Fact sheet: FL Kames HiYield Bd XE/IE Pn

Fund information
Fund name
FL Kames High Yield Bond XE/IE Pn
Fund manager company
Friends Life
Fund type
Pension Fund
Fund managers
  • David Ennettsince 09/09/2016
  • Philip Milburnsince 01/11/2003
Underlying fund
Kames High Yield Bond
Fund objective
Kames Capital state that the fund's objective is to maximise total return. The fund invests predominately in high yield bonds, selected investment grade bonds and cash. The fund may hold Sterling and other currency denominated bonds hedged back to Sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions. Derivatives and forward transactions will be used for the purposes of efficient portfolio management (including hedging) and to meet the investment objectives of the fund.
Benchmark
  • IA Sterling High Yield
Investment style
High Yield
Investment method
Fixed Interest
Quick stats
1 Year return
9.5%
1 Year rank in sector
37/56
Sector
PN Sterling High Yield
Yield
-
Fund size
£0m (£0m 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.
38
Top in this sector
Fund name1 Year
RLP Sterling Extra Yield BdPn16.1%
Zurich Royal Lon Stg ExYldBd Pn15.7%
L&G High Income Pn15.2%
FL AXA Gbl High Inc EP14.9%
FL AXA Global High Income AP14.1%
...more in PN Sterling High Yield

Performance snapshot

Holdings snapshot

  • USA55.2%
    UK11.1%
    Netherlands5.9%
    France4.9%
    Jersey3.7%
  • BB47.4%
    B33.3%
    BBB8%
    Money Market5.8%
    CCC3.5%
  • US Fixed Interest55.2%
    UK Fixed Interest14.7%
    Dutch Fixed Interest5.9%
    French Fixed Interest4.9%
    Money Market3.8%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.7%1.5%2.5%9.5%--
Sector-0.4%1.9%3%10.6%15%38.2%
Rank within sector37 / 5833 / 5845 / 5737 / 56--
Quartile3rd3rd4th3rd
Calendar performance
 YTD - 20172016201520142013
Fund1.3%9.7%---
Sector1.5%11.2%-0.1%4.4%6.8%
Rank within sector28 / 5837 / 56---
Quartile2nd3rd
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 high1.14
52 week low1.02
Current bid price-
Current offer price-
Current mid price1.13
Region
1USA55.19%
2UK11.06%
3Netherlands5.9%
4France4.87%
5Jersey3.66%
6Luxembourg3.36%
7Money Market3.3%
8Germany2.86%
9Ireland2.78%
Industry sector
1BB47.4%
2B33.3%
3BBB8%
4Money Market5.8%
5CCC3.5%
6Non-Rated2%
Asset type
1US Fixed Interest55.19%
2UK Fixed Interest14.72%
3Dutch Fixed Interest5.9%
4French Fixed Interest4.87%
5Money Market3.78%
6Luxembourg Fixed Interest3.36%
7German Fixed Interest2.86%
8Irish Fixed Interest2.78%
9Canadian Fixed Interest1.3%
Individual holdings
1NUMERICABLE SFR BDS 01/05/26 USD200000 144A2.1%
2CPUK FINANCE LTD 7% BDS 28/08/20 GBP1000002.01%
3CITIGROUP INC UNDATED BDS USD10001.83%
4ACCESS MIDSTREAM PARTNERS LP 5.875% BDS 15/03/24 USD20001.82%
5VIRGIN MEDIA RECEIVABLES FIN NOTES 5.5% BDS 15/09/24 GBP1000001.67%
6SERVICE CORP INTL 4.5% BDS 15/11/20 USD10001.66%
7AA BOND CO LTD(JE) 5.5% BDS 31/07/43 GBP100000 REG S1.65%
8TALK TALK TELECOM GROUP PLC 5.375% MTN 15/01/22 GBP1000001.6%
9HCA INC 5.375% BDS 01/02/25 USD20001.58%
Management
Fund manager group
Friends Life
Fund manager company
Friends Life
Fund type
Pension Fund
Fund objective
Kames Capital state that the fund's objective is to maximise total return. The fund invests predominately in high yield bonds, selected investment grade bonds and cash. The fund may hold Sterling and other currency denominated bonds hedged back to Sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions. Derivatives and forward transactions will be used for the purposes of efficient portfolio management (including hedging) and to meet the investment objectives of the fund.
Benchmark
  • IA Sterling High Yield
Investment style
High Yield
Investment method
Fixed Interest
Fund managers
NameSinceBiography
David Ennett09/09/2016David Ennett is Head of High Yield in the Fixed income team. He joined us in 2016 from Standard Life Investments, where he was head of European high yield and manager of the SLI Higher Income Bond Fund and SLI European High Yield Bond Fund. Before that, David worked for Old Mutual Asset Managers, CIBC World Markets and M&G in a variety of analysis and portfolio management roles. He has a degree in Political Science and Economics from the Australian National University in Canberra, and completed an MBA at Imperial College, London. David is a CFA Charterholder.
Philip Milburn01/11/2003Phil Milburn is Head of Investment Strategy in the Fixed Income team. He joined us in 1997 from the University of Edinburgh, where he earned a first class honours degree in Economics. After spells in UK and Latin American equities, Phil joined the fixed income team, where he now manages our strategic and high yield bond portfolios. Phil is also an integral member of the Investment Association Fixed Income Committee, helping lead on many industry initiatives.
Compliance
UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
FL Kames High Yield Bond XE/IE 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 price1.129
CurrencyGBP
Price updated23/03/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeK80B
FL Kames High Yield Bond XE/IE Pn Inet
Initial charge-
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)1.04%
Bid price110
Offer price110
Mid price-
CurrencyGBX
Price updated24/03/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeK7XX
Data provided by

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