MUZINICH SHORT DURATION HIGH YIELD HEDGED GBP A

  • 8047.00p Price (Inc)
  • 11091.00p Price (Acc)
  • 1.00% 0.00%

    Initial charge
  • 0.80% Annual management charge
  • 0.86% Ongoing charges
  • 4.70% Yield

Prices as at 13 April 2012 , fund data last updated 15 November 2019

The fund objective is to maximise total returns by investing in a portfolio of short dated (less than 3 yrs to maturity), predominantly US denominated, high yield fixed income bonds hedge to £. Asset class returns are mainly in the form of income. The asset class has a history of providing stable returns characterised by low volatility and low drawdowns. The portfolio is fully hedged to its base currency. Muzinich is a privately owned, US based, fund management house, specialising in the corporate bond market.

Fund summary

Sector
Structure OFFSHORE FUND
Launched
Size £1,884m
Yield 4.70%
Charging basis Income
Dividends paid Dec, Jun

Charges

Initial charge 1.00%
Initial charge via Bestinvest 1.00%
Annual management charge 0.80%
Ongoing charges figure 0.86%

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Investment process

The investment team's process focuses on bottom up fundamental credit analysis with an emphasis on a company's financial credit worthiness and covenant terms. The fund only invests in cash bonds, no derivatives are used in the portfolio management process. Whilst the fund invests mainly in BB and B rated bonds, CCC debt can be held. The underlying securities consist of nominal and floating rate corporate bonds, whilst these will usually be US denominated bonds, Euro and GBP denominated bonds may also be held. The average maturity of the underlying bonds is typically 3 years.

Short duration high yield bond funds provide a much less volatile means of playing the high yield bond markets. As a result of the shorter maturity of underlying securities the fund is generally less sensitive to any rise in yield curves and changes in the market's perception of default risk relative to more core high yield bond funds, consequently capital appreciation or loss tend to be more limited.

Manager research

Average monthly relative returns

Bestinvest MRI

14/15 15/16 16/17 17/18 18/19 3 years 5 years Career 3 years 5 years Career
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 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.

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Portfolio

Approx 125 issuers/issues.

Key Investor Documents

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