fund
BNY Mellon International Bond W
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118.29p
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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132.16p
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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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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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).
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0.57%
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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1.30%
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…
A total return fixed income fund investing primarily in the wealthiest (G8) government debt and other public securities. Value is added by adjusting the fund's profile with respect to regional exposure, duration and yield curve positions and currency exposure. I.e. a combination of strategic and tactical timing. At anyone time the manager will seek to minimise downside risk, whilst at the same time achieve out performance of peer group funds and its reference benchmark the JPM Global Government Bond Index.
Fund summary
| Sector | Global Bonds |
| Structure | OEIC |
| Launched | |
| Size | £467m |
| Yield | 1.30% |
| Charging basis | Income |
| Dividends paid | 28 Feb, 31 Aug |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Annual management charge | 0.50% |
| Ongoing charges figure | 0.57% |
Allocation
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Investment process
The aim is to maximise total return from income and capital growth from the world's sovereign bond and currency markets. The bonds held are typically those of OECD (typically large developed economies) countries or of supranational quality. The fund consists of an actively managed portfolio of bonds denominated in different currencies. Currency hedging may be undertaken to reduce currency specific risk and prevent it from dominanting portfolio returns, however at the same time it is viewed as a source of potential return. The manager also aims to add value through active duration management, yield curve positioning, and country selection. I.e. a combination of strategic and tactical timing. The investment process may utilise derivatives to implement some of these strategies. The investment team will conduct backward looking statistical analysis, test portfolios under various future scenarios and attach probabilities to these outcomes occurring.
This fund was previously on Bestinvest's buy list when it was under the stewardship of the well regarded Stewart Cowley back in 2008. And whilst the current manager has many years of experience operating in the global sovereign debt and currency markets,we have stronger conviction with some other fund managers, operating in the international bond space.
Manager research
Average monthly relative returns
- 16/17 0.00%
- 17/18 0.00%
- 18/19 0.00%
- 19/20 0.00%
- 20/21 0.00%
Bestinvest MRI
- 3 years 0.00%
- 5 years 0.00%
- Career 0.00%
- 3 years 0.00%
- 5 years 0.00%
- Career 0.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Track record
Periods of worst performance
| Absolute | 0.00% () |
| Relative | 0.00% () |
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
| Government Bonds | 54.00% |
| Others | 15.00% |
| Government Index Linked | 9.00% |
| Government Agency Bonds | 7.00% |
| Government Guaranteed | 7.00% |
| Money Market | 6.00% |
| Floating Rate Notes | 3.00% |
Portfolio
The portfolio typically holds 20-30 bonds.