Kames High Yield Bond A Acc
This factsheet should be viewed in conjunction with the Key Investor Information
Document (KIID) as both provide important information. The KIID is accessible from
the link on the right.
Factsheets contain information about the features of the fund such as the investment
objective, fund region and past performance.
Some funds offer income units, accumulation units or both. The unit type you choose
will affect the way income generated from the fund is treated. With income units,
income is paid into your nominated account. With accumulation units income is retained
within the fund, increasing the value of your holding.
All Investments carry an element of risk. In particular, the value of Investments
and any income from them can go down as well as up and you may not get back what
you originally invested.
In addition, investing in funds is subject to specific risks. Details
of these risks are contained in the Key Investor Information Document which is
designed to provide important information about funds as well as the risks involved.
Fund Objective
The primary investment objective is to maximise total return (income plus capital) by investing in a portfolio of predominantly high yield bonds, selected investment grade bonds and cash. The fund may hold sterling and other currency denominated bonds hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.
Investment Information
Management Information
|
Manager name
|
Philip Milburn
|
|
Manager since
|
01/11/2003
|
Philip Milburn
Phil is an investment manager in the fixed income team with 15 years’ experience. He joined us in 1997 from the University of Edinburgh, where he earned a first class honours degree in Economics. After spells in UK and Latin American equities, Phil joined the fixed income team, where he now manages our strategic and high yield bond portfolios. He brings equity discipline to high yield analysis and uses his background in economics for macro fund positioning. Phil is also an integral member of the ABI Bond Committee, helping to lead on many industry initiatives.
About the fund provider
Fund provider
Kames Capital is a specialist investment management business. As at 30th September 2012, they manage portfolios worth £51.5 billion on behalf of clients in the UK, continental Europe and Asia. Their clients include public pension funds, corporate pension schemes, financial institutions, charities, foundations, wealth managers and financial intermediaries. They focus on four areas in which they can offer clients a compelling proposition - fixed income, property, equities and multi-asset. They combine their fund managers’ talents with a proven investment process which is not constrained by any single investment style. They aim to outperform in all market conditions by taking advantage of the opportunities that occur throughout the business and market cycles.
Fund Codes
|
Citicode
|
A222
|
|
SEDOL
|
3142523
|
At a glance
|
Fund Type
|
OEIC
|
Income Yield 
|
4.49%
|
|
Ongoing Charges (on 30/04/2013)
|
1.30%
|
Where is this fund primarily investing?
Income
|
Income Yield
|
4.49%
|
|
Income Frequency (per annum)
|
12
|
|
Income Payment Dates
|
May 31 2013
|
|
More dates
|
| Jun 30 2013 |
| Jul 31 2013 |
| Aug 31 2013 |
| Sep 30 2013 |
| Oct 31 2013 |
| Nov 30 2013 |
| Dec 31 2013 |
| Jan 31 2014 |
| Feb 28 2014 |
| Mar 31 2014 |
| Apr 30 2014 |
What Barclays gets paid
If you decide to invest, Barclays Investments will receive payment from the fund manager out of the annual management charge you pay. The amount we receive is based on the value of your holding but is not an additional cost to you. The information to the right shows the percentage and an example amount that Barclays would receive on an annual basis for as long as the fund is held.
|
Annual Rate
|
0.5%
|
What Barclays will receive based on
a £10,000 investment
|
£50
|
Risk and reward profile
| The risk/reward profile shows the risk of investing in the Fund, based on the rate at which its value has changed in the past. This Fund has the above risk/reward rating because bond prices can be affected by political or economic events, and also changes in exchange rates. |
| The Fund's category is not guaranteed and may change over time. It is calculated using historical data, which may not be a reliable indication for the future. Category 1 does not mean 'risk free'. |
| The following risks, which are not, or are not fully, reflected in the risk/reward profile are also relevant to the Fund: |
| Credit: An issuer of bonds may be unable to make payments due to the Fund (known as a default). The value of bonds may fall as default becomes more likely. Both default and expected default may cause the Fund’s value to fall. High yield bonds generally offer higher returns because of their higher default risk and investment grade bonds generally offer lower returns because of their lower default risk. |
| Liquidity: The Fund’s value may fall if bonds become more difficult to trade or value due to market conditions or a lack of supply and demand. This risk increases where the Fund invests in high yield bonds. |
| Counterparty: Investments such as derivatives are made using financial contracts with third parties. Those third parties may fail to meet their obligations to the Fund due to events beyond our control. The Fund’s value could fall because of: (i) loss of monies owed by the counterparty; and/or (ii) the cost of replacement financial contracts. |
| Other markets: The Fund may invest in countries which have less developed political, economic and legal systems and which provide fewer investor protections. Difficulties in buying, selling, safekeeping or valuing investments in such countries may reduce the value of the Fund. |
| Derivatives: The value of derivatives depends on the performance of an underlying asset. Small changes in the price of that asset can cause larger changes in the value of the derivative. This increases potential gain but also potential loss. |
| Full details of risks are disclosed in the section 'Risk Factors' in the Prospectus. |
Past performance overview - fund vs. sector
|
A -
|
|
Kames High Yield Bond A Acc
|
|
B -
|
|
Sector: UT Sterling High Yield
|
Past performance is not a guide to future performance
Cumulative Past Performance
|
|
3 mth |
6 mth |
1 yr |
3 yr |
5 yr |
|
Kames High Yield Bond A Acc
|
2.94% |
5.88% |
14.80% |
34.88% |
58.91% |
|
UT Sterling High Yield
|
3.09% |
6.41% |
16.06% |
29.95% |
45.86% |
|
Relative to Sector
|
-0.15% |
-0.50% |
-1.08% |
3.79% |
8.95% |
|
Rank within sector
|
17/24 |
18/24 |
17/24 |
3/20 |
3/19 |
Discrete Past Performance
|
|
31/03/12 –31/03/13 |
31/03/11 –31/03/12 |
31/03/10 –31/03/11 |
31/03/09 –31/03/10 |
31/03/08 –31/03/09 |
|
Kames High Yield Bond A Acc
|
10.75% |
4.57% |
12.28% |
66.73% |
-24.39% |
|
UT Sterling High Yield
|
11.63% |
2.22% |
9.08% |
51.76% |
-21.35% |
|
Relative to Sector
|
-0.79% |
2.30% |
2.93% |
9.86% |
-3.87% |
|
Rank within sector
|
16/24 |
6/22 |
1/20 |
1/20 |
11/19 |
Discrete Past Performance figures are calculated on a bid/mid (buying) price basis with net income (dividends) reinvested
Asset Allocation - as at April 30, 2013
| Rank |
Key |
Name |
%
Weighting |
| 1 |
|
US Fixed Interest |
34.68% |
| 2 |
|
UK Fixed Interest |
20.15% |
| 3 |
|
OTHERS |
11.46% |
| 4 |
|
German Fixed Interest |
8.38% |
| 5 |
|
Money Market |
6.00% |
| 6 |
|
Dutch Fixed Interest |
5.68% |
| 7 |
|
Swiss Fixed Interest |
4.88% |
| 8 |
|
French Fixed Interest |
4.38% |
| 9 |
|
Luxembourg Fixed Interest |
2.29% |
| 10 |
|
Global Fixed Interest |
2.10% |
Region Breakdown - as at April 30, 2013
| Rank |
Key |
Name |
%
Weighting |
| 1 |
|
USA |
34.68% |
| 2 |
|
UK |
20.15% |
| 3 |
|
OTHERS |
13.56% |
| 4 |
|
Germany |
8.38% |
| 5 |
|
Money Market |
6.00% |
| 6 |
|
Netherlands |
5.68% |
| 7 |
|
Switzerland |
4.88% |
| 8 |
|
France |
4.38% |
| 9 |
|
Luxembourg |
2.29% |
Sector Breakdown - as at April 30, 2013
| Rank |
Key |
Name |
%
Weighting |
| 1 |
|
Industrials |
52.57% |
| 2 |
|
TMT |
25.61% |
| 3 |
|
Cash |
7.83% |
| 4 |
|
Utilities |
7.17% |
| 5 |
|
Banks |
3.77% |
| 6 |
|
Collateralised |
2.22% |
| 7 |
|
Other Financial |
0.83% |
Top Holdings - as at April 30, 2013
| Rank |
Name |
%
Weighting |
Rank |
Name |
%
Weighting |
| 1 |
UNITYMEDIA GMBH 5.5% BDS 15/09/22 EUR1000 |
1.99% |
6 |
RWE AG 7% FRN SUB 12/10/72 |
1.75% |
| 2 |
DISH DBS CORP 5% 15/03/2023 |
1.83% |
7 |
WILLIAM HILL PLC 7.125% GTD NTS 11/11/16 GBP50000 |
1.73% |
| 3 |
REYNOLDS GROUP ISSUER INC/LLC/SA 5.75% BDS 15/10/20 USD1000 REG S |
1.77% |
8 |
HAWK ACQUISITION SUB INC 4.25% NTS 15/10/20 USD2000144A |
1.71% |
| 4 |
HCA INC 7.75% NTS 15/05/21 USD1000 144A |
1.77% |
9 |
CARE UK HEALTH & SOCIAL CARE NEWCO 9.75% NTS 01/08/17 GBP50000`REG S` |
1.57% |
| 5 |
ROYAL BANK OF SCOTLAND NV 6.50% 17/05/2018 |
1.76% |
10 |
ING BANK FLTG RATE NTS 23/05/16 USD1000 |
1.56% |