Invesco Tactical Bond Class Z - Income (GBP)

Sell:211.17p Buy:211.17p Change:

0.23p (0.11%)

Prices as at 21 February 2020

Sell:211.17p

Buy:211.17p

Change:

0.23p (0.11%)

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

Prices as at 21 February 2020

Sell:211.17p

Buy:211.17p

Change:

0.23p (0.11%)

Prices as at 21 February 2020

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

How initial savings affect the buy price

Annual charges

Performance fee:

Ongoing charge (OCF/TER):

0.75%

Ongoing saving from HL:

0.19% i

Net ongoing charge:

0.56%

There are other unit types of this fund available:

Inclusive - Accumulation (GBP)	(Net ongoing charge 0.815%)
Inclusive - Income (GBP)	(Net ongoing charge 0.815%)
Class Z - Accumulation (GBP)	(Net ongoing charge 0.56%)

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 0.19%, of which 0.19% 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:	0.19%	0.19%	0.19%	0.19%
Loyalty bonus:	0.19%	0.19%	0.19%	0.19%
Tax on loyalty bonus:	0.00%	0.038%	0.076%	0.0855%
Value of ongoing saving to you:	0.19%	0.152%	0.114%	0.1045%

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:	Unbundled
Manager:	Multiple Multiple
Fund launch date:	1 February 2010
Sector:	GBP Strategic Bond
Fund size:	£586 million
Number of holdings:	143
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

	21/02/15 to 21/02/16	21/02/16 to 21/02/17	21/02/17 to 21/02/18	21/02/18 to 21/02/19	21/02/19 to 21/02/20
Annual return	-1.45%	4.97%	2.16%	-1.06%	5.50%

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 is managed by a pair we rate highly - Paul Causer and Paul Reid. They can invest in all types of bonds, with very few constraints placed on them. The performance of the fund hinges on their ability to interpret the bigger economic picture. They can aggressively alter...

Fund Objective

The Fund aims to achieve income and capital growth over the medium to long term (3 to 5 years plus). The Fund has a flexible allocation to corporate and government debt securities (including investment grade, non-investment grade and unrated) and cash. Depending on market conditions the Fund may invest up to 100% of its net assets in cash, cash equivalents, short-term debt securities and money market instruments.In pursuing the Fund's investment objective, the fund manager may consider it appropriate to also invest in other transferable securities, collective investment schemes (including funds managed by the Invesco group) and deposits.

Income Details

Distribution yield :	1.87%
Underlying yield :	1.87%
Income paid:	Bi-annually
Type of payment:	Interest
Ex-dividend date:	1 May 2020 1 November 2020
Payment date:	30 June 2020⁴ 31 December 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 January 2020.

Security	Weight
UNITED STATES TREAS 2.250 FEB 15 27	10.63%
Invesco STIC Sterling Liquidity Agency Class	6.69%
ITALY(REP OF) 1.000 JUL 15 22	4.45%
ENEL SPA FLTG 7.750 SEP 10 75	3.91%
JPMORGAN CHASE BK FLTG MAY 10 21 REG	3.41%
UNITED STATES TREAS 2.250 APR 30 24	3.31%
ITALY(REP OF) 2.100 JUL 15 26	3.11%
ITALY(REP OF) 3.100 MAR 01 40	2.23%
LLOYDS BANK PLC FLTG MAY 16 24 REG	2.12%
US TREASURY 0.500 JAN 15 28 I/L	2.07%

Sector	Weight
Bonds	91.11%
Managed Funds	6.69%
Cash and Equiv.	0.95%
Non-Classified	0.91%
Alternative Trading Strategies	0.34%

Country	Weight
United States	31.78%
United Kingdom	29.07%
Italy	15.96%
Managed Funds	6.69%
Netherlands	3.58%
France	2.72%
Ireland	2.49%
Greece	2.36%
Luxembourg	1.44%
Non-Classified	1.25%

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 21 February 2020. Data provided by Funds Library, correct as at 31 December 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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Paul Read
Manager start date	01/02/2010
Manager located in	Henley

Paul Causer
Manager start date	01/02/2010
Manager located in	Henley