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ZURICH (EX EAGLE STAR) GLOBAL BOND PF

ZURICH (EX EAGLE STAR) GLOBAL BOND PF - Overview

Overview of ZURICH (EX EAGLE STAR) GLOBAL BOND PF

A diversified portfolio of mainly government but some corporate debt from around the world. The fund benefits from a focused fixed interest department and Threadneedle's team based process which leverages off all of the regional desks. Value is added from strategic moves between credits (maximum of 30% in Emerging Market debt and sub investment grade) duration and currency.

  • Standard Initial Charge
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector
Structure PENSION FUND
Launched June, 1999
Size £1m
Yield 0.0%
Charging basis
Dividends paid

Charges

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

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

No information available.

Portfolio

Allocation Proportion(%)
Equity 0
High yield bonds 4
Quality bonds 89
Property 0
Commodities 0
Hedge 0
Fund cash 7
Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 0
Mid Caps 0
Small Caps 0

View all performance data for this fund

Investment process

The fund's primary aim is to generate growth in income with some capital growth through a long term investment approach. The fund invests in an internationally diversified selection of fixed income stocks denominated in a variety of currencies. The majority of the portfolio is invested in less risky investment grade bonds although it should be noted that there is some exposure to the European high yield and Emerging market debt. The structure of the fund is very much a factor of the in house view on the global macro economy which is taken to the Fixed Income level and forms the the Strategic Investment Outlook. Value is then added by making taking tactical shifts between government, credit and high yield debt along with switches between currencies. Duration is also actively managed with the aim to capture gains but is usually neutralised during bear market conditions in order to defend capital.

Live feed

Bid price(inc) 304.50p
Accum units 304.50p
Fund commentary 05/08/02
Fund data updated on 19/07/18

Asset allocation

Allocation Proportion(%)
Equity 0
High yield bonds 4
Quality bonds 89
Property 0
Commodities 0
Hedge 0
Fund cash 7

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 0
Mid Caps 0
Small Caps 0

Top 10 holdings

As at: 31/05/2018
7.8% United States Of Amer Treas Bills 1.5% Tb 31/10/19 Usd100
6.8% United States Treasury Note/Bond 1% 31/08/2019
4% Gov Of United States 1.00% 15/10/2019
3.6% United States Of Amer Treas Notes 1% Bds 30/09/19 Usd1000
3.6% United States Of Amer Treas Bills 2.25% Tb 15/08/27 Usd100
3.6% United States Of Amer Treas Bonds 4.5% Bds 15/02/36 Usd1000
3.5% Japan(Government Of) 0.2% Nts 20/06/36 Jpy1000
3.2% Gov Of United States 2.88% 15/11/2046
3.1% Japan(Government Of) 2.1% Bds 20/03/27 Jpy100000
3.1% Italy(Republic Of) 4.75% Bds 01/09/28 Eur1000
Source: Trustnet

Sector breakdown

AAA 55%
A+ 11%
AA 11%
BBB 7%
AA- 4%
A- 4%
Money Market 3%
AA+ 2%
BBB+ 2%
A 1%

Portfolio details

A diversified portfolio of normally 70-100 holdings.

Constraints

Maximum of 15% of the portfolio in Emerging Market debt and 15% in Sub Investment Grade Debt. Individual High Yield credits will normally not exceed 0.25%.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
13/14 14/15 15/16 16/17 17/18   3 years 5 years Career 3 years 5 years Career
0.03% -0.04% -0.19% -0.03% -0.04%   -0.09% -0.05% -0.10% 34.10% 54.40% 33.40%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Dave Chappell / Martin Harvey

Manager. Chappell started his career in 1987 at Royal Bank of Scotland as an operations supervisor before moving to Irving Trust co as an operations manager. In 1989, he joined Scudder Investments and in 1997 became an Insurance fund manager and a US market expert in Threadneedle's Government Fixed Income Team. Harvey joined Threadneedle in July 2006 as a Trainee Fund Manager in the Government Bonds team with responsibility for macroeconomic analysis and portfolio construction. Before joining Threadneedle, he worked for HSBC as a research assistant. He graduated in 2006 from the University of Bath with a BSc (Hons) in Economics.

Track record

Dave Chappell / Martin Harvey has 8.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.1%. During the worst period of relative performance (from June 2010 - February 2018) there was a decline of 10% relative to the index. The worst absolute loss has been 13%.

Periods of worst performance
Absolute -13% (October 2016 - January 2018)
Relative -10% (June 2010 - February 2018)

Other funds managed

  Start Date
THREADNEEDLE GLOBAL BOND C1Jun 2010

Sector record since June 2010 (8 yrs)




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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