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7th August 2019

Baillie Gifford Fund Shines in HY GBP

Hit and miss in £ HY…

The smaller sterling high yield market has been more hit-and-miss in terms of performance but over the three months to July 2019, Baillie Gifford‘s £650m AUM has delivered, while the L&G High Income I Acc (£1.35bn) has felt some pressure. The Schroder High Yield Opportunities fund (AUM £597m) has had a bit of a shocker!

Largest HY £ Funds: Total Returns /α (%)

Performance of the largest HY Sterling corporate bond funds ordered by assets under management (AUM).

#Fund /
ISIN
Size
(£mm)
3mth/
αlpha
1yr*/
αlpha
3yr*/
αlpha
5yr*/
αlpha
Morningstar
Rating
1L&G High Income I Acc
GB00B0CNHJ41
13529.05
-3.57
2.49
-1.71
4.30
0.33
3.48
-0.41
2Threadneedle HY Bd Ins Inc GBP
GB0008371121
81316.43
3.80
6.39
2.19
4.74
0.77
4.34
0.45
3Baillie Gifford High Yield Bond B Inc
GB0030816713
70114.65
2.03
6.77
2.57
5.52
1.55
4.41
0.52
4Schroder High Yield Opportunities Acc
GB0009505693
5692.99
-9.63
-0.22
-4.42
3.37
-0.59
4.35
0.46
5ASI High Yield Bd Ins Acc £ UnH
GB0000936244
43213.73
1.10
4.65
0.45
4.19
0.22
4.04
0.16
6BNY Mellon Global High Yield Bd GBP Inc
GB0009633073
15815.72
3.10
7.17
2.97
3.96
-0.01
2.99
-0.90
7Invesco High Yield UK Inc
GB0033049254
15811.01
-1.62
2.75
-1.45
4.37
0.40
3.14
-0.75
8Scottish Widows High Income Bd Acc
GB0031643900
11811.17
-1.46
3.22
-0.98
2.68
-1.29
1.03
-2.85
9Aviva Investors High Yield Bd 3 GBP Acc
GB00B3CGJN23
09917.00
4.38
5.33
1.13
3.11
-0.85
4.13
0.24
10Marlborough High Yield Fixed Int A Inc
GB00B03TN153
07412.93
0.31
2.72
-1.48
3.75
-0.22
3.68
-0.21
11Quilter Investors Bond 3 A (GBP) Inc
GB00B05K6392
05910.93
-1.70
3.09
-1.11
2.68
-1.29
0.61
-3.28
12ASI Eurpan High Yield Bd A Acc
GB00B5968F40
05413.85
1.22
2.52
-1.68
3.18
-0.78
3.52
-0.37
13Quilter Investors Hi Yld Bd A GBP Inc
GB00B8SZLY38
05217.19
4.56
7.09
2.89
4.43
0.47
4.29
0.40
14BMO Multi-Sector Higher Income Bd 1 Inc
GB0002053006
03114.59
1.96
6.14
1.94
3.77
-0.19
3.36
-0.53
15Man GLG High Yield Opports Profl Acc C
GB00BJK3W057
0000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
16Marlborough High Yield Fixed Intr C EUR
GG00BWX5H825
00012.64
0.01
2.01
-2.19
2.83
-1.13
0.00
0.00
17Marlborough HY Fixed Intr Guernsey Fdr
GG00BCF5NP92
11.41
-1.21
1.39
-2.81
2.66
-1.31
2.43
-1.46
18NatWest High Yield NAV
GB0033617373
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
19St James's International Corp Bd Acc
GB00B62VYF56
13.24
0.62
5.31
1.11
2.74
-1.23
2.87
-1.02

Top Performing HY £ Funds: Total Returns /α (%)

Top-performing HY Sterling corporate bond funds ranked by rolling 1-year performance.

RankFund /
ISIN
Size
(£mm)
3mth/
αlpha
1yr*/
αlpha
3yr*/
αlpha
5yr*/
αlpha
Morningstar
Rating
1BNY Mellon Global High Yield Bd GBP Inc
GB0009633073
15815.72
3.10
7.17
2.97
3.96
-0.01
2.99
-0.90
2Quilter Investors Hi Yld Bd A GBP Inc
GB00B8SZLY38
05217.19
4.56
7.09
2.89
4.43
0.47
4.29
0.40
3Baillie Gifford High Yield Bond B Inc
GB0030816713
70114.65
2.03
6.77
2.57
5.52
1.55
4.41
0.52
4Threadneedle HY Bd Ins Inc GBP
GB0008371121
81316.43
3.80
6.39
2.19
4.74
0.77
4.34
0.45
5BMO Multi-Sector Higher Income Bd 1 Inc
GB0002053006
03114.59
1.96
6.14
1.94
3.77
-0.19
3.36
-0.53
6Aviva Investors High Yield Bd 3 GBP Acc
GB00B3CGJN23
09917.00
4.38
5.33
1.13
3.11
-0.85
4.13
0.24
7St James's International Corp Bd Acc
GB00B62VYF56
00013.24
0.62
5.31
1.11
2.74
-1.23
2.87
-1.02
8ASI High Yield Bd Ins Acc £ UnH
GB0000936244
43213.73
1.10
4.65
0.45
4.19
0.22
4.04
0.16
9Scottish Widows High Income Bd Acc
GB0031643900
11811.17
-1.46
3.22
-0.98
2.68
-1.29
1.03
-2.85
10Quilter Investors Bond 3 A (GBP) Inc
GB00B05K6392
05910.93
-1.70
3.09
-1.11
2.68
-1.29
0.61
-3.28
11Invesco High Yield UK Inc
GB0033049254
15811.01
-1.62
2.75
-1.45
4.37
0.40
3.14
-0.75
12Marlborough High Yield Fixed Int A Inc
GB00B03TN153
07412.93
0.31
2.72
-1.48
3.75
-0.22
3.68
-0.21
13ASI Eurpan High Yield Bd A Acc
GB00B5968F40
05413.85
1.22
2.52
-1.68
3.18
-0.78
3.52
-0.37
14L&G High Income I Acc
GB00B0CNHJ41
13529.05
-3.57
2.49
-1.71
4.30
0.33
3.48
-0.41
15Marlborough High Yield Fixed Intr C EUR
GG00BWX5H825
00012.64
0.01
2.01
-2.19
2.83
-1.13
0.00
0.00
16Marlborough HY Fixed Intr Guernsey Fdr
GG00BCF5NP92
00011.41
-1.21
1.39
-2.81
2.66
-1.31
2.43
-1.46
17Schroder High Yield Opportunities Acc
GB0009505693
2.99
-9.63
-0.22
-4.42
3.37
-0.59
4.35
0.46
18Man GLG High Yield Opports Profl Acc C
GB00BJK3W057
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
19NatWest High Yield NAV
GB0033617373
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

All Fund performance tables: Investment Grade EUR | Investment Grade GBP | High Yield EUR | High Yield GBP

Table information: European domiciled funds in Morningstar Category GBP High Yield Bond, Oldest share class, All figures GBP sterling (£), Total returns annualised, as at last month-end. Alpha is the measure of an investment’s return in excess of the Morningstar Category average.

Fund sizes are as reported by the management groups and the latest available to Morningstar. The Morningstar Rating is calculated based on a fund’s total returns, adjusted for risk and sales charges, relative to other funds in its Morningstar Category, based on a weighted average of a fund’s 3-, 5-, and ten-year ratings, depending on the length of its record.

Data source: © 2019 Morningstar, Inc. All rights reserved.

The information contained herein:

(1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Important note regarding third party indices:  Morningstar does not own any third party index data (S&P, FTSE, MSCI), so cannot authorise its use. The journalists should contact each vendor directly to get authorisation for the data they require.

7th August 2019

€ HY Funds: Fidelity on Top

Mixed performance in high yield market

Fidelity‘s European High Yield A-Dis-Eur €2.7bn fund is the pick of the bunch as the group has managed to eke out some excellent performance for this sizeable fund. The Luxembourg-based Candriam €2.7bn runs them close amongst the big funds, while the HSBC GIF Euro high yield Bond AD fund also comes in with a solid, controlled return.

Largest HY € Funds: Total Returns /α (%)

Performance of the largest HY Euro corporate bond funds, ordered by assets under management.

#Fund /
ISIN
Size
(€mm)
3mth/
αlpha
1yr*/
αlpha
3yr*/
αlpha
5yr*/
αlpha
Morningstar
Rating
1Nordea 1 - European High Yld Bd BI EUR
LU0141799097
495413.51
1.36
5.02
1.47
4.60
1.39
4.91
1.64
2Candriam Bds Euro High Yld C EUR Cap
LU0012119607
271215.53
3.38
6.31
2.75
3.82
0.61
4.40
1.12
3Fidelity European Hi Yld A-Dis-EUR
LU0110060430
270316.09
3.95
6.65
3.10
3.53
0.32
3.01
-0.27
4AXAIMFIIS Europe Short Dur HY A Cap EUR
LU0658025209
24146.92
-5.23
1.72
-1.83
1.61
-1.60
2.31
-0.96
5DWS Invest Euro High Yield Corp LD
LU0616839766
218612.12
-0.03
3.26
-0.29
3.57
0.36
4.57
1.30
6UBS (Lux) BF Euro Hi Yld € P-acc
LU0086177085
206315.42
3.28
4.45
0.90
3.81
0.60
3.39
0.11
7Pictet-EUR Short Term High Yield I EUR
LU0726357444
19485.72
-6.42
1.86
-1.70
1.45
-1.76
1.74
-1.53
8HSBC GIF Euro High Yield Bond AD
LU0165128421
190216.10
3.96
6.00
2.45
3.25
0.04
3.69
0.42
9ODDO BHF Euro Credit Short Dur DP-EUR
LU0628638388
16624.45
-7.69
1.25
-2.30
1.08
-2.13
1.55
-1.73
10Schroder ISF EURO Hi Yld C Acc EUR
LU0849400030
14688.40
-3.74
2.19
-1.36
3.59
0.38
4.52
1.24
11Muzinich Europeyield HEUR Acc A
IE0005315449
103314.71
2.56
4.51
0.96
3.92
0.71
4.42
1.14
12Evli European High Yield A
FI0008803911
9349.21
-2.94
2.54
-1.01
3.59
0.38
3.88
0.60
13MS INVF European HY Bd I
LU0073255688
89816.14
3.99
4.62
1.07
3.81
0.60
3.95
0.68
14AS SICAV I SelEuro HYBd A Acc EUR
LU0119176310
8329.88
-2.26
1.50
-2.05
2.43
-0.78
3.33
0.06
15Danske Invest Euro HY Obl Akk KL DKK h
DK0060497378
76217.12
4.97
3.00
-0.55
3.76
0.55
3.28
0.01
16Amundi Fds Optimal Yield E2 EUR C
LU1883337377
76213.24
1.09
4.00
0.45
2.70
-0.51
2.82
-0.46
17Amundi Fds Euro HY Bd I EUR C
LU0119109980
75017.71
5.56
5.92
2.37
3.81
0.60
3.66
0.39
18Pictet-EUR High Yield I
LU0133806785
71217.49
5.34
6.07
2.52
4.13
0.92
3.38
0.11
19Pramerica Sicav Euro High Yield I
LU1589372041
68114.53
2.38
3.82
0.27
0.00
0.00
0.00
0.00
20JPM Europe High Yld Bd A (dist) EUR
LU0091079839
64816.52
4.37
4.52
0.97
3.16
-0.05
3.79
0.52

Top Performing HY € Funds: Total Returns /α (%)

Top performing HY Euro corporate bond funds, ranked by rolling 1 year performance.

RankFund /
ISIN
Size
(€mm)
3mth/
αlpha
1yr*/
αlpha
3yr*/
αlpha
5yr*/
αlpha
Morningstar
Rating
1DPAM L Bonds Higher Yield B
LU0138645519
17425.28
13.13
8.37
4.82
4.04
0.83
4.63
1.35
2Kempen (Lux) Euro High Yield LR Acc
LU1626446964
2218.56
6.41
8.01
4.46
0.00
0.00
0.00
0.00
3DPAM L Bonds EUR Corporate High Yield A
LU0966248915
32019.68
7.53
7.01
3.45
4.60
1.39
5.70
2.43
4Switzerland Inv - Fixed Inc H/Y HAIG B
LU0382169703
570.23
-11.92
6.92
3.37
8.18
4.97
3.63
0.36
5Fidelity European Hi Yld A-Dis-EUR
LU0110060430
270316.09
3.95
6.65
3.10
3.53
0.32
3.01
-0.27
6Fidelity Instl European Hi Yld I-Acc-EUR
LU0528224321
3214.75
2.60
6.46
2.91
4.15
0.94
4.22
0.95
7Candriam Bds Euro High Yld C EUR Cap
LU0012119607
271215.53
3.38
6.31
2.75
3.82
0.61
4.40
1.12
8M&G European HY Crdt Invm A EUR Acc
LU0895903457
9015.96
3.81
6.29
2.74
4.29
1.08
4.35
1.07
9Neuberger Berman Eurp HY Bd EUR I Acc
IE00BNH72V92
3215.24
3.10
6.29
2.74
4.06
0.85
4.29
1.02
10Regard Haut Rendement H
FR0011089812
8715.84
3.69
6.27
2.72
3.85
0.64
4.04
0.77
11CNP-Assur-Euro-HY A/I
FR0000443772
7516.43
4.28
6.23
2.68
4.91
1.70
4.44
1.16
12Amundi Rspnb Investing Eurp HY SRI IC
FR0013340932
8117.05
4.90
6.15
2.60
0.00
0.00
0.00
0.00
13Oaktree (Lux) Fds - Eur Hi Yld Bd IB
LU0931246770
6615.96
3.82
6.11
2.56
3.96
0.75
4.04
0.76
14Aegon European High Yield Bond I EUR Acc
IE00BZ005G52
21017.03
4.88
6.09
2.54
0.00
0.00
0.00
0.00
15Pictet-EUR High Yield I
LU0133806785
71217.49
5.34
6.07
2.52
4.13
0.92
3.38
0.11
16BGF European High Yield Bond D2 EUR
LU1191877965
7115.41
3.27
6.04
2.49
4.88
1.67
0.00
0.00
17HSBC GIF Euro High Yield Bond AD
LU0165128421
190216.10
3.96
6.00
2.45
3.25
0.04
3.69
0.42
18Janus Henderson Hrzn Euro HY Bd I2 EUR
LU0828818087
39313.36
1.21
5.95
2.40
4.70
1.49
5.02
1.74
19Amundi Fds Euro HY Bd I EUR C
LU0119109980
75017.71
5.56
5.92
2.37
3.81
0.60
3.66
0.39
20PGIM European BB-B HY Bd EUR I Acc
IE00BD1DGT97
2514.41
2.26
5.85
2.30
3.96
0.75
0.00
0.00

All Fund performance tables: Investment Grade EUR | Investment Grade GBP | High Yield EUR | High Yield GBP

Table information: European domiciled funds in Morningstar Category EUR High Yield Bond, Oldest share class, All figures EUR (€), Total returns annualised, as at last month-end. Alpha is the measure of an investment’s return in excess of the Morningstar Category average.

Fund sizes are as reported by the management groups and the latest available to Morningstar. The Morningstar Rating is calculated based on a fund’s total returns, adjusted for risk and sales charges, relative to other funds in its Morningstar Category, based on a weighted average of a fund’s 3-, 5-, and ten-year ratings, depending on the length of its record.

Data source: © 2019 Morningstar, Inc. All rights reserved.

The information contained herein:

(1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Important note regarding third party indices:  Morningstar does not own any third party index data (S&P, FTSE, MSCI), so cannot authorise its use. The journalists should contact each vendor directly to get authorisation for the data they require.