UK OEIC

Monthly High Income

Latest NAV Price

61.8700
13 July 2020

NAV daily change %

0.00

Dealing currency

GBX

Fund size

GBP 131.74 M
30 June 2020

Latest NAV Price

61.8700
13 July 2020

NAV daily change %

0.00

Dealing currency

GBX

Fund size

GBP 131.74 M
30 June 2020

Objective

Investment objective summary

  • The Fund aims to provide high income on a monthly basis.
      • The Fund invests around the world primarily in bonds (contracts to repay borrowed money which typically pay interest at fixed times) and related derivatives (financial contracts whose value is linked to the price of an underlying asset). The Fund also has the flexibility to invest outside of the aforementioned asset classes.
      • Derivatives may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
      • The Fund uses hedging (an investment technique which aims to protect the value of an investment against currency movements) to minimise any currency risk in sterling.
      • The index used in the performance section is deemed to be a good representation of the Fund’s investable universe and is widely used, independently calculated and readily available. Fund performance can also be compared to the IA sector average. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to facilitate comparison between funds with broadly similar characteristics.
      Jeff Boswell
      Portfolio Manager
      Garland Hansmann
      Portfolio Manager
      Darpan Harar
      Portfolio Manager

      Performance & returns

      13/07/2020
      The value of investments, and any income generated from them, can fall as well as rise. Past performance is not a reliable indicator of future results. If the currency shown differs from your home currency, returns may increase or decrease as a result of currency fluctuations. Investment objectives and performance targets may not necessarily be achieved, losses may be made. We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs. Where a shareclass has been in existence for less than 12 months, performance is not disclosed. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. The Trailing Returns chart may use different Sector performance start dates compared to other performance charts or other marketing literature which may result in minor differences. Where a benchmark index is calculated on a monthly basis, the returns will be out of line with the fund and/or sector which are calculated daily.

      Key facts & Downloads

      • Domicile

        United Kingdom
      • Risk profile

        3
      • ISIN

        GB0031141681
      • SEDOL

        3114168
      • Fund inception date

        17/12/2001
      • Share class inception date

        17/12/2001
      • Benchmark

        Merrill Lynch Global High Yield Constrained Hedged GBP (Merrill Lynch European Currency Non-Financial High Yield Constrained Hedged GBP pre 31/10/15, Merrill Lynch European Currency High Yield Constrained Hedged GBP pre 31/05/12)
      • IA sector

        IA £ High Yield
      • Minimum investment

        £1,000
      • Valuation & transaction cut-off

        12 noon (forward pricing)

      Portfolio & Holdings

      Date as of 31/05/2020
      Index
      Fund
      A
      0
      0.5
      BBB
      1
      13.3
      BB
      59.4
      45.6
      B
      30
      31.7
      CCC
      9
      7.5
      CC
      0.5
      0.0
      C
      0.1
      0.0
      Cash and near cash
      0
      1.4
      *Bond ratings are Ninety One approximations.

      Charges

      Maximum initial charge %

      0.00

      Ongoing charge %

      1.38
      The Fund may incur further expenses (not included in the above Ongoing charge) as permitted by the Prospectus.

      Specific fund risks

      Charges from capital

      For Inc-2 and Inc-3 shares classes, expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.

      Default

      There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.

      Derivatives

      The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

      Government securities exposure

      The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.

      Interest rate

      The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.

      Liquidity

      There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.

      Distributions & Yields

      Most recent distribution payments
      Distribution amount
      GBP0.0028
      Ex-distribution date
      01 November 2018
      Payable date
      31 December 2018

      We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs.

      All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

      This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale. The full documentation that should be considered before making an investment, including the Prospectus and Key Investor Information Documents, which set out the Fund specific risks, are available from Ninety One. This Fund should be considered as a long-term investment.

      Performance data source: © Morningstar, NAV based, (net of fees, excluding initial charges), total return, in the share class dealing currency. Performance would be lower had initial charges been included as an initial charge of up to 5% (10% for S shares) may be applied to your investment. This means that for an investment of $1,000, where the initial charge equals 5%, $950 ($900 for S shares) would actually be invested in the Fund. Returns to individual investors will vary in accordance with their personal tax status and tax domicile.

      Morningstar Analyst rating™: Copyright © 2020. Morningstar. All Rights Reserved. The information, data and opinions expressed and contained herein are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; are not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein.

      The overall rating for a fund, often called the ‘star rating’, is a third party rating derived from a quantitative methodology that rates funds based on an enhanced Morningstar™ Risk-Adjusted Return measure. ‘Star ratings’ run from 1 star (lowest) to 5 stars (highest) and are reviewed at the end of every calendar month. The various funds are ranked by their Morningstar™ Risk-Adjusted Return scores and relevant stars are assigned. It is important to note that individual shareclasses of each fund are evaluated separately and their ratings may differ depending on the launch date, fees and expenses relevant to the shareclass. In order to achieve a rating the share class of a fund must have a minimum three-year performance track record.

      For a full description of the ratings, please see our ratings guide. A rating is not a recommendation to buy, sell or hold a fund.

      The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security. Figures may not always sum to 100 due to rounding. 

      For an explanation of statistical terms, please see our glossary.