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BNY Mellon Real Return Class U - Income (GBP)

Sell:114.14p Buy:114.14p Change: 0.06p (0.05%)
Prices as at 12 June 2025
Sell:114.14p
Buy:114.14p
Change: 0.06p (0.05%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 12 June 2025
Sell:114.14p
Buy:114.14p
Change: 0.06p (0.05%)
Prices as at 12 June 2025
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

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Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

A number of changes to the team managing this fund came into force on 21 May 2025. Ella Hoxha has been appointed as Co-Lead Portfolio Manager alongside existing Portfolio Manager Aron Pataki. Hoxha replaced previous Co-Lead Portfolio Manager Andy Warwick. Nick Pope also joined the team to head up the selection of company shares for the fund and replaced Matthew Brown and Philip Shucksmith. A number of other analysts also joined the team to help manage the fund.

Overall, there has been a significant amount of change within the team. In addition, while these managers have had some overlap at Newton in the past, they haven’t worked directly together to manage a fund. We typically view changes of fund manager with caution because we expect there to naturally be some evolution of how a fund is run once the new manager(s) are in place.

As a result, we’ve taken the decision to remove the fund from the Wealth Shortlist.

Our view on the sector

Total Return funds try to grow investors' money over the medium-to-long-term by making money when markets are rising, and sheltering it when they fall. Most invest in a combination of assets from shares and bonds to cash, commodities and currencies. They're not guaranteed to make money though. Like any investment they will fall as well as rise in value. The return is determined by the manager's skill and each fund will have a different investment process. That's why we think each fund should be judged on its own merits.

Performance Analysis

The fund has done much better than cash over the past 10 years. It's also been much less volatile than the broader global stock market. You should remember that unlike cash, the fund can fall as well as rise in value so you could get back less than you put in.

The fund tends to provide some shelter when stock markets fall, but we'd expect it to lag behind when markets rise quickly.

Investment Philosophy

The team places more emphasis on not losing money than making it. If you lose less money in the bad times, you have less ground to make up in the good times. They use diversification, hedging (investing to potentially benefit in a range of outcomes), and liquidity (investing in things that are easy to sell) to help them achieve this, as well as derivatives, which can add risk to the portfolio. The team also has the flexibility to invest in high-yield bonds and emerging markets which, if used, would add further risk.

Process and Portfolio Construction

The team aims to make money in a variety of market conditions. They do this using a mix of assets that broadly fall into two camps. The first is called the 'return-seeking core'. It invests in assets the team think will provide long-term growth, such as shares and bonds issued by well-run, financially secure companies with a unique set of advantages over the competition. They also consider how well those companies manage their impact on the environment and society.

The rest of the portfolio is called the 'stabilising layer' and is invested in government bonds, commodities and cash, with the aim to add stability to returns. The managers can alter the amount invested in each section of the portfolio depending on their view of the world.

question mark Manager Track Record Based on HL Quantitative Research

  • BNY Mellon Real Return GBP Inc
  • IA Targeted Absolute Return
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

12/06/20 to 12/06/21 12/06/21 to 12/06/22 12/06/22 to 12/06/23 12/06/23 to 12/06/24 12/06/24 to 12/06/25
Annual return 15.13% -2.83% -3.77% 7.87% 6.55%

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.

Information about the fund

Fund manager biography

Manager Name: Ella Hoxha
Manager start date: 21 May 2025
Manager located in: TBC

Ella is head of the fixed-income team. Ella joined Newton in July 2023 and has 20 years' experience in managing a variety of fixed-income portfolios. Ella was previously a senior investment manager at Pictet Asset Management on the global bonds team. Prior to that, Ella held senior investment management positions at Wellington Management and Invesco Asset Management. Ella was recognised as one of the 50 leading women in hedge funds for 2019 and is an active advocate of developing and nurturing diverse talent in the industry. Ella holds an Executive MBA from the University of Cambridge. She also holds a MSc in International Finance and a BA Hons degree in Business Finance. In addition, she is a CFA charterholder. Ella speaks five languages and is a qualified sommelier. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Manager Name: Andy Warwick
Manager start date: 31 December 2018
Manager located in: TBC

Andy is co-head of the Real Return team. Together with Aron Pataki, Andy is responsible for the final capital allocation decisions on the strategy. Andy started his career at Mercury Asset Management in 1993 as a unit trust dealer before joining the quant and derivatives team to focus on managing synthetic portfolios for clients and trading equity derivatives for the firm. In 2006, Andy joined the multi-asset team at BlackRock where he was responsible for managing absolute and relative return mandates, as well as the head of research specialising in equity thematic views and risk premia strategies. Andy has an MSc in Finance from Leicester University and is a CFA charterholder. Andy plays in a rock band in his spare time and enjoys playing, writing and recording music. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

manager photo
Manager Name: Aron Pataki
Manager start date: 31 December 2018
Manager located in: TBC

Aron is co-head of the Real Return team and risk strategist for the Real Return portfolios, with a particular focus on the use of derivatives and hedging. Together with Andy Warwick, Aron is responsible for the final capital allocation decisions on the strategy. Aron joined Newton in 2006 as a member of the portfolio analytics team, where he was responsible for risk analysis and portfolio construction across Newton's institutional and retail portfolios. Previously, he worked as a quantitative analyst at Lacima Group.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now