Fact sheet: FF Global Hybrids Bond

Fund information
Fund name
FF Global Hybrids Bond Y USD
Fund manager company
Fidelity International (FIL In
Fund type
Offshore Fund
Fund manager
No data available.
Fund objective
Aims to provide high current income and capital growth. At least 70% invested into hybrid bonds (‘Hybrids’), namely debt securities with equity-like features, as well as into other subordinated financial debt and preference shares, which will not be required to meet a minimum rating standard. Such Hybrids may be issued by non-financial institutions (corporate Hybrids) as well as by financial institutions (financial Hybrids), which may include contingent convertibles. Corporate Hybrids are highly subordinated debt securities which carry equity-like features, such as coupon payments that may be deferred or cancelled at the discretion of the issuer, and are typically the last to be paid in the event of insolvency. Contingent convertibles are subordinated financial bonds meaning that the holder’s claim on assets is ranked lower than senior debt in case of bankruptcy or liquidation of the issuer, but normally higher than equity, hence their holders are the first in the debt capital structure to absorb capital losses of the issuer. Should a predefined event occur, such as if an issuer’s capital ratio or leverage breaches a pre-agreed threshold, and depending on the specific terms of the relevant issue, the contingent convertible will be converted into equity, or partially written off or completely written off, or written off with the option of revaluation under certain circumstances if capital levels are rebuilt. The conversion serves to bolster the capital base of the issuer in times of stress. Other subordinated financial debt and preference shares do not have a conversion feature but rank behind senior debt in case of insolvency. Has the freedom to invest outside the principal asset classes andmay invest up to 30% in Money Market Instruments, cash and bankdeposits, as well as other transferable securities. Up to 10% may be invested in units of other investment funds. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. Suitable for sophisticated investors who have the appropriate investment expertise to understand the key features and the risks associated with an investment in this fund. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment.
Benchmark
No data available.
Investment style
None
Investment method
Fixed Interest
Quick stats
1 Year return
7.7%
1 Year rank in sector
54/301
Sector
FO Fixed Int - Global
Yield
3.7%
Fund size
£54m (£19m last year)
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.
68
Top in this sector
Fund name1 Year
Twelve Falcon Ins Lkd Strat219.7%
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HSBC GIF Gbl AsBk Bd21.3%
...more in FO Fixed Int - Global

Performance snapshot

Holdings snapshot

  • Germany20.1%
    UK18.2%
    France13.3%
    Money Market11.9%
    Switzerland9.9%
  • Banks43.3%
    Insurance18.5%
    Money Market11.9%
    Communications5.3%
    Government Bonds4%
  • German Fixed Interest20.1%
    UK Fixed Interest18.2%
    French Fixed Interest13.3%
    Money Market11.9%
    Swiss Fixed Interest9.9%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1.8%5.3%1.7%7.7%--
Sector0%1.4%-0.4%3.8%6.2%11.6%
Rank within sector8 / 3299 / 32267 / 31054 / 301--
Quartile1st1st1st1st
Calendar performance
 YTD - 20172016201520142013
Fund4.5%2.8%---
Sector1.1%4.6%-1.6%3.7%-1.6%
Rank within sector10 / 322169 / 294---
Quartile1st3rd
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.
-
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.
-
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.
-
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%.
-
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.
-
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.
-
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.
-
Price movement
52 week high10.25
52 week low9.61
Current bid price-
Current offer price-
Current mid price10.25
Region
1Germany20.14%
2UK18.16%
3France13.25%
4Money Market11.92%
5Switzerland9.9%
6International8.21%
7Europe5.74%
8Latin America3.03%
9Australasia2.85%
Industry sector
1Banks43.3%
2Insurance18.54%
3Money Market11.92%
4Communications5.32%
5Government Bonds3.97%
6Energy3.92%
7Basic Industries3.44%
8Utilities2.85%
9Cyclical Consumer Goods2.82%
Asset type
1German Fixed Interest20.14%
2UK Fixed Interest18.16%
3French Fixed Interest13.25%
4Money Market11.92%
5Swiss Fixed Interest9.9%
6Global Fixed Interest8.49%
7European Fixed Interest5.74%
8American Emerging Fixed Interest3.03%
9Asia Pacific Fixed Interest2.85%
Individual holdings
No data available.
Management
Fund manager group
Fidelity
Fund manager company
Fidelity International (FIL In
Fund type
Offshore Fund
Fund objective
Aims to provide high current income and capital growth. At least 70% invested into hybrid bonds (‘Hybrids’), namely debt securities with equity-like features, as well as into other subordinated financial debt and preference shares, which will not be required to meet a minimum rating standard. Such Hybrids may be issued by non-financial institutions (corporate Hybrids) as well as by financial institutions (financial Hybrids), which may include contingent convertibles. Corporate Hybrids are highly subordinated debt securities which carry equity-like features, such as coupon payments that may be deferred or cancelled at the discretion of the issuer, and are typically the last to be paid in the event of insolvency. Contingent convertibles are subordinated financial bonds meaning that the holder’s claim on assets is ranked lower than senior debt in case of bankruptcy or liquidation of the issuer, but normally higher than equity, hence their holders are the first in the debt capital structure to absorb capital losses of the issuer. Should a predefined event occur, such as if an issuer’s capital ratio or leverage breaches a pre-agreed threshold, and depending on the specific terms of the relevant issue, the contingent convertible will be converted into equity, or partially written off or completely written off, or written off with the option of revaluation under certain circumstances if capital levels are rebuilt. The conversion serves to bolster the capital base of the issuer in times of stress. Other subordinated financial debt and preference shares do not have a conversion feature but rank behind senior debt in case of insolvency. Has the freedom to invest outside the principal asset classes andmay invest up to 30% in Money Market Instruments, cash and bankdeposits, as well as other transferable securities. Up to 10% may be invested in units of other investment funds. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. Suitable for sophisticated investors who have the appropriate investment expertise to understand the key features and the risks associated with an investment in this fund. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment.
Benchmark
No data available.
Investment style
None
Investment method
Fixed Interest
Fund manager
No data available.
Compliance
Transparent for Austrian Tax, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
Austria, Switzerland, Germany, Denmark, Spain, Finland, France, United Kingdom, Italy, Luxembourg, Netherlands, Norway, Offshore, Poland, Sweden
FF Global Hybrids Bond I
Initial charge-
Annual charge0.55%
Min single investment£10,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.6326
CurrencyEUR
Price updated24/03/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFX2M
FF Global Hybrids Bond Y Acc EUR
Initial charge-
Annual charge0.55%
Min single investment£1,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.8962
CurrencyEUR
Price updated24/03/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeFX2N
FF Global Hybrids Bond Y EUR
Initial charge-
Annual charge0.55%
Min single investment£1,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.6103
CurrencyEUR
Price updated24/03/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFX2O
FF Global Hybrids Bond Y Hedged Acc EUR
Initial charge-
Annual charge0.55%
Min single investment£1,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.9081
CurrencyEUR
Price updated24/03/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeFX2Q
FF Global Hybrids Bond Y Hedged Acc USD
Initial charge-
Annual charge0.55%
Min single investment£1,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price11.1294
CurrencyUSD
Price updated24/03/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeFX2R
FF Global Hybrids Bond Y Hedged EUR
Initial charge-
Annual charge0.55%
Min single investment£1,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.619
CurrencyEUR
Price updated24/03/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFX2S
FF Global Hybrids Bond Y USD
Initial charge-
Annual charge0.55%
Min single investment£1,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.246
CurrencyUSD
Price updated24/03/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFX2P
Data provided by

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You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.