Fact sheet: FL F&C Fxd Annty Cnvrsn Pn

Fund information
Fund name
FL F&C Fixed Annuity Conversion Pn
Fund manager company
Friends Life
Fund type
Pension Fund
Fund managers
  • Robert Crewesince 07/06/2012
  • Alex Soulsbysince 07/06/2012
Underlying fund
F&C Fixed Annuity Conversion
Fund objective
F&C state that the objective of the fund is to provide a total return and to match a benchmark based on fixed annuity prices with the aim of reducing the annuity conversion risk for pre-retirement funds. The manager will invest in gilts and inflation linked gilts. The manager may also invest in money market instruments, derivatives and forward transactions. Derivatives may be used for meeting the investment objective of the fund as well for managing the portfolio efficiently.
Benchmark
  • No Specified Index
Investment style
None
Investment method
Fixed Interest, Derivatives
Quick stats
1 Year return
8.9%
1 Year rank in sector
18/178
Sector
PN UK Gilts
Yield
-
Fund size
£3m (£2m 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.
96
Top in this sector
Fund name1 Year
SSgA MPF Idx Lk Gilts >5yrs Net Pn21.2%
Stan Life VanUK Long DurGtIdx Pn14.4%
SSgA MPF >15 Yr Conv Gilt Net Pn14.2%
BlackRock DC AqOv 15 Y Glt Idx HP14.1%
AEGON UK Long Gilt Pn14.1%
...more in PN UK Gilts

Performance snapshot

Holdings snapshot

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-2.9%-11%2%8.9%37.8%-
Sector-1.7%-7%1.1%6.9%21.2%22.1%
Rank within sector169 / 179165 / 17818 / 17818 / 17814 / 170-
Quartile4th4th1st1st1st
Calendar performance
 YTD - 20162015201420132012
Fund12.3%0.9%22.6%--
Sector7.9%-0.3%13.3%-4.8%2.3%
Rank within sector14 / 17818 / 17513 / 170--
Quartile1st1st1st
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.
1.64
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.
1.51
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.
0.69
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%.
11.25
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.
4.33
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.
1.07
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.
0.96
Price movement
52 week high147
52 week low114.9
Current bid price-
Current offer price-
Current mid price129
Region
1UK99.6%
2Money Market0.4%
Industry sector
No data available.
Asset type
1UK Fixed Interest99.6%
2Money Market0.4%
Individual holdings
1TREASURY 4.5% GILT 7/9/2034 GBP0.0120.66%
2TREASURY 3.25% GILT 22/01/44 GBP0.0119.95%
3TREASURY 4.25% GILT 07/12/49 GBP0.0115.56%
4TREASURY 4.25% GILT 7/9/39 GBP0.0113.55%
5TREASURY 4.25% GILT 07/12/55 GBP0.0111.09%
6TREASURY 6% 07/12/202810.43%
7TREASURY 5% GILT 20255.62%
8TREASURY 4% GILT 22/01/60 GBP0.012.49%
9TREASURY 3.5% GILT 22/07/68 GBP0.010.3%
Management
Fund manager group
Friends Life
Fund manager company
Friends Life
Fund type
Pension Fund
Fund objective
F&C state that the objective of the fund is to provide a total return and to match a benchmark based on fixed annuity prices with the aim of reducing the annuity conversion risk for pre-retirement funds. The manager will invest in gilts and inflation linked gilts. The manager may also invest in money market instruments, derivatives and forward transactions. Derivatives may be used for meeting the investment objective of the fund as well for managing the portfolio efficiently.
Benchmark
  • No Specified Index
Investment style
None
Investment method
Fixed Interest, Derivatives
Fund managers
NameSinceBiography
Robert Crewe07/06/2012
Alex Soulsby07/06/2012Alex Soulsby joined the Group in July 2006 and is Head of Liability Driven Investment. He has spent the last 9 years managing the LDI investments for pensions and insurance clients. Prior to joining, Alex worked at JP Morgan where he spent 8 years as an interest rate specialist, modelling exotic derivatives and subsequently structuring derivatives hedges for UK financial institutions. Alex has a BSc in Economics from LSE and a BA in Philosophy and Politics from the University of Durham.
Compliance
No data available.
Domicile
No data available.
Fund for sale in
United Kingdom
FL F&C Fixed Annuity Conversion Pn
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 price129
CurrencyGBX
Price updated06/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeBMJT
FL F&C Fixed Annuity Conversion Pn Inet
Initial charge-
Annual charge1.09%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)1.17%
Bid price-
Offer price-
Mid price128.96
CurrencyGBX
Price updated06/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeBMJU
Data provided by

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