Mirabaud Global High Yield Bond DH GBP

Core exposure to US and European high yield corporate bond markets.

  • 8892.00p
    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.

  • 12553.00p
    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!

  • 0.60%
    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).

  • 0.86%
    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.

  • 4.90%
    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 22 January 2021

A Luxembourg SICAV offering core, global, high yield corporate bond exposure by investing across US and European credits. The fund will take active regional allocations relative to its reference benchmark the BoAML Global High Yield Index. All non sterling currency exposure is hedged.

Fund summary

Sector Global Bonds
Structure OFFSHORE FUND
Launched January, 2014
Size £187m
Yield 4.90%
Charging basis Income
Dividends paid Jan, Apr, Jul, Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.60%
Ongoing charges figure 0.86%

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Investment process

The investment strategy seeks to harvest the best investment opportunities from both the US high yield and European high yield markets. Value is added through analysis of the top down macro environment, global industry trends and relative value between individual and multi-currency high yield bonds in Europe and the US. Securities are assessed on a fundamental, technical and valuation basis, different weights may be assigned to these factors depending on the stage in the market cycle. Credit derivatives may also be used for additional alpha generation and market allocation, at any one point these are unlikely to account for more than 10% of NAV. The neutral position is assumed to be 50% US, 50% Europe high yield; the actual allocation is expected to swing up to a maximum of 25% either side of this.

The global high yield bond team is built around a core of experienced fund managers who have previously worked alongside each other. Mirabaud is one of the oldest private Swiss banking firms.

Manager research

Average monthly relative returns

  • 16/17 0.00%
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  • 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%
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  • Career 0.00%

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

Andrew Lake

Lake is a History graduate of the University of York and holds an Executive MBA from the University of Chicago. He initially trained as a lawyer, gaining a Diploma in Law from City of London University and studying the Bar Vocational Course at the Inns of Court School of Law. He was called to the Bar in 1995. He began his fixed income investment career in 1996 as an credit analyst with Hill Samuel Asset Management before moving to IBJ Asset Management International. In 1998 he moved to Merrill Lynch where he managed high yield bond mandates. Lake went on to work at F&C in 2006 and Aviva from 2010, where he was the head of high yield portfolio management, before joining Mirabaud in January 2013.

Track record

The track record of Andrew Lake in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

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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.

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Portfolio

Max individual position 2.5%. 100-150 positions.

Key Investor Information - Income

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Key Investor Information - Accumulation

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