Hargreaves Lansdown

Henderson Preference & Bond Inclusive - Class A - Income (GBP)

Sell: 52.30pBuy: 52.30p0.05p (0.10%)

Prices as at 7 October 2015

* Please note that there can be occasions when the Selling price shown may be temporarily higher than the Buying price. This can sometimes happen when the stock market is closed but it can also happen at other times for a variety of reasons. However, when the stock market is open and you place a trade, the selling price available to you will never be higher than the buying price. Live prices will be available when you place a deal with us during market hours. Please check these and contact us if you are unable to deal online.

Charges and Savings

Initial charges
Initial charge: 4.00%
Initial saving from HL: 4.00%
HL dealing charge: Free
Net initial charge: 0.00%
Annual charges
Ongoing charge (OCF/TER): 1.41%
Ongoing saving from HL: 0.65% i
Net ongoing charge: 0.76%
Performance fee: No  

In some cases the ongoing savings are provided by our loyalty bonus. Loyalty bonuses are tax-free in an ISA or SIPP. However, they may be subject to tax in a Fund & Share Account which would, in effect, reduce their value and increase the net ongoing charge.

Please also read the Simplified Prospectus/Key Investor Information Document (KIID)
HRMC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held outside ISAs or SIPPs should be paid net of basic rate tax. We believe this is incorrect and are challenging HMRC's interpretation. However, in line with best client accounting practice and to save clients facing an unexpected bill in the future, we are currently paying loyalty bonuses within the Vantage Fund & Share Account net of an amount equivalent to the basic rate tax. If we are successful in our challenge we will return this money to clients. If we are unsuccessful we will use the money to pay over any amounts due to HMRC. Loyalty bonuses in the Vantage Fund & Share Accounts held by overseas investors, companies and charities will be paid without any deductions, as will loyalty bonuses in the Vantage ISA and Vantage SIPP which are exempt from tax.

Other Information

Unit type: Inclusive
Manager: Multiple
Fund launch date: 9 October 1978
Launch price: £0.48
Sector: GBP Strategic Bond
Fund size: £680 million
Number of holdings: 209
Fund type: OEIC
Accumulation/income: Income
Dealing frequency: Daily
Valuation point: 12:00
Trustee: The National Westminster Bank plc
Minimum investment: £100.00
Charges deducted from: Capital
Available in a regular savings plan: Yes
Minimum regular savings value: £25.00


08/10/10 to 08/10/11 08/10/11 to 08/10/12 08/10/12 to 08/10/13 08/10/13 to 08/10/14 08/10/14 to 08/10/15
Annual return -6.85% 17.26% 5.42% 7.54% 1.25%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

View fund chart

Our view on this fund

The Wealth 150 is the list of what we believe are the best funds in each sector. If a fund is not within our Wealth 150 this is not necessarily a recommendation to sell. However, if you are thinking of adding to your investments we believe Wealth 150 funds are superior alternatives. View funds on the Wealth 150 »

Fund Objective

To provide a return by investing primarily in sterling denominated preference shares, government securities, corporate bonds, Eurobonds and other bonds. The Fund may invest in other transferable securities, money market instruments, derivatives and forward transactions, deposits and units in collective investment schemes.

Income Details

Distribution yield : 5.00%
Underlying yield : 3.80%
Income paid: Quarterly
Type of payment: Interest
Ex-dividend date: 1 October 2015 1 January 2016 1 April 2016 1 July 2016
Payment date: 30 November 20154 28 February 20164 31 May 20164 31 August 20164

All yields are variable and not guaranteed. Information correct as at 31 August 2015.

Security Weight
BUPA 6.125% 2020 1.82%
HBOS STERLING FINANCE 7.881% VAR PERP GBP (7.881% 09/12/2049) 1.74%
IRON MOUNTAIN EUROPE PLC 6.125% 15/09/2022 GBP REGS 1.63%
BNP PARIBAS 7.195% PERP 144A USD (7.195% 25/06/2037) 1.32%
AXA 6.6862% FRN 29/07/49 EMTN GBP 1.31%
AA BOND CO LTD 9.5% 31/07/2019 GBP REGS 1.28%
Sector Weight
Bonds 76.97%
Cash and Equiv. 15.33%
Non-Classified 7.38%
Banks 0.32%
Industrial Transportation 0.00%
Country Weight
United Kingdom 43.29%
Cash and Equiv. 15.33%
United States 11.53%
France 7.58%
Non-Classified 5.05%
Luxembourg 3.55%
Netherlands 2.30%
Italy 2.16%
Ireland 2.06%
Spain 1.99%

Fund Manager

1 of 3
Photo of Rebecca Morris-Charles

Key facts

Rebecca Morris-Charles
Manager start date 01/03/2014
Manager located in London


Rebecca joined Henderson in 2009 on the Graduate scheme. She has since moved to Retail Fixed Income, as an analyst. Rebecca holds a MMath Master of Mathematics from Bath University and has passed all 3 levels of the CFA exam.

Photo of Jenna Barnard

Key facts

Jenna Barnard
Manager start date 01/11/2013
Manager located in London


Jenna Barnard is Associate Director, Retail Fixed Income, and co-manages the Henderson Preference and Bond and Strategic Bond Funds alongside John Pattullo. Jenna joined Henderson Global Investors in 2002 as Credit Analyst, Assistant Portfolio Manager and progressed to Credit Portfolio Manager in 2004. Prior to joining Henderson, Jenna worked as an Investment Analyst with Orbitex Investments. Jenna is a CFA charterholder, and an affiliate member of UKSIP.

Photo of John Pattullo

Key facts

John Pattullo
Manager start date 19/01/2006
Manager located in London


John Pattullo joined Henderson Global Investors in 1997 and is Director of Fixed Income, responsible for UK Retail. He co-manages the Henderson Preference & Bond Fund and the Henderson Strategic Bond Fund with Jenna Barnard. John previously spent four years as a chartered accountant at PricewaterhouseCoopers. John is a member of the Institute of Chartered Accountants of Scotland and an Associate Member of the Society of Investment Professionals.

You can buy or sell holdings in this fund through a ISA, SIPP or Fund & Share Account

Data received from the Fund Management Company administering this fund and provided to you for your information. Hargreaves Lansdown accepts no liability for the reliability or accuracy of the data provided by third parties.

4 If you elect to receive the income from a Vantage ISA or Vantage Fund & Share Account, we will collect any dividends for you and then pay them directly into your bank account within the first 10 working days of the following month.

Prices as at 7 October 2015. Data as at 30 June 2015.

Wealth 150 fund

The Wealth 150 is a list of what we believe are the best funds in all the main sectors. For a fund to be selected for the Wealth 150 it must pass a rigorous selection process, and we continually monitor the list to ensure it only contains the best funds.

Wealth 150+ fund

The Wealth 150 is a list of what we believe are the best funds in all the main sectors. For a fund to be selected for the Wealth 150 it must pass a rigorous selection process, and we continually monitor the list to ensure it only contains the best funds.

As investment returns depend on two factors - performance and charges - we have identified from the Wealth 150, the funds we believe offer the very best combination of outstanding performance potential and the best prices. These are the Wealth150+ funds. In many cases these super-low charges are only available through the Vantage Service - a unique benefit to Hargreaves Lansdown clients.

Core Tracker fund

The Core Trackers list represents what we believe are the very best trackers in each of the main sectors. We analysed each fund's management, process and performance to find the best combination of quality and cost. We want to ensure that the fund has not only tracked its index closely in the past, but that it has the best potential to track well in the future. In many cases these super-low charges are only available through the Vantage Service - a unique benefit to Hargreaves Lansdown clients.