020 7189 9999
No Bestinvest rating



The objective of the fund is to provide a regular, above average income by investing in a range of sterling-dominated bonds that meet Rathbone's ethical and financial criteria. The portfolio primarily consists of investment grade corporates, but some high yield and unrated bonds are also included. The team apply both negative and positive screening to all investments considered for the portfolio. The fund will avoid issuers involved in armaments, environmentally unsustainable activities, animal testing, tobacco, nuclear power, alcohol, pornography, gambling and predatory lending.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector £ Corporate Bond
Structure UNIT TRUST
Launched March, 2012
Size £2,513m
Yield 3.1%
Charging basis Capital
Dividends paid 31 Mar, 30 Jun, 30 Sep, 31 Dec


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.63%
Ongoing charges figure 0.67%


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

This fund is benchmark agnostic and has been one of the best performing funds in the market in recent years. Fund manager Bryn Jones applies a "Four Cs Plus" process in determining credit selection - character (management), capacity (ability to repay), collateral (security) and covenants. The plus is the conviction that the team have in the underlying investments. The fund tends to have a lower duration than the benchmark, which is viewed as favourable in current market conditions.


Allocation Proportion(%)
Equity 0
High yield bonds 7
Quality bonds 88
Property 0
Commodities 0
Hedge 0
Fund cash 5
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

Rathbone invests in a diverse portfolio of investment grade corporate bonds that pass the team's ethical screening process. The team identify attractive fixed interest opportunities before analysing the ethical position of a company. Approval for investment has to be given at a weekly meeting, by the whole ethical investment team. Research will be carried out on the issuers using various sources of information, including company visits. The bond issuer will be assessed against a set of negative ethical specifications and if they qualify, will then have to demonstrate policies in at least one positive aspect. A company will not pass the negative screen if they are involved in any of the following areas; armaments, environmentally unsustainable activities, animal testing, tobacco, nuclear power, alcohol, pornography and gambling. It then must show to be having a positive effect in one of these areas; management of environmental impacts, human rights, provision of beneficial products/services, corporate community investment and employment opportunities.

Live feed

Bid price(inc) 105.63p
Accum units 248.76p
Fund commentary 20/04/18
Fund data updated on 21/09/21

Asset allocation

Allocation Proportion(%)
Equity 0
High yield bonds 7
Quality bonds 88
Property 0
Commodities 0
Hedge 0
Fund cash 5

Equity Geographic

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

Equity Capitalisation

Allocation Propor
Large Caps 0
Mid Caps 0
Small Caps 0

Top 10 holdings

As at: 31/07/2020
2.12% Lloyds 13.0% Perp
2.02% Hsbc Bank Plc 5.844% Fltg Rte Sub Nts 11/48 Gbp10m
1.97% Aviva 6.875% 20/05/2038
1.83% Scottish Widows 7.0% 16/06/2043
1.8% Legal & General 3.75% 26/11/2029
1.72% M&G Plc 5.625% 20/10/2031
1.69% Legal & General 5.5% 27/06/2044
1.66% Axa 5.625% 16/01/2034
1.63% Royal London 6.125% 13/11/2028
1.54% Royal London 4.875% 07/04/2039
Source: Trustnet

Sector breakdown

Insurance 39%
Banks 35%
Property 7%
Financial Services 4%
Alternative & Renewable Energy 3%
Cash & Cash Equivalents 3%
Infrastructure 2%
Fixed Interest 2%
Telecommunications 2%
Real Estate 1%

Portfolio details

No information available.


Negative and positive ethical screens. Min 80% sterling, but have never been close to that limit. No Gilts currently - will buy green bonds etc.
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
16/17 17/18 18/19 19/20 20/21   3 years 5 years Career 3 years 5 years Career
0.22% 0.12% -0.21% 0.17% 0.04%   0.00% 0.07% -0.02% 81.90% 99.80% 86.70%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Bryn Jones

Manager. Bryn Jones joined Rathbones in November 2004, having previously been Portfolio Manager (Assistant Vice President) - Fixed Income at Merrill Lynch. He has also worked at Robert Fleming Investment Management, Coutts & Co and Schroders. He has a BA in Geography and holds the IMC.

Track record

Bryn Jones has 9.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.02%. During the worst period of relative performance (from December 2011 - January 2015) there was a decline of 8% relative to the index. The worst absolute loss has been 7%.

Periods of worst performance
Absolute -7% (January 2020 - March 2020)
Relative -8% (December 2011 - January 2015)

Other funds managed

  Start Date

Sector record since December 2011 (10 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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