Invesco Corporate Bond Inclusive - Income (GBP)

Sell:92.12p Buy:92.12p Change:

0.23p (0.25%)

Prices as at 23 September 2019

Sell:92.12p

Buy:92.12p

Change:

0.23p (0.25%)

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

Prices as at 23 September 2019

Sell:92.12p

Buy:92.12p

Change:

0.23p (0.25%)

Prices as at 23 September 2019

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

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.

Also available as accumulation units

Charges and Savings

Initial charges
Initial charge:	5.00%
Initial saving from HL:	5.00%
HL dealing charge:	Free
Net initial charge:	0.00%

How initial savings affect the buy price

Annual charges

Performance fee:

Ongoing charge (OCF/TER):

1.16%

Ongoing saving from HL:

0.50% i

Net ongoing charge:

0.66%

There are other unit types of this fund available:

Inclusive - Accumulation (GBP)	(Net ongoing charge 0.66%)
Class Y - Accumulation (GBP)	(Net ongoing charge 0.61%)
Class Y - Income (GBP)	(Net ongoing charge 0.61%)

HMRC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held in nominee accounts, such as our Fund & Share Account, should be subject to income tax. Loyalty bonuses paid on funds in ISAs and SIPPs are unaffected, and they remain tax-free.

We believe all loyalty bonuses are tax-free and we are challenging HMRC's interpretation. However, while we make this challenge we are 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.

If loyalty bonuses are taxable then the value of our ongoing saving to you could be reduced, depending on the rate of tax you pay. The below table gives an indication of how this may affect you.

In this case, the ongoing saving is 0.50%, of which 0.50% is paid by loyalty bonus. The tax that could be payable on this loyalty bonus, and therefore the value of this saving to you, is shown below.

	Non-taxpayer	Basic rate taxpayer	Higher rate taxpayer	Additional rate taxpayer
Ongoing saving from HL:	0.50%	0.50%	0.50%	0.50%
Loyalty bonus:	0.50%	0.50%	0.50%	0.50%
Tax on loyalty bonus:	0.00%	0.10%	0.2%	0.225%
Value of ongoing saving to you:	0.5%	0.4%	0.3%	0.275%

Tax rules can change and benefits depend on individual circumstances. Please remember loyalty bonuses received on funds held in the Vantage ISA or Vantage SIPP are exempt from tax.

Also, loyalty bonuses received by overseas investors, companies and charities are not required to be paid with the deduction of tax. Therefore, if you are an overseas investor, or you represent a company or charity please let us know if you would like your loyalty bonuses paid without the deduction of an amount equivalent to the basic rate tax.

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.

HL Guide to fund prices, savings and yields

Please also read the Key Investor Information Document (KIID)

Other Information

Unit type:	Inclusive
Manager:	Multiple Multiple
Fund launch date:	24 July 1995
Launch price:	£1.00
Sector:	GBP Corporate Bond
Fund size:	£3,899 million
Number of holdings:	229
Fund type:	ICVC
Accumulation/income:	Income
Dealing frequency:	Daily
Valuation point:	12:00
Trustee:	Citibank
Minimum investment:	£100.00
Charges deducted from:	Income
Available in a regular savings plan:	Yes
Minimum regular savings value:	£25.00

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Performance

	20/09/14 to 20/09/15	20/09/15 to 20/09/16	20/09/16 to 20/09/17	20/09/17 to 20/09/18	20/09/18 to 20/09/19
Annual return	1.62%	6.92%	2.37%	0.03%	5.77%

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

HL Research

This fund's managed by Paul Causer and Michael Matthews, two experienced bond fund managers. They use a flexible approach. They're willing to invest the fund differently from other funds in the same sector and at times this means performance can look quite different. The managers are prepared to take more...

Fund Objective

The Fund aims to achieve income and capital growth over the medium to long term (3 to 5 years plus). The Fund invests at least 80% of its assets in investment grade corporate debt securities. In pursuing the Fund's investment objective, the fund manager may consider it appropriate to also invest in other transferable securities (including government, unrated and non-investment grade corporate debt securities), money market instruments, collective investment schemes (including funds managed by the Invesco group), deposits and cash.

Income Details

Distribution yield :	2.27%
Underlying yield :	2.27%
Income paid:	Bi-annually
Type of payment:	Interest
Ex-dividend date:	1 November 2019 1 May 2020
Payment date:	31 December 2019⁴ 30 June 2020⁴

This data is provided by Funds Library. HL accepts no responsibility for its accuracy and you should independently check data before making any investment decision. All yields are variable and not guaranteed. Information correct as at 31 August 2019.

Security	Weight
Invesco STIC Sterling Liquidity Agency Class	8.80%
LLOYDS BANK PLC 13.000 PERPETUAL SU	2.09%
LLOYDS BANK PLC 7.625 APR 22 25	1.76%
EURO INV BANK FLTG FEB 17 20	1.54%
AT&T INC 2.900 DEC 04 26	1.37%
TELEFONICA EMISION 5.597 MAR 12 20	1.21%
ORANGE 5.875 PERPETUAL SU	1.18%
EDF 6.000 PERPETUAL	1.16%
VODAFONE GROUP PLC N FLTG 4.875 OCT 03 78	1.14%
ROYAL BK SCOT GRP FLTG 2.875 SEP 19 26	1.05%

Sector	Weight
Bonds	91.94%
Managed Funds	8.80%
Cash and Equiv.	-0.08%
Non-Classified	-0.65%

Country	Weight
United Kingdom	51.65%
United States	12.32%
Managed Funds	8.80%
France	7.83%
Netherlands	7.49%
Luxembourg	4.70%
Spain	2.46%
Switzerland	1.01%
Non-Classified	0.97%
Germany	0.93%

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. Prices provided by Morningstar, correct as at 23 September 2019. Data provided by Funds Library, correct as at 31 July 2019.

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

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.

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Michael Matthews
Manager start date	28/03/2013
Manager located in	Henley

Paul Causer
Manager start date	24/07/1995
Manager located in	Henley