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ASI ETHICAL CORPORATE BOND P1

ASI ETHICAL CORPORATE BOND P1 - Overview

Overview of ASI ETHICAL CORPORATE BOND P1

The fund invests predominantly in the sterling denominated bonds of companies that meet certain ethical criteria. Currently ethical criteria prevents the fund from investing in UK government bonds. As an alternative the fund may invest in quasi-sovereign credits. The manager will seek to add value relative to peer group funds through asset allocation, credit selection and interest rate management. The fund adheres to relatively strict (dark green) ethical criteria.
Bonds issued by major governments and companies will be more stable than those issued by emerging markets or smaller corporate issuers; in the event of an issuer experiencing financial difficulty, there may be a risk to some or all of the capital invested. Any historical or current yields quoted should not be considered reliable indicators of future performance.

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

Fund summary

Sector £ Corporate Bond
Structure OEIC
Launched May, 2012
Size £447m
Yield 1.8%
Charging basis Income
Dividends paid Mar, Jun, Sep, Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.50%
Ongoing charges figure 0.66%

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

A dark green, strongly ethical corporate bond fund, investing predominantly in the sterling investment grade market. A smaller investable universe limits choice which may hinder relative returns somewhat.

Portfolio

Allocation Proportion(%)
Equity 0
High yield bonds 12
Quality bonds 86
Property 0
Commodities 0
Hedge 0
Fund cash 2
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

Standard Life canvas investors in their Ethical Funds annually to determine the issues they consider to be most important, their opinion is then used to assess whether changes should be made to the Ethical Policy. Standard Life Investments subsequently uses EIRIS (Ethical Investment Research Services), an independent research agency, to determine which companies comply with the ethical criteria. Whilst portfolio managers have the discretion to make informed decisions based on their own convictions they are consistent with the house sector and individual security views. The manager uses a number of in house models and external tools to measure portfolio sensitivities and monitor portfolio risk.

Live feed

Bid price(inc) 64.34p
Accum units 81.83p
Fund commentary
Fund data updated on 21/09/21

Asset allocation

Allocation Proportion(%)
Equity 0
High yield bonds 12
Quality bonds 86
Property 0
Commodities 0
Hedge 0
Fund cash 2

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

No information available.

Sector breakdown

Financials 45%
Corporate Bonds 36%
Asset/Mortgage-Backed Securities 15%
Government Bonds 3%
Others 1%

Portfolio details

Portfolio duration tends to be managed within +/-1 year relative to the iboxx £ non gilt index. There are no formal sector constraints.

Constraints

Max 20% exposure to high yield. In reality the complications involved in ethical screening of predominantly private companies in the high yield universe restricts high yield exposure to substantially less.
There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.

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
0.04% -0.03% -0.04% -0.10% 0.12%   -0.01% 0.00% -0.04% 77.60% 88.70% 52.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Mark Munro

Manager. Munro joined Standard Life Investments as an Investment Director in 2013. He was previously an Investment Manager in the Credit Team at Scottish Widows Investment Partnership (SWIP), with responsibility for a number of institutional funds. Munro began his career in 2009 as a graduate trainee on the UK equity desk at SWIP. He graduated from the University of Edinburgh with an LLB Honours in Law and is also a CFA Charterholder.

Track record

Mark Munro has 10.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.04%. During the worst period of relative performance (from November 2011 - July 2020) there was a decline of 9% relative to the index. The worst absolute loss has been 8%.

Periods of worst performance
Absolute -8% (January 2020 - March 2020)
Relative -9% (November 2011 - July 2020)

Other funds managed

  Start Date
ASI ETHICAL CORPORATE BOND RMar 2014

Sector record since March 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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