Fixed Income Boutique High Yield Bonds

Vontobel Fund - High Yield Bond

ISIN
LU0571066975
Valor
12236151

Fund strategy

Investment objective

This bond fund aims to generate steady income, while respecting risk diversification.


Key features

The fund invests across developed and emerging markets mainly in corporate bonds from the high-yield segment (ratings BB+ CCC-) denominated in various currencies and with different maturities. The fund uses derivative financial instruments, mainly for hedging purposes.


Approach

The seasoned investment team of high-yield bond specialists takes investment decisions based on in-depth credit research and future-cash-flow modelling with a focus on sustained issuer credit quality and adequate compensation for the credit and liquidity risks involved. The team continuously compares these factors across the global high-yield investment universe to identify the most rewarding opportunities.

136.21
NAV
-4.49%
Performance YTD
As at Aug 10 2020

All data is as at Jun 30 2020 unless otherwise indicated.

Daily Performance

Periodic Performance

1M YTD 3Y 5Y SI
I EUR 2.8% -7.5% -0.6% 0.7% 31.9%
Index 1.1% -5.4% 0.8% 2.6% 43.2%

Rolling Performance

Jul 01 2015 - Jun 30 2016 Jul 01 2016 - Jun 30 2017 Jul 01 2017 - Jun 30 2018 Jul 01 2018 - Jun 30 2019 Jul 01 2019 - Jun 30 2020
I EUR -2.0% 7.4% 0.8% 2.6% -5.1%
Index 1.3% 9.8% 0.1% 5.1% -2.9%

Annual Performance

Risk Data

Portfolio Index
Yield to maturity 6.8% 5.4%
Modified duration 3.8 4.0
Volatility 12.6%
Average rating BB- B+
Number of positions 126.0 1'708
Number of issuers 107.0 786.0
Active Share (country, issuer, ISIN) 28% / 81% / 92%
[3 years annualized]
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed.

All data is as at Aug 10 2020 unless otherwise indicated.

Fund data
Portfolio Manager Mondher Bettaieb Loriot
Fund Domicile Luxembourg
Fund Currency EUR
Share Class Currency EUR
End of fiscal year 31 August
Index Customized ICE BofAML High Yield Index hedged EUR
Share Class Launch date Jun 11 2012
Distribution type Accum
Swinging single pricing Yes
Fund Registrations AT, CH, DE, ES, FR, GB, IT, LI, LU, SE, SG
Share Class Registrations AT, CH, DE, FR, GB, IT, LI, LU, SG
Nav Information
Highest since launch 144.62
Lowest since launch 99.20
Fund volume in mln. EUR 143.40
Share class volume in mln. EUR 46.02
Fees And Expenses
Management fee 0.55%
Performance fee 10.00%
TER 0.89% (Feb 28 2020)
Identifiers
ISIN LU0571066975
Valor 12236151
Bloomberg VONHYBI LX
WKN A1JWMX
Parties
Depository RBC Investor Services Bank S.A.
Management Company Vontobel Asset Management S.A.
Swiss Paying Agent Bank Vontobel AG
Swiss Representative Vontobel Fonds Services AG

Available Share Classes

Share class Currency ISIN Distrib. Type Launch date Management fee TER TER Date
AI EUR LU1275269402 Dist Institutional Aug 27 2015 0.55% 0.90% Feb 28 2020
AMH (hedged) AUD LU1374300298 Dist Retail Apr 01 2016 1.50% 2.00% Feb 28 2020
AMH (hedged) USD LU1061952005 Dist Retail Jun 05 2014 1.50% 2.00% Feb 28 2020
AMHN (hedged) USD LU1683488354 Dist Retail Oct 12 2017 0.55% 1.13% Feb 28 2020
AS EUR LU0756125596 Dist Retail Jun 11 2012 1.50% 1.88% Feb 28 2020
B EUR LU0571066462 Accum Retail Jun 11 2012 1.10% 1.47% Feb 28 2020
H (hedged) USD LU0571067601 Accum Retail Jun 11 2012 1.10% 1.59% Feb 28 2020
H (hedged) CHF LU0571067437 Accum Retail Jun 11 2012 1.10% 1.50% Feb 28 2020
HC (hedged) USD LU1061952187 Accum Retail Jun 05 2014 1.50% 2.00% Feb 28 2020
HI (hedged) USD LU0571068088 Accum Institutional Apr 10 2014 0.55% 1.09% Feb 28 2020
HI (hedged) CHF LU0571067866 Accum Institutional Oct 15 2013 0.55% 0.93% Feb 28 2020
HN (hedged) USD LU1683481268 Accum Retail Oct 03 2017 0.55% 1.14% Feb 28 2020
HN (hedged) CHF LU1683481185 Accum Retail Oct 03 2017 0.55% 0.94% Feb 28 2020
I EUR LU0571066975 Accum Institutional Jun 11 2012 0.55% 0.89% Feb 28 2020
N EUR LU1683481342 Accum Retail Oct 02 2017 0.55% 0.93% Feb 28 2020
Click here to see an overview of our shareclass naming convention.

* TER includes performance fee where applicable

All data is as at Jun 30 2020 unless otherwise indicated.

Rating Structure

Largest issuers

Bond Allocation
TELECOM ITALIA CAPITAL 2.4%
HEATHROW FINANCE PLC 2.3%
CINCINNATI BELL INC 2.3%
SEALED AIR CORP 2.3%
PEACH PROPERTY FINANCE 2.1%
FIVE POINT OP CO LP/FIVE 2.1%
FIRST QUANTUM MINERALS L 1.8%
SMURFIT KAPPA TREASURY 1.8%
ENEL SPA 1.7%
VIVION INVESTMENTS 1.6%
Document Date DE EN ES FR IT
Factsheets & Commentaries
Factsheet Jun 2020
Monthly Commentary Jun 2020
KIIDs
KIID Jul 2020
Legal Documents
Articles of Association Apr 2016
Notification to Investors Apr 2020
Sales Prospectus Dec 2019
Financial Reports
Annual Report Aug 2019
Dividend Payout Jan 2019
Semi-Annual Report Feb 2020
Dealing Information
Holiday Calendar 2020 Jan 2020
List of Active Retail Share Classes Dec 2018
Policies
Sanctioned Countries Sep 2016
Shareclass Naming Convention Nov 2019
  • 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

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