Rathbones Asset Management Limited Ethical Bond I Class Inc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 30/11/19 to 30/11/20 |
30/11/20 to 30/11/21 |
30/11/21 to 30/11/22 |
30/11/22 to 30/11/23 |
30/11/23 to 30/11/24 |
|
|---|---|---|---|---|---|
| Fund | 7.5% | 1.4% | -16.8% | 5.3% | 10.0% |
| Sector | 6.3% | 0.2% | -15.5% | 3.3% | 7.6% |
| Rank | 15/87 | 7/89 | 56/91 | 12/93 | 8/94 |
| Quartile | 1 | 1 | 3 | 1 | 1 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/11/24 |
5 Years to 30/11/24 |
10 Years to 30/11/24 |
||
| Fund | -1.2% | 1.0% | 3.3% | |
| Sector | -2.1% | 0.0% | 2.1% | |
| Rank | 31/91 | 21/87 | 3/67 | |
| Quartile | 2 | 1 | 1 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| 1½% Green Gilt 2053 | 6.30 |
| HSBC FD 5.844% VRN PERP | 2.69 |
| AXA SA 6.379% VRN PERP | 1.96 |
| PHO 7.75% VRN 06/12/2053 | 1.84 |
| BAN 2.25% VRN 04/10/2032 | 1.77 |
| RL FIN 4.875% VRN 10/49 | 1.67 |
| LEG 3.75% VRN 26/11/2049 | 1.58 |
| ASSICUZI GN 6.269% PERP | 1.43 |
| SOC 5.75% VRN 22/01/2032 | 1.42 |
| RI FINANCE 6.125% 11/28 | 1.38 |
| Total | 22.04 |
Fund Aims
We aim to deliver a greater total return than the Investment Association (IA) Sterling Corporate Bond sector, after fees, over any rolling five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the IA Sterling Corporate Bond sector as a target for our fund's return because we aim to achieve a better return than the average of funds that are similar to ours.
Fund Manager
Stuart joined Rathbones in September 2017. He assists in the management of the Rathbone Ethical Bond Fund and the Rathbone Strategic Bond Fund. He also manages the Rathbone High Quality
Bond Fund since April 2023. Stuart holds a first-class Bachelor’s degree in Mathematics.
Bryn is the Head of Fixed Income for Rathbones, and is lead manager on the Rathbone Ethical Bond Fund, the Rathbone Strategic Bond Fund and manager of institutional mandates. He joined Rathbones in November 2004 from Merrill Lynch, where he managed $2 billion of fixed income assets.
Bryn is a member of the Rathbone Strategic Asset Allocation Committee, Non-Executive Chairman of Rathbones' Fixed Income Committee, and an adviser to the Rathbone Banking Committee. He is a WMA representative for the HMT DMO’s (Her Majesty’s Treasury - Debt Management Office) Gilt market consultation process. He has been a guest speaker at the Euromoney Bond Conference in London, and at the Euromoney Bank Capital Conference in Amsterdam. Bryn appears regularly on CNBC and Bloomberg TV. He also sits on the IA Fixed Income Committee.
Bryn graduated from Birmingham University with a Bachelor of Arts degree in Geography in 1995. Bryn’s Rathbone Ethical Bond Fund was awarded Best Sterling Corporate Bond Fund at the Morningstar UK Fund Awards 2014; Best SRI Bond Fund at the Money Observer 2015 Fund Awards; the Rathbone Ethical Bond Fund is also a top performer in the Bond Pound Sterling – Corporates sector over 3 and 5 years in the UK (Lipper Fund Award 2015) and was ‘Highly Commended’ at the 2015 Moneywise Awards. In 2018 the Ethical bond fund won the prestigious Judge’s Choice fixed Income fund award at the Investment Week awards. His Rathbone Strategic Bond fund was voted best Multi-Asset Fixed Income Strategy at the Investment Week Specialist Investment Awards 2015.
Fund Overview
| Mid (20/12/2024) | 85.92p |
| Distribution yield | 5.00% |
| Underlying yield | 4.40% |
| Fund size (31/08/2024) | £2011.70m |
| Number of holdings | 234 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.66% |
| Launch date | 14/05/2002 |
Asset Allocation
| UK Corporate Bonds | 46.89% | |
| International Bonds | 28.73% | |
| UK Gilts | 7.65% | |
| Cash and Equivalents | 2.14% | |
| UK Equities | 0.27% | |
| Other Assets | 14.32% |
Commentary
SEE https://www.rutm.com/pa/investment-notes.aspx
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| UK Corporate Bonds | 46.89% | |
| International Bonds | 28.73% | |
| UK Gilts | 7.65% | |
| Cash and Equivalents | 2.14% | |
| UK Equities | 0.27% | |
| Other Assets | 14.32% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 83.26% | - | - | - | |
| Non-Classified | 14.33% | - | - | - | |
| Cash and Equivalents | 2.14% | - | - | - | |
| Financials | 0.27% | - | - | - | |
| Banks | - | 0.27% | - | - | |
| Banks | - | - | 0.27% | - | |
| Banks | - | - | - | 0.27% | |
Regional Allocation
| UK | 54.81% | |
| Developed Europe - Excl UK | 21.81% | |
| Non-Classified | 19.77% | |
| Cash and Equivalents | 2.14% | |
| Australia & New Zealand | 0.77% | |
| North America | 0.71% |
Fixed Interest Currencies
| Pound Sterling | 66.82% | |
| Non-Fixed Interest Assets | 14.60% | |
| US Dollar | 9.99% | |
| Euro | 5.37% | |
| Cash | 2.14% | |
| Australian Dollar | 1.08% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 54.81% | - | |
United Kingdom
|
- | 54.81% | |
| Developed Europe - Excl UK | 21.81% | - | |
France
|
- | 9.48% | |
Ireland
|
- | 4.99% | |
Spain
|
- | 4.14% | |
Netherlands
|
- | 1.57% | |
Luxembourg
|
- | 0.75% | |
Norway
|
- | 0.30% | |
Italy
|
- | 0.27% | |
Germany
|
- | 0.19% | |
Denmark
|
- | 0.13% | |
| Non-Classified | 19.77% | - | |
| Cash and Equivalents | 2.14% | - | |
| Australia & New Zealand | 0.77% | - | |
Australia
|
- | 0.77% | |
| North America | 0.71% | - | |
United States
|
- | 0.71% | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
12.63% |
| 5Yr - 10Yr Maturity |
|
22.43% |
| 10Yr - 15Yr Maturity |
|
5.32% |
| > 15Yr Maturity |
|
42.89% |
| Cash And Equivalents |
|
2.14% |
| Unknown Maturity |
|
14.15% |
| Other Asset Types |
|
0.45% |
Fixed Interest Quality Profile
| AAA |
|
0.17% |
| AA |
|
8.24% |
| A |
|
17.64% |
| BBB |
|
34.75% |
| Sub-Investment Grade |
|
1.50% |
| Unknown Quality |
|
20.96% |
| Cash and Equivalents |
|
2.14% |
| Other Asset Types |
|
14.60% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | 1½% Green Gilt 2053 | 6.30% | Bonds | United Kingdom |
| 2 | HSBC FD 5.844% VRN PERP | 2.69% | Bonds | United Kingdom |
| 3 | AXA SA 6.379% VRN PERP | 1.96% | Bonds | France |
| 4 | PHO 7.75% VRN 06/12/2053 | 1.84% | Bonds | Ireland |
| 5 | BAN 2.25% VRN 04/10/2032 | 1.77% | Bonds | Spain |
| 6 | RL FIN 4.875% VRN 10/49 | 1.67% | Bonds | United Kingdom |
| 7 | LEG 3.75% VRN 26/11/2049 | 1.58% | Bonds | United Kingdom |
| 8 | ASSICUZI GN 6.269% PERP | 1.43% | Bonds | Non-Classified |
| 9 | SOC 5.75% VRN 22/01/2032 | 1.42% | Bonds | France |
| 10 | RI FINANCE 6.125% 11/28 | 1.38% | Bonds | United Kingdom |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only.
Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B7FQJT3 |
| Mex Code | LETHBN |
| Isin Code | GB00B7FQJT36 |
| Citi Code | 0WF8 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.66% |
Aims and Benchmark
| Aims | We aim to deliver a greater total return than the Investment Association (IA) Sterling Corporate Bond sector, after fees, over any rolling five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the IA Sterling Corporate Bond sector as a target for our fund's return because we aim to achieve a better return than the average of funds that are similar to ours. |
| Benchmark | IA Corporate Bond Sector* (*indicative purposes only) |
| Benchmark Category | - |
| IA Sector | £ Corporate Bond |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | Unit Trust |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Quarterly |
| Distribution Type | Interest |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 01 February | 31 March |
| 01 May | 30 June |
| 01 July | 31 August |
| 01 October | 30 November |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | The National Westminster Bank plc |
| Fund Administrator | SS&C Financial Services International Limited |
| Fund Registrar | SS&C Financial Services International Limited |
| Fund Custodian | HSBC Bank plc |
Group Details
| Group name | Rathbones Asset Management Limited |
| Group address | 8 Finsbury Circus London EC2M 7AZ |
| Group telephone | 020 7399 0000 |
| Dealing telephone | 08459 220044 |
| rutm@rathbones.com | |
| Homepage | www.rutm.com |
| Fax number | 020 7399 0011 |
Dealing
| Minimum Investment | £1000000 |
| Minimum Top Up | £500 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 4 days |
| Settlement Period: Sell | 4 days |
| Pricing Basis | Forward |
| Dealing Decimals | 2 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 1.06 |
| Beta | 1.01 |
| Sharpe | 0.00 |
| Standard Deviation | 9.20 |
| Info Ratio | 0.55 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | No |
| Concentrated Portfolio | No |
| Smaller Companies | Yes |
| High Yield Bonds | No |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | No |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | Yes |
| Solvency of Bond Issuers | Yes |
| Ethical Restrictions | Yes |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Charges to Capital
Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).
Smaller Companies
The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Income Eroding Capital Growth
The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.
Solvency of Depository
The value of a cash or currency fund may be affected if any of the institutions with which cash is deposited becomes insolvent or experiences other financial difficulties.
Solvency of Bond Issuers
If the fund you choose invests in bonds there is a risk that the issuer may default, resulting in a loss to the portfolio.
Ethical Restrictions
The fund is unable to invest in certain sectors and companies due to the ethical criteria used to select investments for the fund.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.