2.33% Hsbc Hldg. Plc
2.05% Telecom Italia Spa
1.78% Legal & General Grp. Plc
1.7% Imperial Brands Fin. Plc
1.7% Lloyds Bank Plc
1.6% Virgin Media Secured Fin. Plc
1.59% Rac Bond Co. Plc
1.54% Altice S.a.
1.52% Aviva Plc
Source: Trustnet

Sector breakdown

Others 25.00%
Communications 18.00%
Banks 11.00%
Government Bonds 10.00%
Non-Cyclical Consumer Goods 8.00%
Cyclical Consumer Goods 8.00%
Insurance 6.00%
Energy 5.00%
Asset/Mortgage-Backed Securities 5.00%
Electricity Supply 4.00%

Portfolio

The portfolio will consist of about 140 issues.

Constraints

Permitted asset class ranges: UK Investment Grade Debt 30-60%, UK/European & US High Yield limited to 25-60% and Emerging Market Debt 0-20%.

Key Investor Information

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