AXA Investment Managers UK Ltd Global High Yield Class Z Gross Inc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 31/03/19 to 31/03/20 |
31/03/20 to 31/03/21 |
31/03/21 to 31/03/22 |
31/03/22 to 31/03/23 |
31/03/23 to 31/03/24 |
|
|---|---|---|---|---|---|
| Fund | -9.1% | 22.5% | -0.4% | -5.0% | 10.7% |
| Sector | -10.0% | 23.5% | -1.1% | -4.5% | 10.8% |
| Rank | 11/24 | 17/27 | 15/29 | 15/29 | 15/29 |
| Quartile | 2 | 3 | 2 | 2 | 2 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 31/03/24 |
5 Years to 31/03/24 |
10 Years to 31/03/24 |
||
| Fund | 1.5% | 3.1% | 3.4% | |
| Sector | 1.5% | 3.1% | 3.1% | |
| Rank | 15/29 | 12/24 | 7/20 | |
| Quartile | 2 | 2 | 2 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| MATTHEWS INTERNATIONAL C | 1.06 |
| GETTY IMAGES INC | 1.01 |
| ZI TECH LLC/ZI FIN CORP | 0.87 |
| ILLUMINATE BUYER/HLDG | 0.81 |
| VERSCEND ESCROW CORP | 0.80 |
| MAUSER PACKAGING SOLUT | 0.75 |
| IRON MOUNTAIN UK PLC | 0.71 |
| ILIAD HOLDING SAS | 0.64 |
| BOXER PARENT CO INC | 0.63 |
| GARDA WORLD SECURITY COR | 0.59 |
| Total | 7.86 |
Fund Aims
To provide long-term high yield returns. The Fund aims to deliver long-term high yield returns by compounding high current income and any capital growth through investing in a broadly diversified portfolio of ‘sub-investment grade’ bonds.
Fund Manager
• Yves is a Senior Portfolio Manager within the European High Yield team based in London. He is the Lead Portfolio Manager on AXA IM’s Maturity 2020 and 2023 fixed maturity funds.
•He was previously instrumental in the launch of AXA IM’s flagship European Short Duration High Yield strategy, and remains Deputy Portfolio Manager on this fund as well as Co-manager of the AXA WF European High Yield Bonds fund and AXA WF Global High Yield Bonds fund.
• Yves joined AXA IM in 2007 as part of a Fixed Income Graduate Program (VIE) working alongside the credit research team, with a focus on High Yield. He was appointed to his current Portfolio Manager Analyst role in 2009. Prior to joining AXA IM, Yves worked as a trainee Credit Analyst at IXIS Corporate & Investment Banking in Paris.
• Yves holds an MSc in International Finance from the Rouen Business School, France.
Mike is a Portfolio Manager within the US High Yield team, a role he has held since 2010. Prior to his current role managing US Core High Yield portfolios, he was responsible for research covering the energy sector. Mike joined AXA IM in 2007.
Prior to AXA IM, he was an Analyst for two years in the fixed income division of Bear Stearns, where he performed financial analyses and quantitative support for the Public Power group.
Michael holds a Bachelor’s degree in Economics from Williams College; and he is also a CFA charter-holder.
Rob is a Portfolio Manager within the US High Yield team, a role he has held since 2008. Prior to his current role managing US Core High Yield portfolios, he was responsible for research coverage of the basic industry sector. Rob joined AXA IM in 2005 as a US High Yield Credit Analyst.
Before joining AXA IM, he was a Trader for three years on the institutional equity trading desk at Lehman Brothers where he traded energy related stocks.
Rob holds a Bachelor’s degree in economics and psychology from Williams College and is a CFA charter-holder.
Fund Overview
| Mid (26/04/2024) | 85.90p |
| Distribution yield | 5.50% |
| Underlying yield | - |
| Fund size (31/12/2023) | £69.00m |
| Number of holdings | 349 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.53% |
| Launch date | 15/01/2001 |
Asset Allocation
| International Bonds | 94.82% | |
| UK Corporate Bonds | 5.18% |
Commentary
[No data]
Asset Allocation
| International Bonds | 94.82% | |
| UK Corporate Bonds | 5.18% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 100.00% | - | - | - | |
Regional Allocation
| North America | 73.98% | |
| Developed Europe - Excl UK | 18.78% | |
| UK | 5.18% | |
| Non-Classified | 1.30% | |
| Australia & New Zealand | 0.41% | |
| Middle East & Africa | 0.35% |
Fixed Interest Currencies
| US Dollar | 74.74% | |
| Euro | 21.76% | |
| Pound Sterling | 3.49% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| North America | 73.98% | - | |
United States
|
- | 70.35% | |
Canada
|
- | 3.63% | |
| Developed Europe - Excl UK | 18.78% | - | |
Netherlands
|
- | 4.75% | |
France
|
- | 3.79% | |
Luxembourg
|
- | 3.19% | |
Italy
|
- | 2.64% | |
Germany
|
- | 2.40% | |
Spain
|
- | 0.70% | |
Ireland
|
- | 0.69% | |
Sweden
|
- | 0.27% | |
Portugal
|
- | 0.24% | |
Austria
|
- | 0.12% | |
| UK | 5.18% | - | |
United Kingdom
|
- | 5.18% | |
| Non-Classified | 1.30% | - | |
| Australia & New Zealand | 0.41% | - | |
Australia
|
- | 0.41% | |
| Middle East & Africa | 0.35% | - | |
United Arab Emirates
|
- | 0.35% | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
62.69% |
| 5Yr - 10Yr Maturity |
|
35.26% |
| > 15Yr Maturity |
|
2.05% |
Fixed Interest Quality Profile
| BBB |
|
1.76% |
| Sub-Investment Grade |
|
74.18% |
| Unknown Quality |
|
24.06% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | MATTHEWS INTERNATIONAL C | 1.06% | Bonds | United States |
| 2 | GETTY IMAGES INC | 1.01% | Bonds | United States |
| 3 | ZI TECH LLC/ZI FIN CORP | 0.87% | Bonds | United States |
| 4 | ILLUMINATE BUYER/HLDG | 0.81% | Bonds | United States |
| 5 | VERSCEND ESCROW CORP | 0.80% | Bonds | United States |
| 6 | MAUSER PACKAGING SOLUT | 0.75% | Bonds | United States |
| 7 | IRON MOUNTAIN UK PLC | 0.71% | Bonds | United Kingdom |
| 8 | ILIAD HOLDING SAS | 0.64% | Bonds | France |
| 9 | BOXER PARENT CO INC | 0.63% | Bonds | United States |
| 10 | GARDA WORLD SECURITY COR | 0.59% | Bonds | Canada |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B29NG94 |
| Mex Code | ELHG |
| Isin Code | GB00B29NG940 |
| Citi Code | AZW0 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.53% |
Aims and Benchmark
| Aims | To provide long-term high yield returns. The Fund aims to deliver long-term high yield returns by compounding high current income and any capital growth through investing in a broadly diversified portfolio of ‘sub-investment grade’ bonds. |
| Benchmark | Merrill Lynch Global High Yield |
| Benchmark Category | - |
| IA Sector | £ High Yield |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | OEIC |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Quarterly |
| Distribution Type | Interest |
| Distribution Payment Basis | Gross |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 01 January | 28 February |
| 01 April | 31 May |
| 01 July | 31 August |
| 01 October | 30 November |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | HSBC Bank plc |
| Fund Administrator | State Street Bank and Trust Company |
| Fund Registrar | DST Financial Services International Limited |
| Fund Custodian | HSBC Bank plc |
Group Details
| Group name | AXA Investment Managers UK Limited |
| Group address | Broker Services Team AXA Investment Managers 7 Newgate Street London EC1A 7NX |
| Group telephone | 020 7003 1234 |
| Dealing telephone | 0207 0031234 |
| broker.services@axa-im.com | |
| Homepage | www.axa-im.com |
| Fax number | 020 7003 2313 |
Dealing
| Minimum Investment | £100000 |
| Minimum Top Up | £5000 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 4 days |
| Settlement Period: Sell | 4 days |
| Pricing Basis | Forward |
| Dealing Decimals | 3 |
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 0.25 |
| Beta | 1.02 |
| Sharpe | 0.00 |
| Standard Deviation | 7.64 |
| Info Ratio | 0.12 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | No |
| Concentrated Portfolio | No |
| Smaller Companies | No |
| High Yield Bonds | Yes |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | Yes |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | Yes |
| Ethical Restrictions | No |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
High Yield Bonds
The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Derivative Exposure
The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.
Income Eroding Capital Growth
The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.
Solvency of Bond Issuers
If the fund you choose invests in bonds there is a risk that the issuer may default, resulting in a loss to the portfolio.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage. "Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.