JPM Global High Yield Bond A

Invests primarily in US high yield corporate bonds rated BB and B.

  • 34.23p
    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.

  • 118.10p
    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?

  • 3.50% 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!

  • 1.10%
    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).

  • 1.28%
    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.

  • 4.50%
    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 18 September 2020, fund data last updated 01 August 2002

A high yield corporate bond fund investing in global corporate debt securities rated below investment grade, with a focus on the US market. The fund's reference benchmark is the Merrill Lynch High Yield Master II Constrained Index. The fund is managed form JP Morgan's US offices. All non sterling currency exposure is hedged.

Fund summary

Sector £ High Yield
Structure OEIC
Launched September, 1999
Size £144m
Yield 4.50%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct

Charges

Standard initial charge 3.50%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.10%
Ongoing charges figure 1.28%

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Investment process

Investment process includes: covenant analysis, capital structure relative value analysis, industry / peer relative value analysis and broad market relative value analysis.

Manager research

Average monthly relative returns

  • 15/16 -0.97%
  • 16/17 0.13%
  • 17/18 0.41%
  • 18/19 -0.33%
  • 19/20 -0.25%

Bestinvest MRI

  • 3 years -0.06%
  • 5 years -0.20%
  • Career -0.12%
  • 3 years 48.80%
  • 5 years 27.10%
  • Career 39.70%

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

Rob Cook / Tom Hauser

Robert Cook, managing director, is head of the Fixed Income High Yield Team. An employee since 2004, he was most recently co-head of the fixed income investment process at 40|86 Advisors, where he was responsible for managing high yield total return assets and was the director of credit research. Prior to joining 40|86 in 1994, he worked at PNC Bank's investment banking division in Pittsburgh, where he was involved with syndicated loans, M&A, private placements and structured products. Robert earned a BS in finance from Indiana University and is a CFA charterholder. Thomas Hauser, vice president, is responsible for co-managing high yield total return assets as well as overseeing the high yield trading effort. Previously, he was a vice president with 40|86 Advisors (formerly Conseco Capital Management) where he was o-portfolio manager on three mutual funds and co-head of the firm's Collateralized Bond Obligation (CBO) Group. Prior to joining 40|86 Advisors in 2001, he had been with Van Kampen Investments since 1993, where he was a vice president responsible for co-managing several high yield mutual funds and was head of the high yield trading desk. He graduated from Miami University with a BS in finance. He is a Chartered Financial Analyst and a member of the Indianapolis Society of Financial Analysts.

Track record

Rob Cook / Tom Hauser has 15.2 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 2007 - June 2020) there was a decline of 30% relative to the index. The worst absolute loss has been 35%.

Periods of worst performance

Absolute -35.00% (May 2008 - November 2008)
Relative -30.00% (May 2007 - June 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

1.4% Sprint Capital Corp 8.75% Bds 15/3/32 Usd1000`144a`
1.3% Cco Hldgs Llc/Cap Corp 5.75% Bds 15/02/26 Usd1000
1% Dish Dbs Corp 5.875% Bds 15/11/24 Usd1144a
1% Hca Inc 5.375% Bds 01/02/25 Usd2000
1% T-Mobile Usa 6.500% 15/01/26
.9% Sprint 7.620% 15/02/25
.8% Bausch Health 9.000% 15/12/25
.8% Hca 5.880% 15/02/26
.7% Reichhold Cayman 0.000% 19/08/20
.6% Tenet Healthcare Corp 4.875% Bds 01/01/26 Usd2000
Source: Trustnet

Sector breakdown

Money Market 22.00%
Health Care 11.00%
Media 10.00%
Telecommunications 9.00%
Energy 7.00%
Basic Industries 6.00%
Leisure 6.00%
Automotive 5.00%
Consumer Goods 4.00%
Services 4.00%

Portfolio

Normal issuer maximum: No more than 1.5% more than index weight. (e.g. 2.0% position vs. 0.5% index weight) Typical portfolio has 125 – 175 securities. Sector exposure is a function of security selection opportunities. Max sector exposure: <2x index weight.

Key Investor Information - Income

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Key Investor Information - Accumulation

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