| Asset Group | Asset Sub-Group | Investment Category |
| Fixed Income | Sterling bonds | Adventurous |
The fund has been managed by Bryn Jones since November 2004 who also serves as Rathbone’s head of fixed income. The wider investment team comprises deputy manager Stuart Chilvers and three credit analysts. The fund invests in a minimum of 80% sterling investment grade bonds and up to 10% in non-rated bonds. The fund’s ethical overlay is provided by Rathbone Greenbank Investments, the specialist ethical investment unit of Rathbone Investment Management. The process begins with identifying themes such as macro, sectors, new issuance, regulation etc. Credit analysis is then conducted where the team assesses the company’s character, ability to repay its obligations, its collateral and the covenants attached to the bond. From here the manager looks to identify bonds which look attractive on a relative valuation basis but will also look opportunistically at bonds which appear too cheap on an absolute basis. Companies issuing these identified bonds will have to pass the ethical team’s negative screening tests and have approval by a member of the fund’s ethical committee, before being considered for inclusion in the fund universe. The fund has 100-200 holdings, but the majority of the portfolio has been held in bank and insurance bonds over the past five years owing to much improved fundamentals and opportunities due to liability management exercises. The fund has comfortably outperformed both peers and the Markit iBoxx GBP Non-Gilt Index over the long term on an absolute and risk adjusted basis. Opinion Investors should be aware of the significant bias towards bonds from financial companies which is a source of additional risk. January 2023 | ||
Risk warnings
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