Category Archives for "High Yield Funds"

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.

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 by 342bp. No sector was spared, and the weakness accelerated through the final quarter on heightened macro and geopolitical concerns. That is most likely going to continue and be a theme for 2019, but we can expect the weakness to be much more limited as the various events play out.

Full spreads charts/analysis: IG | HY | Senior & Sub Financials | Corporate Hybrids | GBP Corporates | CoCos

As suggested above, credit total returns were the worst since the crisis began. IG lost 1.2% and the high yield market delivered a -3.6% total return. In relative terms, other markets lost more. The Dax delivered -18.2%, the FTSE -12.5% and the S&P recovered late on to -6.2%. There was a positive result, that came courtesy of the Eurozone’s government bond market, where demand for safe-haven risk saw a +0.9% result.

Returns in 2018 

Primary market activity was affected by the broad volatility and weakness in most asset classes. The window to get a deal away was open all too infrequently, the hesitation by borrowers and push beckon pricing by investors leaving us with the lowest level of issuance in the IG non-financial sector since 2012, at just €221bn – against an average of €260bn per year in the 2014-2017 period. It will be a good result if we get close to the €220bn level in 2019. US borrowers were prevalent, but the 12% share of the overall market was the lowest since 2012 as well.

Senior financial deal flow was the lowest annual total since the beginning of the euro currency era. Just €130bn was printed versus the previous low of €136bn (in 2017). Given the weakening macro environment and continued high levels of volatility, we’re suggesting issuance declines again in 2019, to around €110bn.

HY Issuance: 2003 – 2019

High yield markets had a good year. In fact, it was the second-best year ever for deals in the HY capital markets, with some €62bn transacted. Most of that was issued in the first nine months of the year though, with wider concerns leaving the window shut for others through the final quarter. Spreads gapped, the index yield is up at 5% (both almost doubling) and we think issuance will decline in 2019 to around the €45bn level.

Full issuance data charts/analysis: IG | HY | Senior Financials

Every issuance deal: IG | HY

Funds performance

A particularly poor final quarter saw to it that corporate bond funds recorded a negative performance for the full year, pretty much across the board. Poor secondary market liquidity was a particular feature as well as frustration. That’s the nature of the beast. While we also had to contend with new issues launched with higher premiums than we might be used to, and whole sectors repriced as a result. The IG index lost around 1.2%, but most reasonably sized funds lost in excess of 2%.

In sterling, it was a similar picture, with the index off by just over 2%, but reasonably-sized funds (in excess of £1.5bn AUM) lost 3% or more.

>>See the full IG Euro Performance tables<<

>>See the full HY Euro Performance tables<<

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

Overall, we endured a torrid time of it in 2018. Others did worse, but it’s scant consolation. Given the severity of the equity markets’ volatility, it was always going to have a contagion impact on the corporate bond market. The corporate bond market held up quite well until the final quarter, where it then came under some greater levels of pressure and performance deteriorated more rapidly.

As we head into 2019, we should exercise caution, be wary of buying any dips and not chase any rallies. The macro environment is extremely challenging and geopolitical stresses remain elevated. The picture ought to become clearer over the next few weeks. Good luck.

3rd March 2017

HY Euro Fund Performance

All figures are to month-end Aug 2019
Jump to: Top Performing HY € Funds

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		★★★★

MiFID II is HERE

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.

3rd March 2017

HY Sterling Fund Performance

All figures are to month-end Aug 2019
Jump to: Top Performing HY £ Funds

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		★★

MiFID II is HERE

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.