Category Archives for "Corporate Bond Fund Performance"

6th January 2019

Corporate Bond Market Report: Year-End 2018

The corporate bond market endured its most torrid period since the crisis began. It delivered the worst performance since 2008 in total return terms, with the level of spread weakness not far behind. As measured by the Markit iBoxx index, IG widened by 76bp, high yield by almost 240bp and, for example, the AT1 index […]
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7th January 2018

Bond Fund Performance Rankings: December 2017

Here’s a look at how the largest and top performing funds fared in the quarter/year to the end of December 2017. Using the Market iBoxx indices as a guide, the euro-denominated IG cash index returned 2.4% in 2017. However, the top performing funds delivered well in excess of that – usually helped by running a […]
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5th November 2017

Bond Fund Performance Rankings: October 2017

Time now to look at how the largest and top performing funds fared in the quarter/year to October 2017.

The performance of the reasonably-sized funds has BlueBay‘s Investment Grade fund leading the pack, returning over 9% followed by the Schroder ISF Euro Credit funds returning 7.2%, in the third quarter of 2017 to the end of September. That represents an increase versus the 3 months to end of September where the Schroder’s fund returned 7% and BlueBay’s 5.4%.

For the largest funds, again the Schroders ISF Euro Corp fund saw AUM up a little to €8.8bn at the end of October, while it also outperforms in the year to the end of October with almost 5% of performance.

The smaller targeted Schroder ISF Euro Credit Convct fund with AUM of €1.6bn has returned 7% in the past 12 months versus index returns (iBoxx) of around 2%.

>>See the full IG Euro Performance tables<<


In euro HY, the two funds which consistently stick out are the €1,211m Schroders ISF fund and the Evli European HY fund (AUM €858m). They have reasonable size and consistent performance, returning an improved 7.2% and 7.15%, respectively, in the three months to October and around 9% in the 12 months to the end of October.

The €3.8bn Fidelity fund (AUM unchanged) has also generated solid performance of 8% in the 3 months to October and 7.6% in the last 12 months. On the other hand, the €3.8bn Pictet Euro Short-term fund returned just 3.7% in the 3 months (although improved) and just 2.6% in the last 12 months, both to the end of October.

>>See the full HY Euro Performance tables<<


In sterling, the Gilt market sell-off in September impacted performance – and it was clear in all the returns generated.

The high grade market performance had the £250m Liontrust Monthly Income Bond Z fund deliver just 0.38% in the quarter to the end of October (versus -0.37% in the 3 months to the end of September), for example. On the other hand, Rathbone’s Ethical Bond Acc R fund delivered 3.7% in the quarter to the end of October.

For the bigger funds, the IP Corporate Bond Acc (AUM 4.7bn) is a notable out-performer with 2.19% in the 3 months to September along with the M&G Strategic Corporate fund (AUM £3.4bn) on 2.28% of total returns in the quarter to end October. The Scottish Widows Corporate Bond Tracker lost 2.23% in the same period!

On the other hand, the L&G High Income (AUM £1.4bn) delivered a massive 11.2% and 10.5% in the 3 month and 12 month periods to the end of October, respectively, and is once again the notable out-performer in the high yield space.

>>See the full Sterling IG & Sterling HY Performance tables<<


4th October 2017

Bond Fund Performance Rankings: September 2017

Time now to look at how the largest and top performing funds fared in the quarter/year to September 2017.

The performance of the reasonably sized funds again has the Nordea 1 and Schroder ISF Euro Credit funds out on top returning 8% and 7%, respectively, in the third quarter of 2017 to end September. That is down versus the 3 months to end of August where the Nordea fund returned 11.4%, while it is an uptick for Schroders from 6% in the same period.

For the largest funds, again the Schroders ISF Euro Corp fund returned a solid and improved 5.83% (AUM up a little again to €8.64bn) in the 3 months to end August while it also outperforms in the year to end July with 2.97% of performance.

The MS INVF Euro Corp fund also puts up a good effort (4.86%/on an increased AUM to €4.43bn), as does the Bluebay IG fund (5.74%/AUM unchanged at €3.1bn).

>>See the full IG Euro Performance tables<<


In euro HY, the two funds which consistently stick out are the €1,096m Schroders ISF fund and the Evli European HY fund (AUM €879m). They have reasonable size and consistent performance, returning an improved 7.9% and 6.43%, respectively, in the three months to September and almost 9% in the year to end September.

The €3.8bn Fidelity and €2.8bn UBS European HY funds (AUM unchanged) have also generated solid performances (over 7% and 6%, respectively) given their size. On the other hand, the €3.8bn Pictet Euro Short-term fund returned just 2.6% in the 3 months and again 2.6% in the year, both to end September.

>>See the full HY Euro Performance tables<<


In sterling, the Gilt market sell-off in September impacted performance – and it was clear in all the returns generated.

The high grade market performance had the £250m Liontrust Monthly Income Bond Z fund drop 0.38% in the quarter to end September (versus +4.39% in the 3 months to end August), for example. On the other hand, the TwentyFour Corporate Bond I fund (AUM £449m) has delivered a perky 6.5%, in the 3 months to end August – and 3.10% in the quarter to end September.

Rathbone’s Ethical Bond Acc L fund delivered on 5.6% in the quarter to end September (but was 8% in the 3 months prior to that in August).

For the bigger funds, the IP Corporate Bond Acc is a notable out-performer with 1.75% in the 3 months to September and 1.9% in the year to end August.

On the other hand, the L&G High Income (AUM £1.4bn) delivered a massive 11.35% and 9.8% in the 3 month and 12 month periods to end September, respectively, and is the notable out-performer in the high yield space.

>>See the full Sterling IG & Sterling HY Performance tables<<


4th September 2017

Bond Fund Performance Rankings: August 2017

Taking a look at how the largest and top performing funds fared in the quarter/year to August 2017, and in the Investment Grade space it was a case of the usual suspects coming out on top.

On performance and reasonable size (of funds) it’s the Nordea 1 and Schroder ISF Euro Credit Convct funds which catch the eye – returning 11.4% and almost 6%, respectively.

For the largest funds, again the Schroders ISF Euro Corp fund returned a solid, albeit lower than previously, 4.76% (AUM up a little to €8.5bn) in the 3 months to end August while it also outperforms in the year to end July with 2.9% of performance.

The MS INVF Euro Corp fund also puts up a good effort (3.79%/AUM €3.9bn), as does the Bluebay IG fund (3.65%/AUM €3.1bn).

>>See the full IG Euro Performance tables<<


In euro HY, the two funds which consistently stick out are the €1,019m Schroders ISF fund and the Evli European HY fund (AUM €852m). They have reasonable size and consistent performance, albeit returning a reduced 5% and 4%, respectively, in the three months to August and almost 8% in the year to end July.

The €3.7bn Fidelity and €2.8bn UBS European HY funds (AUM unchanged) have also generated solid performances (over 4%) given their size. On the other hand, the €3.8bn Pictet euro short term fund returned just 1.8% in the 3 months and 2.2% in the year, both to end August.

Once again, small is beautiful with 20%+ returns garnered for the little ones while Schroders and Evli come out in the top 20 there, too.

>>See the full HY Euro Performance tables<<


In sterling, the high grade market performance has the £242m Liontrust Monthly Income Bond Z fund drop back into fourth, delivering a worthy 4.39% although the TwentyFour Corporate Bond I fund (AUM £443m) has delivered a perky 6.5%, both in the 3 months to end August.

Rathbone’s Ethical funds have delivered on average 8% in the quarter to end August.

For the bigger funds, the IP Corporate Bond Acc is a notable out-performer with 4% in the 3 months to August and 2.3% in the year to end August.

L&G High Income (AUM £1.4bn) has delivered 6.14% and 9.54% in the 3 month and 12 month to end August, respectively, and is the notable outperformer in the high yield space.

>>See the full Sterling IG and Sterling HY Performance tables<<


2nd August 2017

(Free Content) Bond Fund Performance Rankings: July

Taking a look at how the largest and top performing funds fared in July 2017 – in the investment grade space, the usual suspects came out on top. On performance and reasonable size (of funds) it’s the Nordea 1 and Schroder ISF Euro Credit Convct funds which catch the eye returning 19% and almost 8%, respectively.

For the largest funds, again the Schroders ISF Euro Corp fund returns a solid 5.8% (AUM €8.4bn) in the 3 months to end July while it also outperforms in the year to end July with 3.1% of performance. Only the MS INVF Euro Corp fund comes close.

>>See the full IG Euro Performance tables<<


In euro HY, the two funds which consistently stick out are the €969m Schroders ISF fund and the Evli European HY fund (AUM €865m). They have reasonable size and consistent performance, returning 8% and 7.7%, respectively, in the three months to July and almost 10% in the year to end July.

The €3.7bn Fidelity and €2.8bn UBS European HY funds have also generated solid performances given their size. On the other hand, the €3.8bn Pictet euro short term fund returned just 1.6% in the 3-months and 2.1% in the year, both to end July. Once again, small is beautiful with 20%+ returns garnered for the little ones while Schroders and Evli come out in the top 20 there, too.

>>See the full HY Euro Performance tables<<


In sterling, the high grade market performance has the £242m Liontrust Monthly Income Bond Z fund deliver a worthy 9.4% although the TwentyFour Corporate Bond I fund (AUM £426m) has delivered a perky 7%+, both in the 3-months to end July.

For the bigger funds, the IP Corporate Bond Acc is a notable outperformed with 7.24% in the 3 months to July and 4% in the year to end July.

L&G High Income (AUM £1.4bn) has delivered 7.5% and 11.7% in the 3 month and 12-month to end July, respectively and is a notable outperformed in the high yield space.

>>See the full Sterling IG and Sterling HY Performance tables<<

9th June 2017

Bond Fund Performance Rankings for May 2017

Here’s the round-up of the how the largest and best performing funds fared in May 2017.

Once again the mammoth Schroder ISF Euro Corp (AUM €8.2bn) fund’s performance tops the chart for the best performing of the largest funds on a rolling 1-year performance. The rolling 3 month performance has also been good, returning 5.92%.

However, the pick of the bunch is GAM’s Star Credit Opps fund (AUM €2.4bn), which has returned 14.6% in the year to end May 2017, while the 3 month performance comes in at 5.82%. The smaller €266m Nordea 1 Europe Financial Debt fund has returned almost 20% in the quarter to the end of May.

>See the full IG Euro Performance tables


In the HY market, the €4.1bn Pictet Short Term fund has returned just 3% in the 12 months to May 2017 and the same in the 3 months to May. The Fidelity and UBS funds stand out as large funds returning 8-10% in the same periods.

Smaller sized funds (€100m area in AUM) have done much better but they are usually focussed on several special situations. In that sense, Evli‘s €900m European HY fund is worth a mention for its consistency and has returned 10%+ in both the 3 months and year to end May 2017.


See the full HY Euro Performance tables

In sterling, Scottish Widows’ Corporate fund (AUM £4.9bn) tops the performance charts, returning 8.9% in the year to end May 2017 and some 9% in the 3 months to the end of May. And returns of around 10-11% in the 3 months to the end of May seem to be around the average for the best performers (top 20), index trackers a little lower.

High yield sterling sees the L&G High Income fund (AUM £1.4bn) having delivered 14.5% in the year to end May 2017 while those delivering 6% in the 3 months to the end of May are worth a mention.

>See the full Sterling IG and Sterling HY Performance tables

5th May 2017

April’s top performing funds

Here’s our round up of the how the largest and best performing funds fared in April 2017.
The largest IG euro corporate bond fund – Schroder’s ISF Euro Corp Fund (AUM €8bn) – returned 9.24% on an annualised basis in the three months to end April 2017. The best performing fund in the same period, though, was the much smaller Nordea 1 Fund (AUM just €261m) which delivered 17.8% performance.

> Full IG Euro Performance tables

Generally, on an annualised basis, the average performance across the market was for returns of between 5-9%. A notable exception was the €2.5bn Pioneer Euro Corp Fund which returned just 1.98% of performance.

In the 12-month period to end April 2017, GAM stays top of the list with its Star Credit Opportunities Fund returning a stellar 13.2%.

In high yield, Fidelity and UBS (Lux) stand out returning 9.46% and 9.39% (annualised) in the 3 months to April 2017 with AUM of €3.8bn and 2.9%, respectively. Finland’s Evli and Schroder’s ISF funds top the list generating returns of 11.4% and 12.5% on AUM of €900m and 756m, respectively.

> Full HY Euro Performance tables

For sterling, the IP Corporate Bond Fund (AUM £4.8bn) returned 9.81% versus 23.9% for the much smaller F&C Institutional Long dated Corporate Fund (AUM just £46.5m) in the 3-months to April 2017, both annualised. Overall, the average IG sterling funds returns in the Morningstar category returned 13.45% (annualised) in the 3 months to end April 2017.

> Full Sterling IG and Sterling HY Performance tables

4th April 2017

Fund Performance Q1 2017

Welcome to the second in the series of fund performance data. Here are some takeaways for the first quarter:

Schroder’s ISF Euro Corp Bond fund seems to have the right strategy in place demonstrating that “big can be beautiful” as the €8bn fund returns 4.87% in Q1 2017 and is also the top of the list on an annual basis too, beaten only by GAM and Henderson. GAM in particular features prominently when performance is not ranked by size of assets under management.

That is, GAM’s smaller Star Credit Opp fund (AUM €1.6bn) returned an excellent 16.75% in Q1 while, for example, the slightly smaller Schroders ISF fund (€1.3bn) delivered up 8.51% in the same period. View the performance table here.


In HY, Pictet‘s €4.2bn short term fund returned just 1.29%, while the €3.8bn Fidelity European HY fund (AUM €3.8bn) returned 7.62%. Finnish based Evli‘s HY fund (AUM €882m) came up with 9.71% in Q1 and 9.51% in the 12-months to end March 2017. That’s consistency for you. View the full table here.

Smaller funds in the high yield space, like Switzerland Inv and Placeuro HY delivered 20% of more in the quarter and the same in the year to end March 2017.  See the top performers here.


In sterling, Royal London’s Credit Z fund stands out (£1.2bn) with quarterly returns of 12.65% although GAM’s Star Credit Opp fund returned 16.23% although is more than 50% smaller in AUM terms. The full list can be seen here.


Meanwhile, in the sterling high yield market, the large L&G High Income fund returned 12.94% in Q1 20917 and was beaten only by Schroder‘s HY Opportunities fund  (13.3%). The former manages £1.5bn though and the latter £378m.  View the full table here.

There’s much more – take a look.

3rd March 2017

IG Euro Fund Performance

All figures are to month-end April 2019 Jump to: Top Performing IG € Funds


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

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

#Fund /
ISIN
Size
(€bn)
3mth/
αlpha
1yr*/
αlpha
3yr*/
αlpha
5yr*/
αlpha
Morningstar
Rating
1Schroder ISF EURO Corp Bd C Acc EUR
LU0113258742
8.63614.41
4.16
2.73
0.96
3.46
1.64
3.98
1.82
2MS INVF Euro Corporate Bond A
LU0132601682
3.79414.80
4.55
1.99
0.21
2.62
0.81
2.65
0.50
3Nordea 1 - European Covered Bond BP EUR
LU0076315455
3.1426.74
-3.51
2.37
0.59
2.17
0.35
3.14
0.98
4SLI European Corporate Bd D Acc EUR
LU0177497814
2.95511.81
1.56
2.55
0.78
2.31
0.49
2.69
0.54
5BGF Euro Corporate Bond A1 EUR
LU0162660350
2.89412.17
1.92
2.79
1.01
2.41
0.59
2.90
0.74
6Nordea Corporate Bond I K
FI0008801303
2.67411.03
0.78
2.88
1.10
2.25
0.43
2.83
0.67
7BlueBay Investment Grade Bd B EUR
LU0179826135
2.62911.32
1.07
1.78
0.01
2.90
1.08
2.11
-0.05
8SSGA State Street Euro Corp Bd Idx I Acc
LU0438092701
2.58712.98
2.73
2.94
1.16
2.35
0.53
2.74
0.59
9Vanguard Euro IG Bd Idx Ins EUR Acc
IE00B04FFJ44
2.4169.02
-1.23
2.69
0.91
1.77
-0.04
2.47
0.31
10Parvest Bond Euro Corporate C C
LU0131210360
2.33011.07
0.82
2.04
0.26
1.74
-0.07
2.37
0.21
11Aegon Euro Credits I EUR Acc
IE00BZ005B08
2.05910.11
-0.14
3.18
1.40
2.65
0.83
3.08
0.93
12iShares Euro InvGrdCorpBdIdx(IE)InstAcc€
IE00B67T5G21
1.92011.79
1.54
2.98
1.21
2.34
0.53
2.83
0.67
13Invesco Euro Corporate Bond C EUR Acc
LU0243958047
1.85114.05
3.80
2.67
0.89
2.26
0.45
2.33
0.17
14Kempen (Lux) Euro Credit J
LU0630255858
1.78511.70
1.45
3.61
1.84
2.64
0.82
3.21
1.05
15Schroder ISF EURO Crdt Convct C Acc EUR
LU0995119822
1.73015.48
5.23
2.66
0.88
4.48
2.66
4.74
2.58
16iShares Euro Crdt Bd Idx (IE) Instl Acc€
IE0031080645
1.7278.24
-2.01
2.86
1.08
1.51
-0.31
2.34
0.18
17Vontobel EUR Corp Bd Mid Yld A EUR
LU0153585566
1.70512.21
1.96
1.69
-0.08
2.12
0.30
2.77
0.61
18Amundi Fds II Euro Corp Bond E EUR ND
LU0133660638
1.51111.63
1.38
2.08
0.30
1.59
-0.23
1.84
-0.31
19DWS Invest Euro Corporate Bds FC
LU0300357802
1.47213.60
3.35
3.09
1.31
2.76
0.94
3.01
0.85
20Janus Henderson Hrzn Euro Corp Bd I2 EUR
LU0451950587
1.36711.09
0.84
3.16
1.38
2.77
0.95
2.73
0.58

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

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

RankFund /
ISIN
Size
(€mm)
3mth/
αlpha
1yr*/
αlpha
3yr*/
αlpha
5yr*/
αlpha
Morningstar
Rating
1Zurich Corporate Bonds Long
LU1466077309
3423.87
13.62
5.56
3.78
0.00
0.00
0.00
0.00
2M&G European Credit Investment C EUR Acc
LU0617482376
47414.28
4.03
4.23
2.45
3.44
1.62
3.40
1.24
3BNPP E Mark iBx EUR Liquid Corp Tr I C
LU1291094677
23513.37
3.12
4.18
2.41
2.22
0.40
2.43
0.27
4LBBW Unternehmensanleihen Euro Offensiv
DE000A1144F1
4819.69
9.44
3.99
2.21
4.46
2.64
0.00
0.00
5UniInstitutional Premium Corporate Bonds
DE0005326599
74512.75
2.50
3.82
2.04
2.28
0.46
2.84
0.69
6LGIM Euro Corporate Bond B EUR Acc
GB00B6CFP326
82612.09
1.83
3.77
1.99
2.83
1.01
3.20
1.04
7Kempen (Lux) Euro Credit Plus I
LU0986645306
45912.15
1.90
3.70
1.93
2.76
0.95
3.45
1.29
8Nykredit Invest Engros Eurokredit SRI
DK0060709814
10912.75
2.50
3.67
1.90
2.87
1.06
0.00
0.00
9PIMCO GIS Euro Credit Instl EUR Acc
IE00B2NSVP60
88110.59
0.34
3.64
1.87
3.14
1.32
3.44
1.29
10Nykredit Invest Engros EuroKredit
DK0016044654
15012.94
2.69
3.63
1.85
3.03
1.21
3.68
1.52
11Kempen (Lux) Euro Credit J
LU0630255858
178511.70
1.45
3.61
1.84
2.64
0.82
3.21
1.05
12ABN AMRO Kempen EuroCorpBds C EUR Inc
LU1253565243
11611.67
1.42
3.60
1.82
2.51
0.69
0.00
0.00
13ASR Euro Bedrijfsobligatie Basisfonds
NL0012645154
27410.62
0.37
3.57
1.79
2.51
0.70
3.26
1.10
14Metzler Euro Corporates AI
DE000A0RBZB5
23814.43
4.17
3.57
1.79
2.71
0.89
3.24
1.08
15L&G Euro High Alpha Corp Bond Z EUR Inc
LU1003761308
13812.08
1.83
3.54
1.77
2.89
1.07
0.00
0.00
16ASR ESG IndxPls Instttnl EUR Bdrfsblgt K
NL0012333892
37212.64
2.39
3.51
1.73
0.00
0.00
0.00
0.00
17PUTM Bothwell European Credit B Acc GBP
GB00B570Y387
439.66
-0.59
3.51
1.74
2.23
0.41
2.61
0.46
18L&G Euro Corporate Bond Z EUR Inc
LU0984223155
11812.18
1.93
3.50
1.72
2.94
1.12
3.30
1.14
19Kempen (Lux) Euro Sustainable Credit J
LU0979491239
23511.73
1.48
3.46
1.68
2.49
0.67
2.98
0.82
20AEAM European Credit
NL0000685568
37511.97
1.72
3.43
1.66
2.76
0.94
3.15
0.99

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

European domiciled funds in Morningstar Category EUR Corporate 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: © 2017 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.