Targets income and capital growth by investing primarily in investing grade, sterling-denominated corporate bonds.
Prices as at 17 Aug 2022.
Fund commentary last updated 14 Mar 2022.
Past performance is not an indication of future performance.
Capital at risk.
|Sector||£ Corporate Bond|
|Dividends paid||30 Jun, 31 Dec|
|Standard Initial Charge||0%|
|Initial Charge Via BestInvest||0%|
|Additional Bid/Offer Spread||0%|
|Annual Management Charge||0.5%|
|Ongoing Charges Figure||0.5%|
The fund has an active investment approach based on the judgement of managers Michael Matthews and Tom Hemmant as well as macroeconomic and credit risk analysis and valuation, ESG is also considered in the same way the managers assess any other risk. They make a qualitative judgement in three areas - whether each risk is material to the overall credit risk profile of an issuer, the potential for that risk to increase or decrease as a factor and whether the risk is sufficiently reflected in the price of the fixed income security. The portfolio has three broad buckets including Liquidity. This comprises cash or short-term sovereign instruments. It is not a return-seeking part of the portfolio and is only used to ensure that the fund is readily able to meet redemptions and/or deploy dry powder. The second bucket is Defensive – it is the core of the portfolio and includes investment grade and covered bonds. It typically accounts for 55% to 65% of the portfolio. The third bucket is Credit risk – these bonds are the highest risk element of the portfolio and typically form around 25% of Net Asset Value. These include a large allocation to subordinated bank debt, where yields are higher, albeit this does add volatility to returns.
Past performance is not a guide to future performance. View full risk warning