Ninety One GSF High Income Bond Inclusive - Class A - Income (EUR)

Sell:1,491.93p Buy:1,491.93p Change:

3.62p (0.24%)

Prices as at 6 July 2020

Sell:1,491.93p

Buy:1,491.93p

Change:

3.62p (0.24%)

You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account

Prices as at 6 July 2020

Sell:1,491.93p

Buy:1,491.93p

Change:

3.62p (0.24%)

Prices as at 6 July 2020

You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and 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):	1.43%
Ongoing saving from HL:	0.50% i
Net ongoing charge:	0.93%

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:	26 November 1990
Launch price:	€20.00
Sector:	Offshore
Fund size:	£76 million
Number of holdings:	149
Fund type:	SICAV
Accumulation/income:	Income
Dealing frequency:	Daily
Valuation point:	21:00
Trustee:	Other
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

	06/07/15 to 06/07/16	06/07/16 to 06/07/17	06/07/17 to 06/07/18	06/07/18 to 06/07/19	06/07/19 to 06/07/20
Annual return	24.45%	11.45%	-0.09%	6.65%	-2.20%

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 Shortlist features funds our analysts believe have the potential to outperform their peers over the long term. If a fund is not on the Shortlist, 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 »

Fund Objective

The Fund aims to provide an income and capital return in excess of that which is generated by prevailing European high yield bond indices over the long term. The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of Euro and British Pound Sterling denominated higher interest rate bearing debt securities (which may be Investment Grade and Non-Investment Grade) issued in the Eurobond, Sterling domestic or Euro domestic markets by issuers around the world and derivatives which offer exposure to such securities. The currency mix of denominations may be varied, reflecting the Investment Manager's assessment of likely exchange rate movements at any time.

Income Details

Distribution yield :	3.84%
Income paid:	Monthly
Type of payment:	Interest
Ex-dividend date:	3 July 2020 1 August 2020 1 September 2020 2 October 2020 1 November 2020 2 November 2020 2 January 2021 1 February 2021 1 March 2021 3 April 2021 2 May 2021 1 June 2021
Payment date:	18 July 2020⁴ 16 August 2020⁴ 14 September 2020⁴ 16 October 2020⁴ 14 December 2020⁴ 14 November 2020⁴ 15 January 2021⁴ 15 February 2021⁴ 15 March 2021⁴ 18 April 2021⁴ 15 May 2021⁴ 15 June 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 May 2020.

Security	Weight
VIRGIN MEDIA SECURED FINANCE P SR SECURED REGS 04/27 5	3.62%
TELECOM ITALIA SPA SR UNSECURED REGS 04/25 2.75	2.24%
VODAFONE GROUP PLC JR SUBORDINA 04/79 VAR	2.21%
PRIMO WATER CORP COMPANY GUAR REGS 07/24 5.5	2.17%
TLG FINANCE SARL COMPANY GUAR REGS VAR	2.03%
TEVA PHARMACEUTICAL FINANCE NE COMPANY GUAR REGS 01/25 6	2.01%
ZIGGO BV SR SECURED REGS 01/27 4.25	1.96%
REFINITIV US HOLDINGS INC SR SECURED REGS 05/26 4.5	1.96%
BANQUE NATIONALE DE PARIS LON TD 29052020-01062020 at -0.6	1.93%
TELEFONICA EUROPE BV COMPANY GUAR REGS 12/99 VAR	1.86%

Sector	Weight
Bonds	94.67%
Non-Classified	2.52%
Cash and Equiv.	2.34%
Alternative Trading Strategies	0.46%
Managed Funds	0.01%

Country	Weight
Netherlands	20.52%
United States	14.32%
United Kingdom	13.29%
Italy	10.73%
France	9.77%
Germany	8.90%
Luxembourg	6.37%
Non-Classified	2.99%
Ireland	2.95%
Cash and Equiv.	2.34%

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 6 July 2020. Data provided by Funds Library, correct as at 31 May 2020.

You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and 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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Garland Hansmann
Manager start date	01/04/2015
Manager located in	TBC

Jeff Boswell
Manager start date	01/04/2015
Manager located in	TBC