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Fund name
Aberdeen American Growth  
Fidelity American  
Schroder UK Mid 250  
M&G Recovery  
Jupiter Merlin UK Growth  
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Contact details

ManagerGroupLogo
Threadneedle Investment Services Limited, 60 St Mary Axe, London, EC3A 8JQ
0800 328 4540 (Fax Number)
0845 113 0273 (Main Number)

questions@service.threadneedle.co.uk

Fund managers

* David Oliphant01-Oct-2013 to Present
 
view    
Alasdair Ross»01-Nov-2011 to 30-Sep-2013
John Hampton»20-Dec-2007 to 31-Oct-2011
Nigel Bradshaw»20-Dec-2007 to 31-Oct-2011
Purna Bhudia»01-Jul-2010 to 31-Oct-2011


Investment objectives

The aim of the Fund is to provide income. The aim of the Fund is to grow the amount you invested. The Fund invests at least two-thirds of its assets in higher rated bonds (which are similar to a loan and pay a fixed or variable interest rate) that are priced in British pounds. Higher rated bonds (as defined by international agencies that provide such ratings) are considered safer than lower rated bonds but typically pay a lower income.

Key Information

Fund vs sector

  1y 3y
Position 54 / 92 35 / 84
Quartile 3 2

Fund ratings

BLANKMstar OBSR
Analyst
(Qualitative)
FE Crown Rating: 3 FE Crown Rating
(Quantitative)

Ratios

  1y 3y
Volatility 3.54 5.32
Alpha 0.13 -0.32
Beta 0.96 1.10
Sharpe 1.22 0.76
Info Ratio -0.35 0.40
R2 0.98 0.98
Quartiles:   1  2  3  4   help with ratios
vs. IMA Sterling Corporate Bond»
performance chart
chart
    1y3y5y12m-24m24m-36m36m-48m48m-60m
ACC +7.7+25.2+43.4+2.6+13.4+0.5+13.9
  IMA STERLING CORPORATE BOND   +8.0+23.3+38.5+2.7+11.2+0.0+12.3
Clean share class
   Bid OfferDateYieldOCF help CiticodeSEDOL
pdf THREADNEEDLE III UK CORPORATE BOND INST ACC ACC 156.01 (p) 15-Sep-2014 4.10 0.49% AWJ1 B29JJ82
pdf THREADNEEDLE III UK CORPORATE BOND INST INC INC 115.65 (p) 15-Sep-2014 4.10 0.49% K0N6 B5LB1F8
pdf THREADNEEDLE III UK CORPORATE BOND INST GR INC INC 115.10 (p) 15-Sep-2014 4.10 0.49% MOI8 B68KBD3
Other share classes
   Bid OfferDateYieldOCF help CiticodeSEDOL
pdf THREADNEEDLE III UK CORPORATE BOND RET ACC ACC 150.95 (p) 15-Sep-2014 3.50 1.09% AWJ0 B29JJW6
pdf THREADNEEDLE III UK CORPORATE BOND RET 2 INC INC 145.56 (p) 15-Sep-2014 3.30 1.34% F5P9 B3XBT70

The Ongoing Charges Figure (OCF) shows the drag on performance caused by operational expenses associated with a fund.

Expenses which are represented by this figure include payments to the manager, the trustee the custodian and their representatives. The figure also includes registration, regulatory, audit and legal fees, and the costs of distribution.

Performance fees, transaction costs, interest on borrowing, costs associated with derivatives, entry and exit fees and soft commissions are not included in the OCF calculation, and should be factored in separately by the investor.

The OCF is calculated by taking the sum of these expenses incurred in the last 12 months and dividing this by the average net assets of that class for the last 12 months.

Total Expense Ratio (TER) is a formula designed to show the ongoing costs to the investor associated with a fund, including some charges which are not factored into the annual management fee. In addition the fund’s annual fee, charges such as trading fees, audit and legal fees, and operational expenses are included in the TER, which is worked out by dividing the total cost of the fund by its total assets to arrive at a percentage.

Unlike the Ongoing Charges Figure, the TER takes into account performance fees. It does not include transaction costs paid to the custodian.

Detailed fund information
Fund type flag UK Open Ended Investment Company (OEIC)
Own ISA wrapper Fund has ISA Wrapper help with ratios Fund size£163.6m / $265.5m (15-Sep-14)
Savings plan Fund has Savings Plan Minimum: GBX 100.0 Monthly Launch20-Dec-2007
Pricing times14:00 Daily Dealing frequencyMonday-Friday
Dealing timesn/a
Minimum initialGBX 1,000
Minimum additionalGBX 500
Initial charge5.00%
Annual management charge1.00%
Note to chargesn/a
Trustee / DepositaryHSBC Bank Plc
RegistrarInternational Financial Data Services Limited
Multi-Managern/a
Indexn/a
Dividend policyJan 01 (Final), Jul 01
Peer groups
Region Asset Class Investment Focus Sector
United Kingdom Fixed Interest Corporate IMA Sterling Corporate Bond
Largest holdings, 31-Jul-2014
Holding (%) Rank Fund factsheet Equity factsheet
LONG GILT FUTURE SEP14 3.50 1 - -
TREASURY 2.75% GILT 07/09/24 GBP0.01 2.30 2 - *
VERIZON COMMUNICATIONS INC 5.15% BDS 15/09/23 USD2000 1.30 3 - -
NATIONAL GRID ELECTRICITY TRANS. 4% BDS 08/06/27 GBP1000 1.20 4 - -
BARCLAYS BANK PLC 10% SUB NTS 21/05/21 GBP50000 1.20 5 - -
BANK OF AMERICA CORP 7% SNR NTS 31/07/28 GBP50000 1.20 6 - -
ELECTRICITE DE FRANCE 5.5% 17/10/2041 1.10 7 - -
TREASURY 4.75% GILT 07/12/38 GBP 1.10 8 - *
LLOYDS BANK PLC 5.125% NTS 07/03/25 GBP100000 1.00 9 - -
TELECOM ITALIA SPA(NEW) 5.625% NTS 29/12/15 GBP50000 1.00 10 - -
Total14.90 
Regional weightings, 31-Jul-2014
Region(%)Rank 
UK95.401 95.40% UK
Cash4.602 4.60% Cash
Total100.00 
Sector weightings, 31-Jul-2014
Sector(%)Rank 
BBB47.001 47.00% BBB
A26.202 26.20% A
AA12.803 12.80% AA
BB8.804 8.80% BB
Money Market4.605 4.60% Money Market
Non-Rated2.406 2.40% Non-Rated
B0.407 0.40% B
Others0.208 0.20% Others
CCC0.109 0.10% CCC
AAA-2.5010 -2.50% AAA
Total100.00 

All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Performance figures are shown in Sterling unless otherwise specified.

 
 
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JIFA Sep 06th, 2012 at 12:25 PM

Where can i gain SEDOL codes for the Retail version of this fund? Available on the Aviva Wrap.

Reply
Alias Name NIJ Apr 13th, 2012 at 02:58 PM

I would like to buy this fund as an ISA wrapper. Please can you advice. Thank you.

Reply
Conni Mar 07th, 2012 at 04:24 PM

How do I transfer into this fund from an M&G one?

Reply
Paul Kenneth Martin Jan 06th, 2012 at 07:44 PM

It appears that I can only add Invesco High Income Inc. to my portfolio When I wish to add the Acc. fund. How do I do this?

Reply
keithg16 Jan 11th, 2012 at 08:10 PM

Att'n Paul Martin, To select the Acc' you first need to add the 'default' Inc' fund to your basket, then go to your basket in the 'Tools' menu and 'click' the small '+' icon next to the fund. This will provide you with a drop down 'menu' for the various classes of units. Just tick the 'Acc' unit and 'untick' the 'Inc' unit and the 'Acc' unit will be shown in your portfolio.

Hope this helps
Kind regards
Keith Greaves - IFA (Tamar Valley Financial)

Reply
Victor John Styles Oct 08th, 2011 at 10:24 PM

I have noticed that when all the other funds go down IP HI is steady, it also gives a divi which I reinvest into the fund. Its an ideal fund whilst this hurricane goes by

Reply
NIcholas Cowie Mar 12th, 2011 at 12:53 PM

Quite right on return from '95. I was only concerned over the last three years. I have moved a modest 10% and agree with you that it is an excellent fund, even if now and again Mr Woodford gets a bit worrying!

Reply
Nick Feb 14th, 2011 at 03:22 PM

Explosif - I would recommend keeping the faith. Contrarian views are often controversial but it is generally this thematic approach which works out over the longer term. Nicholas - as an investor who has held the Fund since '95 I am confused as to why you think the Fund is a long term failure. Since 1st Jan 95 the Fund has returned 491% against the 259% of the All Share index and 247% of the FTSE 100. Quite how this is a failure I am unsure.

Trackers are in many ways inefficient investment vehicles as you own more and more of the elements as they grow in value, so own the most of the overpriced elements and the least of the underpriced. I would have thought the return you had achieved thus far would have been ample to see you through any doubts over 2 year performance statistics?

I am considering charging Invesco for my defence and marketing of this Fund, but I do genuinely believe in the future prospects of achieving competitive risk adjusted returns going forward and have staked my clients Portfolios accordingly. I have to answer to them as well as having my own money invested in this, so you can see why I am aware of the minutiae of the figures.

Reply
NIcholas Cowie Feb 03rd, 2011 at 09:01 AM

I am getting seriously worried about this fund which I have held since 1995. Looking at the long term is fine , but this IS a long term failure and it could well be that Woodford is simply wrong now. I am reducing my holding and going into a simple tracker pro tem.

Reply
Explosif Jan 26th, 2011 at 06:43 PM

Fair Point Nick, well made. I continue to hold this fund and certainly hope that it does well (better)? in the longer term. I suppose what I was trying to say was that what worked well in a previous recession had failed to have quite the same impact this time and, I stand by my comments about some of Mr. Woodfords' stock picks in the hope that he is better informed than myself. I admire your research Nick and hope you do well with your own investments.

Reply
Nick Jan 26th, 2011 at 12:05 PM

Explosiv - This type of collective investment Fund is effectively a basket of shares and so are not ever going to be immune to the wider market. However, if you look at the maximum drawdown across this period (if you bought at the highest point and sold at the lowest) of this Fund compared with others you will see why the term defensive is used - Inv Perp High Income -33.81%, UK Equity Income Sector Average -44.06%, FTSE All Share --45.03%. Your comparison with the JPM Natural Resources is interesting saying they carry the same risk as the maximum drawdown on this Fund was -66.78%. Taking two specific points in time is not a fair basis for comparison. Since 1st August 2007 the Fund has returned 2.92%, above the 0.01% average for its sector and only just behind the 7.66% of the FTSE All Share, whilst taking on approximately half the volatility and therefore providing a higher degree of capital preservation. Over the longer terms of 5/10 years, which is the recommended term of investment, the Fund has outperformed the sector and the index. Asset management is about more than just looking at pure total returns and the underlying risk needs to be properly understood when providing analysis of investment vehicles.

Reply
Explosif Jan 21st, 2011 at 09:14 PM

If you are feeling an urge to buy into this fund because of Mr. Woodfords track record during previous 'hard times' I would recommend caution. A moderate £1,750 lump sum investment in August 2007 has, to date, realised a 'profit' of £43.24. Most of Mr. Woodfords' stocks are seen as 'defensive'. This seems to be Brokerspeak for safe but, of course, the phrase 'defensive stock' is a misnomer. They appear to fall just as fast as speculative shares in a recession but take a lot longer to recover. To use an example this fund, on todays valuation, has retracted by 1.98%. JP Morgans Natural Resources has fallen by 1.67% and yet the latter is generally regarded as high risk. Why on earth Mr. Woodford keeps his faith is stocks such as BT is, frankly, beyond me. As a private investor with a day job I have easily outperformed a professional with my own stock picking, and yes, I've picked some bad ones too.

Reply
alan belk Dec 28th, 2010 at 06:50 PM

I have never seen so much c**p on a websitem when all I am looking for is your current price !!!!!!!!!!! Use the KISS principal please

Reply
paddy Dec 08th, 2010 at 07:23 PM

i hold this fund but it does not appear on the drop down list for inv./perp the income fund does ??

Reply
Nick Nov 26th, 2009 at 01:09 PM

Mickey: I understand your point regarding pontification, however it is another argument based on short termism. A previous poster comments on British investors being sheep. Although his point was wrong in terms of the comparison he drew, what you are promoting is Investment Managers adopting the same position and following the short term trends. Mr Woodford has consistently outperformed the market over the longer term. With the benchmark driven culture of modern investment vehicles, finding someone who has conviction enough in their thematics is rare, and finding someone who conistsently provides outperformance as a result even rarer. It is so easy to have a Fund that tracks 95% of the benchmark with a few small divergences. I seem to remember Mr Woodford being slated in the press for not including Tech stocks during the Tech boom. However his opinion that it was hard to find intrinsic value in the companies was eventually proved right when the bubble burst and he went stratight back to the top of the performance tables.

The simple point is, when I want UK Equity exposure for my clients at least the majority of the monies end up with Neil Woodford, and I also have belief in his current convictions that the defensive sectors in which he currently has overweight positions represent the best stock level value on fundamentals.

Bottom of an 18 Fund Sector over 1 year means nothing, and I have not even considered reducing any of my positions in this Fund and will continue to add to them in the near, medium and long term.

Reply
 

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Asset allocation

UK Fixed Interest, 95.40%
95.4000% ofUK Fixed Interest
Money Market, 4.60%
4.6000% ofMoney Market

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