Fact sheet: FF Global Hybrids Bond

Fund information

Fund name
FF Global Hybrids Bond Y USD
Fund company manager
Fidelity International (FIL In
Fund type
SIB
Fund manager(s)
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. May invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, 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
-
Investment style
None
Investment method
Convertibles

Performance snapshot

Sector
Fund
Sector
Fund
Sector
Fund

Quick stats

1 Year return

20.27 %

1 Year rank in sector

2/78

Sector

FO Convertible

Yield

3.57

Fund size

£ 94.0 m

FE Risk score

74

NAV
-
Discount/Premium
-
Gearing
-

Top in sector

Holdings snapshot

  • UK
    27%
  • Germany
    17.48%
  • France
    14.09%
  • International
    9.39%
  • Switzerland
    8.8%
  • Banks
    44.35%
  • Insurance
    19.54%
  • Utilities
    7.78%
  • Money Market
    5.87%
  • Energy
    3.42%
  • UK Fixed Interest
    27%
  • German Fixed Interest
    17.48%
  • French Fixed Interest
    14.09%
  • Global Fixed Interest
    10.14%
  • Swiss Fixed Interest
    8.8%

Performance vs. Sector

Sector
Fund
Sector
Fund
Sector
Fund

Cumulative performance

1m6m1y3y5y
Fund0.57 %7.71 %20.27 %0 %0 %
Sector0.25 %2.17 %7.04 %9.67 %28.2 %
Rank within sector19 / 812 / 792 / 78 / /
Quartile th1 st1 st1 st th th

Calendar performance

YTD-20172016201520142013
Fund17.97 %2.82 %0 %0 %0 %
Sector5.63 %0.75 %2.92 %2.27 %11.66 %
Rank within sector1 / 7925 / 77 / / /
Quartile th1 st2 nd th th th

Price movement

52 week high11.3042
52 week low9.6105
Current bid price0
Current offer price0
Current mid price11.1569

Holdings by region

  • 27% UK
  • 17.48% Germany
  • 14.09% France
  • 9.39% International
  • 8.8% Switzerland
  • 8.78% Europe
  • 2.97% Australasia
  • 2.8% USA
  • 2.22% Latin America
  • 1.93% Japan

Holdings by sector

  • 44.35% Banks
  • 19.54% Insurance
  • 7.78% Utilities
  • 5.87% Money Market
  • 3.42% Energy
  • 3.41% Cyclical Consumer Goods
  • 3.4% Communications
  • 3.19% Government Bonds
  • 2.76% Non-Cyclical Consumer Goods
  • 2.14% Basic Industries

Holdings by asset type

  • 27% UK Fixed Interest
  • 17.48% German Fixed Interest
  • 14.09% French Fixed Interest
  • 10.14% Global Fixed Interest
  • 8.8% Swiss Fixed Interest
  • 8.78% European Fixed Interest
  • 2.97% Asia Pacific Fixed Interest
  • 2.8% US Fixed Interest
  • 2.22% American Emerging Fixed Interest
  • 1.93% Japanese Fixed Interest

Individual holdings

-