This bond fund aims to generate steady income and achieve the best possible investment returns over a full credit cycle, while respecting risk diversification.
The fund invests worldwide mainly in corporate bonds from the high-yield segment (ratings BB+ to CCC-) from various issuers and with different maturities. The fund uses derivative financial instruments, mainly for hedging purposes.
The investment team seeks to exploit high-yield bond market inefficiencies by combining top-down regional, sector, and credit-quality allocations with bottom-up security selection based on thorough fundamental credit analysis. For higher return opportunities, the team maintains a focus list of issuers that require a more rigorous evaluation.
All data is as at 28 Feb 2026 unless otherwise indicated.
| 1M | YTD | 1Y | 3 yrs p.a. | 5 yrs p.a. | Since Inception | |
|---|---|---|---|---|---|---|
| I EUR | 0.5% | 1.6% | 4.2% | 7.1% | 2.5% | 67.5% |
| Index | 0.1% | 0.6% | 4.7% | 7.4% | 2.7% | 79.6% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| I EUR | 4.3% | 6.8% | 10.5% | -12.4% | 4.9% | 2.2% | 10.2% | -6.1% | 5.0% | 8.2% |
| Index | 5.8% | 7.2% | 11.4% | -12.7% | 3.6% | 3.2% | 11.1% | -4.3% | 5.5% | 12.3% |
| Portfolio | Index | |||||||
|---|---|---|---|---|---|---|---|---|
| Volatility | 3.0% | 3.1% | ||||||
| Sharpe Ratio | 1.3 | |||||||
| Information Ratio | negative | |||||||
| Modified Duration | 3.6 | 3.6 | ||||||
| Average Coupon | 5.7% | 5.9% | ||||||
| Yield To Worst | 5.9% | 5.8% | ||||||
| Average Rating | BB | B+ | ||||||
| Number of issuers | 159.0 | 872.0 | ||||||
| Active Share (country, issuer, ISIN) | 33% / 67% / 87% | |||||||
| [3 years annualized] | ||||||||
All data is as at 13 Mar 2026 unless otherwise indicated.
| Portfolio Manager | Stella Ma |
|---|---|
| Fund Domicile | Luxembourg |
| Fund Currency | EUR |
| Share Class Currency | EUR |
| Risk Level | 3.00 (28 Jan 2026) |
| Year End | 31 August |
| Index | Customized ICE BofAML High Yield Index (EUR hedged) |
| Share Class Launch Date | 11 Jun 2012 |
| Distribution Type | Accumulating |
| Swing Pricing | Yes |
| SFDR Classification | Article 6 |
| Fund Registrations | AT, CH, DE, ES, FR, GB, IT, LI, LU, SE, SG |
| Share Class Registrations | AT, CH, DE, ES, FR, GB, IT, LI, LU, SE, SG |
| Highest since launch | 167.57 |
|---|---|
| Lowest since launch | 99.20 |
| Fund size in mln. | EUR 158.71 |
| Share class size in mln. | EUR 28.10 |
| Management Fee | 0.55% |
|---|---|
| Max Management Fee | 0.55% |
| TER* | 0.79% (29 Aug 2025) |
| OCF | 0.79% (31 Aug 2025) |
| Luxembourg Taxe d Abonnement | 0.01% |
| ISIN | LU0571066975 |
|---|---|
| Ticker | VONHYBI |
| CUSIP | L967AE824 |
| Valor | 12236151 |
| Bloomberg | VONHYBI LX |
| SEDOL | B95DSJ1 |
| WKN | A1JWMX |
| Investment Manager | Vontobel Asset Management AG, Zürich |
|---|---|
| Depositary | State Street Bank International GmbH (Luxembourg Branch) |
| Management Company | Vontobel Asset Management SA, Luxembourg |
| Swiss Paying Agent | Bank Vontobel AG |
| Swiss Representative | Vontobel Fonds Services AG |
| Share class | Currency | ISIN | Distrib. | Type | Launch date | Management Fee | TER* |
|---|---|---|---|---|---|---|---|
| AMH (hedged) | AUD | LU1374300298 | Distributing | Retail | 1 Apr 2016 | 1.50% | 1.81% (29 Aug 2025) |
| AMH (hedged) | USD | LU1061952005 | Distributing | Retail | 5 Jun 2014 | 1.50% | 1.81% (29 Aug 2025) |
| AS | EUR | LU0756125596 | Distributing | Retail | 11 Jun 2012 | 1.50% | 1.78% (29 Aug 2025) |
| B | EUR | LU0571066462 | Accumulating | Retail | 11 Jun 2012 | 1.10% | 1.38% (29 Aug 2025) |
| H (hedged) | CHF | LU0571067437 | Accumulating | Retail | 11 Jun 2012 | 1.10% | 1.41% (29 Aug 2025) |
| H (hedged) | USD | LU0571067601 | Accumulating | Retail | 11 Jun 2012 | 1.10% | 1.41% (29 Aug 2025) |
| HC (hedged) | USD | LU1061952187 | Accumulating | Retail | 5 Jun 2014 | 1.50% | 1.81% (29 Aug 2025) |
| HI (hedged) | USD | LU0571068088 | Accumulating | Institutional | 10 Apr 2014 | 0.55% | 0.82% (29 Aug 2025) |
| HI (hedged) | CHF | LU0571067866 | Accumulating | Institutional | 15 Oct 2013 | 0.55% | 0.82% (29 Aug 2025) |
| HN (hedged) | CHF | LU1683481185 | Accumulating | Retail | 3 Oct 2017 | 0.55% | 0.86% (29 Aug 2025) |
| HN (hedged) | USD | LU1683481268 | Accumulating | Retail | 3 Oct 2017 | 0.55% | 0.86% (29 Aug 2025) |
| I | EUR | LU0571066975 | Accumulating | Institutional | 11 Jun 2012 | 0.55% | 0.79% (29 Aug 2025) |
| N | EUR | LU1683481342 | Accumulating | Retail | 2 Oct 2017 | 0.55% | 0.83% (29 Aug 2025) |
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
* TER includes performance fee where applicable
All data is as at 28 Feb 2026 unless otherwise indicated.
| Bond | Allocation | |
|---|---|---|
| 8.2% BOAD 13.02.2055 FRN Reg-S Subordinated | 1.4% | |
| 4.25% Bul Energy Hldg 19.06.2030 Senior | 1.2% | |
| 6.25% BOAD 14.10.2040 Reg-S Senior | 1.1% | |
| 8.375% Venture 01.06.2031 -144A- Senior | 1.1% | |
| 9% GDZ Elektrik 15.10.2029 Senior | 1.1% | |
| 1.85% Nissan Mtr Acc 16.09.2026 -144A- Senior | 1.1% | |
| 6.625% Commerzbank Open End FRN Reg-S Junior Subordinated | 1.0% | |
| 4.125% Allwyn Ente Fin 15.02.2031 Senior | 1.0% | |
| 4.625% EDP S.A 16.09.2054 FRN Reg-S Subordinated | 0.9% | |
| 6% Snc/Snc Fin 15.04.2027 Senior | 0.9% |
View all documents View latest documents
| Document | Date | DE | EN | ES | FR | IT |
|---|---|---|---|---|---|---|
| Factsheets & Commentaries | ||||||
| Factsheet | Feb 2026 | |||||
| Factsheet | Jan 2026 | |||||
| Factsheet | Dec 2025 | |||||
| Factsheet | Nov 2025 | |||||
| Factsheet | Oct 2025 | |||||
| Factsheet | Sep 2025 | |||||
| Factsheet | Aug 2025 | |||||
| Factsheet | Jul 2025 | |||||
| Factsheet | Jun 2025 | |||||
| Factsheet | May 2025 | |||||
| Factsheet | Apr 2025 | |||||
| Factsheet | Mar 2025 | |||||
| Factsheet | Feb 2025 | |||||
| Factsheet | Jan 2025 | |||||
| Factsheet | Dec 2024 | |||||
| Factsheet | Nov 2024 | |||||
| Factsheet | Oct 2024 | |||||
| Factsheet | Sep 2024 | |||||
| Monthly Commentary | Feb 2026 | |||||
| Monthly Commentary | Jan 2026 | |||||
| Monthly Commentary | Dec 2025 | |||||
| View more Factsheets & Commentaries View less Factsheets & Commentaries | ||||||
| PRIIPs KIDs | ||||||
| Key Information Document (KID) | Jan 2026 | |||||
| Legal Documents | ||||||
| AGM EGM invitation | Jan 2026 | |||||
| Articles of Association | Apr 2016 | |||||
| Notification to Investors | Dec 2025 | |||||
| Notification to Investors | Aug 2025 | |||||
| Notification to Investors | Apr 2025 | |||||
| Notification to Investors | Dec 2024 | |||||
| Notification to Investors | Oct 2024 | |||||
| Notification to Investors | Sep 2024 | |||||
| Notification to Investors | Jun 2024 | |||||
| Notification to Investors | May 2023 | |||||
| Notification to Investors | Nov 2022 | |||||
| Notification to Investors | Jan 2022 | |||||
| Notification to Investors | Sep 2021 | |||||
| Notification to Investors | Jul 2021 | |||||
| Notification to Investors | May 2021 | |||||
| Notification to Investors | Mar 2021 | |||||
| Notification to Investors | Feb 2021 | |||||
| Notification to Investors | Apr 2020 | |||||
| Notification to Investors | Nov 2019 | |||||
| Sales Prospectus | Jan 2026 | |||||
| View more Legal Documents View less Legal Documents | ||||||
| Sustainability Related Disclosures | ||||||
| Exclusion Framework | Jan 2026 | |||||
| Statement on principal adverse impacts of investment decisions on sustainability factors | Jun 2025 | |||||
| Swiss Climate Scores | Feb 2026 | |||||
| Financial Reports | ||||||
| Annual Distribution | Nov 2025 | |||||
| Annual Distribution | Nov 2024 | |||||
| Annual Report | Aug 2025 | |||||
| Distribution Dates | Jan 2026 | |||||
| Quarterly Distribution | Dec 2025 | |||||
| Quarterly Distribution | Sep 2025 | |||||
| Quarterly Distribution | Jun 2025 | |||||
| Quarterly Distribution | Mar 2025 | |||||
| Quarterly Distribution | Dec 2024 | |||||
| Quarterly Distribution | Sep 2024 | |||||
| Quarterly Distribution | Jun 2024 | |||||
| Quarterly Distribution | Mar 2024 | |||||
| Semi-Annual Report | Feb 2025 | |||||
| Semi Annual Distribution | Apr 2025 | |||||
| Semi Annual Distribution | Apr 2024 | |||||
| Semi Annual Distribution | Apr 2023 | |||||
| View more Financial Reports View less Financial Reports | ||||||
| Dealing Information | ||||||
| Holiday Calendar 2026 | Jan 2026 | |||||
| List of Active Retail Share Classes | Jan 2025 | |||||
| Policies | ||||||
| Sanctioned Countries | Oct 2022 | |||||
| Shareclass Naming Convention | Jan 2026 | |||||
RISKS
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
Limited participation in the potential of single securities
Success of single security analysis and active management cannot be guaranteed
It cannot be guaranteed that the investor will recover the capital invested
Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility
Interest rates may vary, bonds suffer price declines on rising interest rates
Investment universe may involve investments in countries where the local capital markets may not yet qualify as recognised capital market
Investments in foreign currencies are subject to currency fluctuations
High-yield bonds (non-investment-grade bonds/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated bonds
The Sub-Fund’s investments may be subject to Sustainability Risks. Information on how sustainability risks are managed in this Sub-Fund may be obtained from Vontobel.com/SFDR.
The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Funds’ investments in the medium to long term due to the mitigating nature of the Sub-Funds’ ESG approach.
Any index or supporting data referred to is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto. Refer to vontobel.com/terms-of-licenses for more details.
Morningstar rating: © 2026 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.
