Ninety One Monthly High Income I

Invests predominantly in higher yielding fixed income securities with the aim of providing a monthly income.

  • 97.54p
    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.

  • 201.90p
    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!

  • 0.65%
    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).

  • 0.76%
    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.

  • 5.30%

    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 15 January 2021

The Fund aims to provide investors with a high income, paid monthly, by investing predominantly in higher yielding bonds. At the same time the fund will seek to outperform the Merrill Lynch Euro High Yield index hedged to sterling. The fund invests across global fixed income markets, the mandate also enables the manager to allocate up to 50% of the fund to quality bonds or sovereign debt according to the prevailing macro environment.

Fund summary

Sector £ High Yield
Structure OEIC
Launched March, 2008
Size £142m
Yield 5.30%
Charging basis Capital
Dividends paid Last day of each month


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.65%
Ongoing charges figure 0.76%


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Investment process

The investment process begins by looking at the broader macro themes searching for regions with strong macro-economic fundamentals and sectors with attractive valuations and a low default risk, this stage will determine the overall portfolio split between quality and high yield bonds. A further step uses a quantitative screen to check for potential positive and negative surprises for individual companies and industries further stock specific analysis then focuses on management capabilities and balance sheet strength with a view to identifying individual credits.

Manager research

Average monthly relative returns

  • 16/17 0.15%
  • 17/18 -0.20%
  • 18/19 -0.10%
  • 19/20 -0.15%
  • 20/21 0.01%

Bestinvest MRI

  • 3 years -0.08%
  • 5 years -0.06%
  • Career -0.26%
  • 3 years 42.10%
  • 5 years 51.20%
  • Career 0.10%

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

John Stopford / Keiran Roane

Stopford was appointed Head of Fixed Income in 2003. He moved to Investec’s London office after a stint in SA where helped grow SA’s fixed income assets under management from £1.5bn to £5bn in 5 years. Previously, he was responsible for Guinness Flight’s investments in emerging bond and currency markets in London. Prior to joining Guinness Flight in 1993, he worked in London and Tokyo as a specialist Global Bond and Currency Portfolio Manager for Mitsui Trust Asset Management. Stopford graduated from Pembroke College, Oxford University with an MA (Honours) degree in Chemistry. He also a CFA charterholder. Roane began his financial services career in 2000. Prior to joining Investec Asset Management, he worked at the Financial Services Authority, where he was involved in the analysis of financial markets and financial instruments Roane graduated with an Honours degree in Finance from University of the Witwatersrand and is a CFA charterholder. In March ‘05 Roane became co-manager of the fund.

Track record

John Stopford / Keiran Roane has 11.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.26%. During the worst period of relative performance (from October 2009 - June 2020) there was a decline of 30% relative to the index. The worst absolute loss has been 15%.

Periods of worst performance

Absolute -15.00% (January 2020 - March 2020)
Relative -30.00% (October 2009 - 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.


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Top 10 holdings

Data accurate as at 31 July 2020

1.8% Cco Hldgs Llc/Cap Corp 4.75% Bds 01/03/30 Usd2000
1.4% Fiat Chrysler Automobiles Nv 4.5% Bds 07/07/28 Eur100000
1.4% Petrobras Global Finance Bv 5.093% Bds 15/01/30 Usd2000
1.2% Ishares $ High Yield Corporate
1.2% Dell International Llc 6.02 Jun 15 26
1.2% Tlg Finance Sarl 3.375 Dec 23 67
1.1% Jaguar Land Rover Plc 5% Bds 15/02/22 Gbp1000144a
1.1% Prime Security Services Borrow 5.75 Apr 15 26
1.1% Ard Finance Sa 5% Bds 30/06/27 Eur 100000
1% Connect Finco Sarl 6.75% Bds 01/10/26 Usd1000
Source: Trustnet

Sector breakdown

High Yield Bond 80.00%
Investment Grade Corporate Bonds 10.00%
Money Market 5.00%
Foreign Exchange 2.00%
Mutual Funds 2.00%
Debt 2.00%


The number of holdings will be between 70 and 100. The high yield component will be between 50-100% and may include EMD, the investment grade component will be between 0-50% including sovereign debt. Duration range: -2 to +10 years.


Maximum exposure to any sector : 20%. Cash limit 10%. Maximum exposure per name 3%. Maximum weighting to CCC rated issuers : 2%.

Key Investor Information - Income


Key Investor Information - Accumulation