Fact sheet: City MerchantsHiYdTstLtd

Fund information
Fund name
City Merchants High Yield Trust Limited
Fund manager company
Invesco Asset Management
Fund type
Investment Trust
Fund managers
  • Paul Causersince 31/07/2003
  • Paul Readsince 01/03/2003
Fund objective
This fund’s investment objective is to seek to obtain both high income and capital growth from investment predominantly in high-yielding fixed interest securities. The Company seeks to provide a high level of dividend income relative to prevailing interest rates through investment in fixed-interest securities, various equity-like securities within fixed-income markets and equity-linked securities such as convertible bonds and in direct equities that have a high income yield. It seeks also to enhance total returns through capital appreciation generated by investments which have equity-related characteristics.
Benchmark
  • FTSE All Share TR
Investment style
None
Investment method
No data available.
Quick stats
1 Year return
7.6%
1 Year rank in sector
5/8
Sector
IT UK Equity & Bond Income
Yield
5.3%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.02%
Fund size
£172m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
43
Mid price
187
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
185.7
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-0.11
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
101
Top in this sector
Fund name1 Year
Jupiter Div & Gth11.1%
CQS NewCityHighYldFdLtdOrd NPV10.3%
Investors Cap Tst10.1%
M&G Hi Inc IT8.2%
City MerchantsHiYdTstLtd7.6%
...more in IT UK Equity & Bond Income

Performance snapshot

Holdings snapshot

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-1.7%-0.6%6.1%7.6%22.8%72.4%
Sector1%0.9%5.1%5.2%16%93.8%
Rank within sector8 / 86 / 84 / 85 / 82 / 85 / 8
Quartile4th3rd2nd3rd1st3rd
Calendar performance
 YTD - 20162015201420132012
Fund9.3%0.7%8.5%18.5%19.4%
Sector4.3%11.1%-1.5%35.3%25.6%
Rank within sector4 / 87 / 81 / 87 / 85 / 8
Quartile2nd4th1st4th3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
5.04
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.54
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.65
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
6.22
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
5.8
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.49
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.43
Price movement
52 week high193
52 week low167.5
Current bid price187
Current offer price188.5
Current mid price187
Region
1UK100%
Industry sector
1BB33.2%
2B27.9%
3BBB12.4%
4Non-Rated9.6%
5CCC7.1%
6A3.4%
7AAA2.7%
8Others2.6%
9Money Market0.9%
Asset type
No data available.
Individual holdings
No data available.
Management
Fund manager group
Invesco
Fund manager company
Invesco Asset Management
Fund type
Investment Trust
Fund objective
This fund’s investment objective is to seek to obtain both high income and capital growth from investment predominantly in high-yielding fixed interest securities. The Company seeks to provide a high level of dividend income relative to prevailing interest rates through investment in fixed-interest securities, various equity-like securities within fixed-income markets and equity-linked securities such as convertible bonds and in direct equities that have a high income yield. It seeks also to enhance total returns through capital appreciation generated by investments which have equity-related characteristics.
Benchmark
  • FTSE All Share TR
Investment style
None
Investment method
No data available.
Fund managers
NameSinceBiography
Paul Causer31/07/2003Based in Henley-on-Thames, Paul co-leads Invesco Perpetual’s Fixed Interest team with Paul Read, managing a number of government, corporate and non- investment grade portfolios. Paul began his investment career in 1983 in research and credit analysis with Asahi Bank, the large Japanese commercial bank. He then moved to the bank's treasury department and traded securities and derivative instruments until 1990 when he was given responsibility for managing the bank's multi-currency investment portfolio before joining our company in 1994. Paul holds a BSc in Economics from the London School of Economics.
Paul Read01/03/2003Based in Henley-on-Thames, Paul co-leads Invesco Perpetual’s Fixed Interest team with Paul Causer, managing a number of government, corporate and non- investment grade portfolios across the maturity spectrum. Paul began his investment career with UBS (Securities) Ltd in 1986, and then moved to Merrill Lynch International in 1988. Paul initially worked on the bond sales desk, covering institutional investment managers at Merrill Lynch, before moving on to debt trading and working as a director of fixed interest trading in Tokyo from 1991 and in Paris from 1993 before joining our company in 1995. He holds a BA in Economics and History from the University of Toronto and also has an MBA from INSEAD.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom, Jersey, Offshore
City Merchants High Yield Trust Limited
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price184.35
CurrencyGBX
Price updated07/12/2016
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJHV
City Merchants High Yield Trust Limited NFV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price186.62
CurrencyGBX
Price updated07/12/2016
Type-
Institutional or retail classRetail
Domicile-
Citi codeEBK3
City Merchants High Yield Trust Limited NPV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price186.62
CurrencyGBX
Price updated07/12/2016
Type-
Institutional or retail classRetail
Domicile-
Citi codeEBL9
Data provided by

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