abrdn OEIC abrdn High Yield Bond Class I 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 | 4.6% | 4.2% | -7.8% | 8.7% | 10.5% |
| Sector | 3.7% | 4.5% | -9.1% | 7.8% | 11.5% |
| Rank | 10/26 | 12/28 | 8/29 | 10/29 | 23/29 |
| Quartile | 2 | 2 | 1 | 2 | 4 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/11/24 |
5 Years to 30/11/24 |
10 Years to 30/11/24 |
||
| Fund | 3.5% | 3.8% | 4.1% | |
| Sector | 3.0% | 3.4% | 3.7% | |
| Rank | 12/29 | 10/26 | 6/22 | |
| Quartile | 2 | 2 | 1 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| TEVA PHARM FNC NL II 4.375% 05/09/2030 | 1.71 |
| ALBION FINANCING 1SARL / 5.25% 10/15/2026 | 1.63 |
| ELECTRICITE DE FRANCE SA 5.375% | 1.56 |
| TK ELEVATOR MIDCO GMBH 4.375% 07/15/2027 | 1.54 |
| WEPA HYGIENEPRODUKTE GMB 5.625% 01/15/2031 | 1.53 |
| UNIQUE PUB FINANCE CO 6.464% 03/30/2032 | 1.46 |
| SUNRISE HOLDCO IV BV 5.5% 01/15/2028 | 1.39 |
| BANIJAY ENTERTAINMENT 8.125% 05/01/2029 | 1.35 |
| VIRGIN MEDIA VENDOR FIN 4.875% 07/15/2028 | 1.30 |
| PINEWOOD FINCO PLC 6% 03/27/2030 | 1.20 |
| Total | 14.67 |
Fund Aims
To generate income and some growth over the long term (5 years or more) by investing in Sterling and Euro denominated sub-investment grade (high yield) corporate bonds.
Performance Target: To achieve the return of the ICE BofA GBP/Euro Fixed & Floating High Yield Non-Financial 3% Constrained Index (Hedged to GBP) plus 0.8% per annum over rolling three year periods (before charges).
There is no certainty or promise that the Performance Target will be achieved.
The ICE BofA GBP/Euro Fixed & Floating High Yield Non-Financial 3% Constrained (Hedged to GBP) Index ( the "Index") is a representative index of the market for high yield bonds in Europe which excludes financial institutions.
Fund Manager
Arthur works in the High Yield team alongside Erlend Lochen, Alasdair MacLean and Samantha Lamb. His role involves the identification and researching of investment opportunities and assisting in the managing of the High Yield Funds. Arthur joined Standard Life Investments in June 2006 from HBOS. There he worked initially in leveraged finance, providing debt funding to private equity backed MBO deals. Latterly, he was a member of the Bank’s Integrated Finance team, specialising in the debt and equity financing of buyouts.
Fund Overview
| Mid (20/12/2024) | 47.20p |
| Distribution yield | 5.65% |
| Underlying yield | 5.65% |
| Fund size (31/10/2024) | £222.85m |
| Number of holdings | 158 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.69% |
| Launch date | 07/02/2000 |
Asset Allocation
| International Bonds | 75.85% | |
| UK Corporate Bonds | 16.58% | |
| Cash and Equivalents | 5.43% | |
| UK Gilts | 0.82% | |
| Alternative Trading Strategies | 0.70% | |
| Other Assets | 0.62% |
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. 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 report or make any warranties regarding results from its usage.
Asset Allocation
| International Bonds | 75.85% | |
| UK Corporate Bonds | 16.58% | |
| Cash and Equivalents | 5.43% | |
| UK Gilts | 0.82% | |
| Alternative Trading Strategies | 0.70% | |
| Other Assets | 0.62% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 93.25% | - | - | - | |
| Cash and Equivalents | 5.43% | - | - | - | |
| Alternative Trading Strategies | 0.70% | - | - | - | |
| Alternative Trading Strategies | - | 0.70% | - | - | |
| Alternative Trading Strategies | - | - | 0.70% | - | |
| Alternative Trading Strategies | - | - | - | 0.70% | |
| Non-Classified | 0.62% | - | - | - | |
Regional Allocation
| Developed Europe - Excl UK | 62.79% | |
| UK | 17.40% | |
| North America | 7.12% | |
| Cash and Equivalents | 5.43% | |
| Non-Classified | 4.54% | |
| Emerging Europe | 1.30% | |
| South & Central America | 0.86% | |
| Japan | 0.57% |
Fixed Interest Currencies
| Euro | 64.39% | |
| Pound Sterling | 17.20% | |
| US Dollar | 11.66% | |
| Cash | 5.43% | |
| Non-Fixed Interest Assets | 1.32% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Developed Europe - Excl UK | 62.79% | - | |
Luxembourg
|
- | 13.63% | |
Germany
|
- | 12.29% | |
Netherlands
|
- | 12.11% | |
France
|
- | 11.44% | |
Sweden
|
- | 4.23% | |
Italy
|
- | 3.44% | |
Ireland
|
- | 2.24% | |
Spain
|
- | 1.41% | |
Austria
|
- | 0.82% | |
Switzerland
|
- | 0.55% | |
Portugal
|
- | 0.53% | |
Finland
|
- | 0.10% | |
| UK | 17.40% | - | |
United Kingdom
|
- | 17.40% | |
| North America | 7.12% | - | |
United States
|
- | 7.12% | |
| Cash and Equivalents | 5.43% | - | |
| Non-Classified | 4.54% | - | |
| Emerging Europe | 1.30% | - | |
Czech Republic
|
- | 0.79% | |
Greece
|
- | 0.51% | |
| South & Central America | 0.86% | - | |
Mexico
|
- | 0.86% | |
| Japan | 0.57% | - | |
Japan
|
- | 0.57% | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
58.36% |
| 5Yr - 10Yr Maturity |
|
22.90% |
| 10Yr - 15Yr Maturity |
|
3.20% |
| > 15Yr Maturity |
|
8.79% |
| Cash And Equivalents |
|
5.43% |
| Unknown Maturity |
|
0.62% |
| Other Asset Types |
|
0.70% |
Fixed Interest Quality Profile
| AA |
|
0.82% |
| BBB |
|
1.88% |
| Sub-Investment Grade |
|
33.78% |
| Unknown Quality |
|
56.77% |
| Cash and Equivalents |
|
5.43% |
| Other Asset Types |
|
1.32% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | TEVA PHARM FNC NL II 4.375% 05/09/2030 | 1.71% | Bonds | Netherlands |
| 2 | ALBION FINANCING 1SARL / 5.25% 10/15/2026 | 1.63% | Bonds | Luxembourg |
| 3 | ELECTRICITE DE FRANCE SA 5.375% | 1.56% | Bonds | France |
| 4 | TK ELEVATOR MIDCO GMBH 4.375% 07/15/2027 | 1.54% | Bonds | Germany |
| 5 | WEPA HYGIENEPRODUKTE GMB 5.625% 01/15/2031 | 1.53% | Bonds | Germany |
| 6 | UNIQUE PUB FINANCE CO 6.464% 03/30/2032 | 1.46% | Bonds | United Kingdom |
| 7 | SUNRISE HOLDCO IV BV 5.5% 01/15/2028 | 1.39% | Bonds | Netherlands |
| 8 | BANIJAY ENTERTAINMENT 8.125% 05/01/2029 | 1.35% | Bonds | France |
| 9 | VIRGIN MEDIA VENDOR FIN 4.875% 07/15/2028 | 1.30% | Bonds | Ireland |
| 10 | PINEWOOD FINCO PLC 6% 03/27/2030 | 1.20% | 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. 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 report or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | 0093981 |
| Mex Code | STHII |
| Isin Code | GB0000939818 |
| Citi Code | ST23 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.69% |
Aims and Benchmark
| Aims | To generate income and some growth over the long term (5 years or more) by investing in Sterling and Euro denominated sub-investment grade (high yield) corporate bonds. Performance Target: To achieve the return of the ICE BofA GBP/Euro Fixed & Floating High Yield Non-Financial 3% Constrained Index (Hedged to GBP) plus 0.8% per annum over rolling three year periods (before charges). There is no certainty or promise that the Performance Target will be achieved. The ICE BofA GBP/Euro Fixed & Floating High Yield Non-Financial 3% Constrained (Hedged to GBP) Index ( the "Index") is a representative index of the market for high yield bonds in Europe which excludes financial institutions. |
| Benchmark | ICE BofA GBP/Euro Fixed & Floating High Yield Non Financial 3% Constrained (Hedged to GBP) |
| Benchmark Category | - |
| IA Sector | £ High Yield |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | OEIC |
| 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 December | 31 January |
| 01 March | 30 April |
| 01 June | 31 July |
| 01 September | 31 October |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | Citibank |
| Fund Administrator | Citibank |
| Fund Registrar | SS&C Financial Services Europe Limited |
| Fund Custodian | Citibank |
Group Details
| Group name | abrdn OEIC |
| Group address | Aberdeen Standard Fund Managers Limited PO BOX 12233 Chelmsford CM99 2EE |
| Group telephone | 0800 33 33 53 |
| Dealing telephone | 0800 33 33 53 |
| investments_marketline@standardlife.com | |
| Homepage | www.aberdeenstandard.com |
| Fax number | 0131 525 9720 |
Dealing
| Minimum Investment | £5000000 |
| Minimum Top Up | £50000 |
| Minimum Regular Saving | £0 |
| Settlement Period: Buy | 3 days |
| Settlement Period: Sell | 3 days |
| Pricing Basis | Forward |
| Dealing Decimals | 3 |
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. 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 report or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 0.50 |
| Beta | 1.01 |
| Sharpe | 0.00 |
| Standard Deviation | 7.53 |
| Info Ratio | 0.30 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | Yes |
| Concentrated Portfolio | Yes |
| Smaller Companies | No |
| High Yield Bonds | Yes |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | Yes |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | Yes |
| Ethical Restrictions | No |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Emerging Markets
The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
High Yield Bonds
The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary.
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.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Higher Risk
This fund is specifically aimed at sophisticated investors and is particularly high risk, because it concentrates on a region that may be exposed to unusual political or economic risks. You should only invest if you are comfortable with the specific risks pertaining to the fund in question. If you are not familiar with these you should ask us for a copy of the provider's key features and brochure.
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 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.
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. 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 report or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. Please remember that past performance is not a reliable indicator of future performance. The figures shown are intended only to demonstrate performance history of the fund and take no account of product charges. Fund Performance is based upon the movement of the daily price and is shown as total return in GBP with net income reinvested. The value of your client's investment may go down as well as up and the fund value may be less than the payments your client has made. Please also note that our 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. 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 report 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.