Merian Local Currency Emerging Market Debt Income - GBP - Class A

Sell:617.21p Buy:617.21p Change:

1.95p (0.32%)

Prices as at 27 May 2020

Sell:617.21p

Buy:617.21p

Change:

1.95p (0.32%)

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

Prices as at 27 May 2020

Sell:617.21p

Buy:617.21p

Change:

1.95p (0.32%)

Prices as at 27 May 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.

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:	No
Ongoing charge (OCF/TER):	2.02%
Ongoing saving from HL:	0.825% i
Net ongoing charge:	1.195%

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 0.825%, of which 0.825% 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:	0.825%	0.825%	0.825%	0.825%
Loyalty bonus:	0.825%	0.825%	0.825%	0.825%
Tax on loyalty bonus:	0.00%	0.165%	0.33%	0.37125%
Value of ongoing saving to you:	0.825%	0.66%	0.495%	0.45375%

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:	Delphine Arrighi Delphine Arrighi
Fund launch date:	19 January 2011
Sector:	Global Emerging Markets Bond
Fund size:	£345 million
Number of holdings:	379
Fund type:	ICVC
Accumulation/income:	Income
Dealing frequency:	Daily
Valuation point:	12:00
Trustee:	Citibank
Minimum investment:	£100.00
Charges deducted from:	Capital
Available in a regular savings plan:	Yes
Minimum regular savings value:	£25.00

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Performance

	26/05/15 to 26/05/16	26/05/16 to 26/05/17	26/05/17 to 26/05/18	26/05/18 to 26/05/19	26/05/19 to 26/05/20
Annual return	-1.08%	25.32%	-3.67%	0.39%	4.73%

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.

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Our view on this fund

The Wealth 50 is the list of what we believe are the best funds in each sector. If a fund is not within our Wealth 50 this is not necessarily a recommendation to sell. However, if you are thinking of adding to your investments, we believe the Wealth 50 is a good place to start. View funds on the Wealth 50 »

Fund Objective

The objective of the Merian Local Currency Emerging Market Debt Fund is to seek to achieve total return through investment in a well-diversified portfolio of fixed and variable rate debt securities issued in the Emerging Markets worldwide and which are primarily denominated in the local currency of the issuer.

Income Details

Distribution yield :	8.20%
Underlying yield :	6.00%
Income paid:	Quarterly
Type of payment:	Interest
Ex-dividend date:	30 June 2020 30 September 2020 31 December 2020 31 March 2021
Payment date:	31 July 2020⁴ 31 October 2020⁴ 31 January 2021⁴ 30 April 2021⁴

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
REP.OF SOUTH AFRICA 10.5% 97-21/DEC/26	3.43%
NOTA DO TESOURO DIRTY 10% 14-01/JAN/25	3.41%
EGYPT TREASURY BILL 0% 19-07/APR/20	2.57%
RUSSIA GOVT BOND - OF 8.15% 12-03/FEB/27	2.44%
MALAYSIA GOVERNMENT 3.733% 13-15/JUN/28	2.43%
NOTA DO TESOURO DIRTY 10% 18-01/JAN/29	2.40%
BONOS DE TESORERIA 6.35% 16-12/AUG/28	2.22%
NOTA DO TESOURO DIRTY 10% 16-01/JAN/27	2.19%
TITULOS DE TESORERIA B 7.5% 11-26/AUG/26	1.91%
ROMANIA GOVERNMENT BOND 5% 18-12/FEB/29	1.90%

Sector	Weight
Bonds	90.97%
Cash and Equiv.	8.24%
Non-Classified	3.38%
Alternative Trading Strategies	-2.59%

Country	Weight
South Africa	10.47%
Indonesia	10.32%
Cash and Equiv.	8.24%
Russian Federation	8.03%
Brazil	8.00%
Colombia	7.19%
Mexico	6.98%
Turkey	6.72%
Malaysia	6.71%
Egypt	4.74%

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 27 May 2020. Data provided by Funds Library, correct as at 31 March 2020.

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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Delphine Arrighi
Manager start date	12/01/2016
Manager located in	.