Fact sheet: Principal GIF SpcGlCapSec

Fund information
Fund name
Principal GIF Spectrum Global Capital Securities I Acc USD
Fund manager company
Principal Global Investors (Ir
Fund type
Unit Trust
Fund managers
  • Mark Liebsince 30/10/2014
  • Kevin Nugentsince 30/10/2014
  • Manu Krishnansince 30/10/2014
  • L. Phillip Jacoby IVsince 30/10/2014
Fund objective
The investment objective of the Fund is to generate positive total return over the medium- to long-term including capital preservation. The Fund seeks to achieve its objective by investing the majority of its assets in financial below investment grade contingent convertible capital securities (CoCos), which include Additional Tier 1 and Tier 2 securities. The Fund utilizes derivatives for the purpose of interest rate and credit spread-volatility mitigation.**
Benchmark
  • BofA Merrill Lynch Global Non-Sovereign Index
Investment style
High Yield
Investment method
Convertibles
Quick stats
1 Year return
0.9%
1 Year rank in sector
17/72
Sector
FO Convertible
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.
0.79%
Fund size
£24m (£22m 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.
95
Top in this sector
Fund name1 Year
Man Convertibles Am8.8%
CQS Global Convertible UCITS5%
HAM Gbl Convtbl Bd2.9%
Franklin Gl Cnvtl Secrts2.9%
JGF-Jupiter Gb Convl2.8%
...more in FO Convertible

Performance snapshot

Holdings snapshot

  • UK30.2%
    France18.4%
    Switzerland18%
    Sweden14%
    Spain9.4%
  • BB+22.6%
    Non-Rated15.4%
    BBB11.9%
    BBB-11.2%
    B8.9%
  • UK Fixed Interest30.2%
    French Fixed Interest18.4%
    Swiss Fixed Interest18%
    Swedish Fixed Interest14%
    Spanish Fixed Interest9.4%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-2.2%-2.1%2.3%0.9%--
Sector0.1%-1%1%-1.4%6%28.4%
Rank within sector70 / 7360 / 7321 / 7317 / 72--
Quartile4th4th2nd1st
Calendar performance
 YTD - 20162015201420132012
Fund0.7%7.4%---
Sector-0.8%2.9%2.3%11.7%10.9%
Rank within sector22 / 727 / 67---
Quartile2nd1st
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 high11.09
52 week low9.52
Current bid price-
Current offer price-
Current mid price10.8
Region
1UK30.17%
2France18.39%
3Switzerland18.01%
4Sweden13.98%
5Spain9.41%
6Denmark4.7%
7Norway2.18%
8Australia2.08%
9Netherlands1.2%
Industry sector
1BB+22.63%
2Non-Rated15.43%
3BBB11.94%
4BBB-11.2%
5B8.85%
6BB8.74%
7B+7.8%
8BB-4.94%
9Money Market-1.58%
Asset type
1UK Fixed Interest30.17%
2French Fixed Interest18.39%
3Swiss Fixed Interest18.01%
4Swedish Fixed Interest13.98%
5Spanish Fixed Interest9.41%
6Danish Fixed Interest4.7%
7Norwegian Fixed Interest2.18%
8Australian Fixed Interest2.08%
9Dutch Fixed Interest1.2%
Individual holdings
1UBS GROUP AG FRN 29/12/49 USD10008.67%
2HSBC HLDGS 6.875% UNDATED BDS GBP2000008.58%
3ROYAL BANK OF SCOTLAND GROUP PLC 7.5% UNDATED NTS USD2000004.77%
4DANSKE BANK A/S 5.875% UNDATED BDS EUR2000004.7%
5BNP PARIBAS 0% NTS 30/03/21 USD200000 REG S4.42%
6BANCO BILBAO VIZCAYA S.A. 9% BDS 09/08/18 USD10004.35%
7SVENSKA HANDELSBANKEN 1% NTS 02/03/20 USD2000004.34%
8SKANDINAVISKA ENSKILDA B 5.75% 13 MAY 2049-20 REGS4.21%
9SOCIETE GENERALE 7.375% UNDATED BDS USD10004.11%
Management
Fund manager group
Principal Global Investors
Fund manager company
Principal Global Investors (Ir
Fund type
Unit Trust
Fund objective
The investment objective of the Fund is to generate positive total return over the medium- to long-term including capital preservation. The Fund seeks to achieve its objective by investing the majority of its assets in financial below investment grade contingent convertible capital securities (CoCos), which include Additional Tier 1 and Tier 2 securities. The Fund utilizes derivatives for the purpose of interest rate and credit spread-volatility mitigation.**
Benchmark
  • BofA Merrill Lynch Global Non-Sovereign Index
Investment style
High Yield
Investment method
Convertibles
Fund managers
NameSinceBiography
Mark Lieb30/10/2014Prior to founding Spectrum in 1987, Mr. Lieb was a Founder, Director and Partner of DBL Preferred Management, Inc., a wholly owned corporate cash management subsidiary of Drexel Burnham Lambert, Inc. Mr. Lieb was instrumental in the formation and development of all aspects of DBL Preferred Management, Inc., including the daily management of preferred stock portfolios for institutional clients, hedging strategies, and marketing strategies. Mr. Lieb's prior employment included the development of the preferred stock trading desk at Mosley Hallgarten & Estabrook. Mr. Lieb holds a BA in Economics from Central Connecticut State College and a MBA (Finance) from the University of Hartford.
Kevin Nugent30/10/2014
Manu Krishnan30/10/2014
L. Phillip Jacoby IV30/10/2014Mr. Jacoby joined Spectrum in 1995 as a Portfolio Manager and most recently held the position of Managing Director and Senior Portfolio Manager until his appointment as CIO on January 1, 2010, following the planned retirement of his predecessor. Prior to joining Spectrum, Mr. Jacoby was a Senior Investment Officer at USL Capital Corporation (a subsidiary of Ford Motor Corporation) and co-manager of the preferred stock portfolio of its US Corporate Financing Division for six years. Mr. Jacoby began his career in 1981 with The Northern Trust Company, Chicago and then moved to Los Angeles to join E.F. Hutton & Co. as a Vice President and Institutional Salesman, Generalist Fixed Income Sales through most of the 1980s. Mr. Jacoby holds a BSBA (Finance) from the Boston University School of Management.
Compliance
Transparent for Swiss Tax, Transparent for German Tax, UCITS V Compliant
Domicile
No data available.
Fund for sale in
Belgium, Switzerland, Germany, Spain, Finland, France, United Kingdom, Guernsey, Ireland, Italy, Jersey, Netherlands, Offshore, Singapore, Sweden
Principal GIF Spectrum Global Capital Securities A Acc USD
Initial charge5%
Annual charge1.4%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.79%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price9.86
CurrencyUSD
Price updated06/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NA
Principal GIF Spectrum Global Capital Securities A Hedged Acc CHF
Initial charge5%
Annual charge1.4%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyCHF
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NE
Principal GIF Spectrum Global Capital Securities A Hedged Acc EUR
Initial charge5%
Annual charge1.4%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyEUR
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NC
Principal GIF Spectrum Global Capital Securities A Hedged Acc GBP
Initial charge5%
Annual charge1.4%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NG
Principal GIF Spectrum Global Capital Securities A Hedged Inc CHF
Initial charge5%
Annual charge1.4%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyCHF
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NF
Principal GIF Spectrum Global Capital Securities A Hedged Inc EUR
Initial charge5%
Annual charge1.4%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyEUR
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6ND
Principal GIF Spectrum Global Capital Securities A Hedged Inc GBP
Initial charge5%
Annual charge1.4%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NH
Principal GIF Spectrum Global Capital Securities A Inc USD
Initial charge5%
Annual charge1.4%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NB
Principal GIF Spectrum Global Capital Securities D Acc USD
Initial charge5%
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.64%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NI
Principal GIF Spectrum Global Capital Securities D Inc USD
Initial charge5%
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.64%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NJ
Principal GIF Spectrum Global Capital Securities F Acc USD
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)2.14%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NK
Principal GIF Spectrum Global Capital Securities F Inc USD
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)2.14%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NL
Principal GIF Spectrum Global Capital Securities I Acc JPY
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)0.79%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyJPY
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NO
Principal GIF Spectrum Global Capital Securities I Acc USD
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)0.79%
Total expense ratio (TER)0.8%
Bid price-
Offer price-
Mid price10.8
CurrencyUSD
Price updated06/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NM
Principal GIF Spectrum Global Capital Securities I Hedged Acc AUD
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyAUD
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NX
Principal GIF Spectrum Global Capital Securities I Hedged Acc CHF
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyCHF
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NS
Principal GIF Spectrum Global Capital Securities I Hedged Acc EUR
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)0.79%
Total expense ratio (TER)0.8%
Bid price-
Offer price-
Mid price9.31
CurrencyEUR
Price updated06/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NQ
Principal GIF Spectrum Global Capital Securities I Hedged Acc GBP
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NU
Principal GIF Spectrum Global Capital Securities I Hedged Acc JPY
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyJPY
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6NY
Principal GIF Spectrum Global Capital Securities I Hedged Inc AUD
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyAUD
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NW
Principal GIF Spectrum Global Capital Securities I Hedged Inc CHF
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyCHF
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NT
Principal GIF Spectrum Global Capital Securities I Hedged Inc EUR
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyEUR
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NR
Principal GIF Spectrum Global Capital Securities I Hedged Inc GBP
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NV
Principal GIF Spectrum Global Capital Securities I Hedged Inc JPY
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyJPY
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NZ
Principal GIF Spectrum Global Capital Securities I Inc JPY
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)0.79%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyJPY
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NP
Principal GIF Spectrum Global Capital Securities I Inc USD
Initial charge-
Annual charge0.7%
Min single investment£2,000,000
Min regular saving£500,000
Available in ISANo
Ongoing charge (OCF)1.34%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6NN
Principal GIF Spectrum Global Capital Securities N Acc USD
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNFBL
Principal GIF Spectrum Global Capital Securities N Hedged Acc EUR
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyEUR
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNFBN
Principal GIF Spectrum Global Capital Securities N Hedged Acc GBP
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNFBP
Principal GIF Spectrum Global Capital Securities N Hedged Inc EUR
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyEUR
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNFBO
Principal GIF Spectrum Global Capital Securities N Hedged Inc GBP
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNFBQ
Principal GIF Spectrum Global Capital Securities N Inc USD
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNFBM
Principal GIF Spectrum Global Capital Securities P Acc USD
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.14%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeM6OA
Principal GIF Spectrum Global Capital Securities P Inc USD
Initial charge-
Annual charge0.7%
Min single investment£10,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.14%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyUSD
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeM6OB
Data provided by

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