Fact sheet: NN (L) US Credit

Fund information
Fund name
NN (L) US Credit I Cap USD
Fund manager company
NN Investment Partners (LUX)
Fund type
Offshore Fund
Fund managers
  • Anil Kataryasince 29/04/2011
  • Travis Kingsince 29/04/2011
  • Michael Hymansince 29/04/2011
Fund objective
The fund primarily invests in a diversified portfolio of corporate bonds of high quality denominated in US dollars (with a rating of AAA to BBB-). The fund may invest a limited percentage in corporate bonds with a lower credit quality (with a quality rating lower than BBB) and therefore with greater credit risk. We actively manage the fund with a focus on bond selection. We combine our analysis on specific issuers of corporate bonds with a broader market analysis to construct the optimal portfolio. We aim to exploit differences in valuations of the companies issuing the bonds within sectors as well as differences in valuations between sectors and different quality segments (ratings). We subject all issuers to an in-depth analysis of business and financial risk before investing, as the issuer specific risk can have an important effect on performance. Measured over a period of several years, we aim to beat the performance of the benchmark Barclays Capital US Corporate Investment Grade CHF (hedged). For this specific hedged share class we apply a currency hedging strategy. The sub-funds base currency is US dollar, (USD) and the sub-fund can be exposed to non-USD currencies. By hedging this share class we aim to exchange the base currency of the subfund (USD) with the base currency of this share class Swiss franc (CHF). The exposure towards non-CHF currencies in the sub-fund remains in this share class. A currency hedge consists of taking an offsetting position in another currency. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.
Benchmark
  • Bloomberg Barclays Capital US Corporate Investment Grade CHF (hedged)
Investment style
Active
Investment method
Fixed Interest
Quick stats
1 Year return
5.7%
1 Year rank in sector
9/24
Sector
FO Fixed Int - USD Corporate Bond
Yield
-
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.
0.49%
Fund size
£1,370m (£602m last year)
Top in this sector
Fund name1 Year
Franklin Fltng Rte II8%
StanLife Inv EM Corp Bd7.1%
Natixis Dur Hgd Gbl Corp Bd7.1%
JPM Flx Crd6.9%
Invesco GblInvGrCorpBd6.2%
...more in FO Fixed Int - USD Corporate Bond

Performance snapshot

Holdings snapshot

  • USA82.3%
    UK5.2%
    Netherlands2.3%
    Switzerland2.1%
    Belgium1.6%
  • Banks20.1%
    Non-Cyclical Consumer Goods12.9%
    Energy12.8%
    Communications10.8%
    Technology9.7%
  • US Fixed Interest94%
    US Government Fixed Interest5.5%
    Money Market0.5%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1%2.4%4.3%5.7%12.4%32.4%
Sector0.4%1.7%3.5%5.7%10%20.2%
Rank within sector1 / 323 / 317 / 309 / 245 / 202 / 14
Quartile1st1st1st2nd1st1st
Calendar performance
 YTD - 20172016201520142013
Fund3.3%6.8%-0.3%8.2%0.8%
Sector2.6%7.5%-1.2%5.4%-1.5%
Rank within sector9 / 316 / 218 / 214 / 184 / 16
Quartile2nd2nd2nd1st1st
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.
0.19
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.
1.12
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.
0.12
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%.
4.26
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.
1.77
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.
0.32
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.
0.84
Price movement
52 week high8721.91
52 week low8236.81
Current bid price-
Current offer price-
Current mid price8710.26
Region
1USA82.3%
2UK5.24%
3Netherlands2.32%
4Switzerland2.05%
5Belgium1.61%
6France1.21%
7Australia1.07%
8Others1%
9Spain0.99%
Industry sector
1Banks20.1%
2Non-Cyclical Consumer Goods12.91%
3Energy12.83%
4Communications10.8%
5Technology9.69%
6Others9.44%
7Utilities5.75%
8Government Bonds5.47%
9Cyclical Consumer Goods4.68%
Asset type
1US Fixed Interest94.01%
2US Government Fixed Interest5.47%
3Money Market0.53%
Individual holdings
1UNITED STATES TREAS NOTES 2.25% BDS 15/02/27 USD10003.34%
22.875% US TREASURY N/B 11/15/20461.53%
3CITIGROUP INC FRN 10/01/28 USD10001.28%
4ANHEUSER-BUSCH INBEV SA 4.9% BDS 01/02/46 USD10001.06%
5ANADARKO PETROLEUM CORP 5.5% BDS 15/03/26 USD20001.01%
6ATHENE GLOBAL FUNDING 4% BDS 25/01/22 USD20000.82%
7WESTPAC BANKING CORP 4.322% BDS 23/11/31 USD20000.82%
8BOARDWALK PIPELINES LLC 5.95% BDS 01/06/26 USD20000.81%
9JPMORGAN CHASE & CO 3.625% BDS 01/12/27 USD20000.79%
Management
Fund manager group
ING
Fund manager company
NN Investment Partners (LUX)
Fund type
Offshore Fund
Fund objective
The fund primarily invests in a diversified portfolio of corporate bonds of high quality denominated in US dollars (with a rating of AAA to BBB-). The fund may invest a limited percentage in corporate bonds with a lower credit quality (with a quality rating lower than BBB) and therefore with greater credit risk. We actively manage the fund with a focus on bond selection. We combine our analysis on specific issuers of corporate bonds with a broader market analysis to construct the optimal portfolio. We aim to exploit differences in valuations of the companies issuing the bonds within sectors as well as differences in valuations between sectors and different quality segments (ratings). We subject all issuers to an in-depth analysis of business and financial risk before investing, as the issuer specific risk can have an important effect on performance. Measured over a period of several years, we aim to beat the performance of the benchmark Barclays Capital US Corporate Investment Grade CHF (hedged). For this specific hedged share class we apply a currency hedging strategy. The sub-funds base currency is US dollar, (USD) and the sub-fund can be exposed to non-USD currencies. By hedging this share class we aim to exchange the base currency of the subfund (USD) with the base currency of this share class Swiss franc (CHF). The exposure towards non-CHF currencies in the sub-fund remains in this share class. A currency hedge consists of taking an offsetting position in another currency. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.
Benchmark
  • Bloomberg Barclays Capital US Corporate Investment Grade CHF (hedged)
Investment style
Active
Investment method
Fixed Interest
Fund managers
NameSinceBiography
Anil Katarya29/04/2011Anil Katarya is a Senior Portfolio Manager with ING U.S. Investment Management’s investment grade team. Prior to joining ING U.S. Investment Management in 2000, Anil was a financial analyst for Mirant Inc. He received a B.S. in mechanical engineering from Kurukshetra University, India and an M.B.A. from Georgia State University. He holds the Chartered Financial Analyst designation.
Travis King29/04/2011Travis King is a Portfolio Manager for ING U.S. Investment Management and is responsible for the investment-grade component of separately managed institutional accounts, mutual funds, and several proprietary portfolios. Travis has nine years of investment experience. Prior to joining ING U.S. Investment Management in 2005, he was a senior fixed income analyst with Reams Asset Management. Travis received his B.B.A. from James Madison University and M.B.A. from Memorial University. He also holds the Chartered Financial Analyst designation.
Michael Hyman29/04/2011Michael Hyman is Chief Investment Officer, Global Investment Grade and Emerging Markets. In his previous role Michael was Head of Investment Grade Portfolio Management for IFI. Prior to joining Invesco in 2013, Michael was with ING Investment Management and ING Institutional Markets for 12 years. At ING, he was head of investment grade corporate credit with responsibility for managing a variety of investment grade credit-related portfolios, including insurance, mutual fund and institutional separate account mandates. Preceding ING, Michael was a director of capital markets for GE Capital, where he was responsible for securitization and derivative structuring. He also held trading and risk management positions at Societe Generale and Yasuda Trust and Bank. He entered the industry in 1991. Michael earned his BSE in finance from Pennsylvania State University, and his MBA from the Stern School of Business at New York University.
Compliance
Transparent for Austrian Tax, Transparent for Swiss Tax, Transparent for German Tax, Reporting Fund Status, SRS, UCITS IV Compliant, MAS Unrestricted Scheme
Domicile
No data available.
Fund for sale in
Austria, Belgium, Switzerland, Chile, Germany, Denmark, Spain, France, United Kingdom, Greece, Hungary, Italy, Luxembourg, Netherlands, Norway, Offshore, Portugal, Singapore, Sweden, Taiwan - Province Of China
NN (L) US Credit I Cap USD
Initial charge2%
Annual charge0.36%
Min single investment£250,000
Min regular saving£250,000
Available in ISANo
Ongoing charge (OCF)0.49%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price8710.26
CurrencyUSD
Price updated22/05/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeEME0
NN (L) US Credit I Dis(Q) USD
Initial charge2%
Annual charge0.36%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.49%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price5185.53
CurrencyUSD
Price updated22/05/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFUBA
NN (L) US Credit I Hedged Cap EUR
Initial charge2%
Annual charge0.36%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.51%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price6037.52
CurrencyEUR
Price updated22/05/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeF1OR
NN (L) US Credit I Hedged Cap EUR USD
Initial charge2%
Annual charge0.36%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.51%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price6791.31
CurrencyUSD
Price updated22/05/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeF1OS
NN (L) US Credit N Hedged Cap EUR
Initial charge-
Annual charge0.35%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.57%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price25.8
CurrencyEUR
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeE99B
NN (L) US Credit N Hedged Cap EUR USD
Initial charge-
Annual charge0.35%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.57%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price29.03
CurrencyUSD
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeE99C
NN (L) US Credit P Cap USD
Initial charge3%
Annual charge0.75%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.95%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1334.92
CurrencyUSD
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeYB17
NN (L) US Credit P Dis USD
Initial charge3%
Annual charge0.75%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.95%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price3217.35
CurrencyUSD
Price updated22/05/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeYB18
NN (L) US Credit P Hedged i Cap EUR
Initial charge3%
Annual charge0.75%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price255.8
CurrencyEUR
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeC53U
NN (L) US Credit R Hedged Cap CHF
Initial charge3%
Annual charge0.36%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.58%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price248.3
CurrencyCHF
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeC0UW
NN (L) US Credit R Hedged Cap GBP
Initial charge3%
Annual charge0.36%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.58%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price100.85
CurrencyGBP
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNKWI
NN (L) US Credit R Hedged Cap GBP USD
Initial charge3%
Annual charge0.36%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.58%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price131.26
CurrencyUSD
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNKWJ
NN (L) US Credit X Cap USD
Initial charge5%
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.2%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1282.58
CurrencyUSD
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeIQ31
NN (L) US Credit X Dis(M) USD
Initial charge5%
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.2%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price114.24
CurrencyUSD
Price updated22/05/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeKFA5
NN (L) US Credit X Hedged Dis(M) AUD
Initial charge5%
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.22%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price259.74
CurrencyAUD
Price updated22/05/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeF20R
NN (L) US Credit X Hedged Dis(M) AUD USD
Initial charge5%
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.22%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price194.43
CurrencyUSD
Price updated22/05/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeF2XT
NN (L) US Credit Y Cap USD
Initial charge-
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)2.19%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price301.79
CurrencyUSD
Price updated22/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code11UY
NN (L) US Credit Y Dis(M) USD
Initial charge-
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)2.2%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price248.19
CurrencyUSD
Price updated22/05/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code11UX
NN (L) US Credit Y Hedged Dis(M) AUD
Initial charge-
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)2.22%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price295.36
CurrencyAUD
Price updated22/05/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFSKK
NN (L) US Credit Y Hedged Dis(M) AUD USD
Initial charge-
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)2.22%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price221.09
CurrencyUSD
Price updated22/05/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFVSJ
NN (L) US Credit Z Cap USD
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.13%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price5219.19
CurrencyUSD
Price updated22/05/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeNOF5
Data provided by

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