Where are you?
  • Austria
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Guernsey
  • Ireland
  • Italy
  • Jersey
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Portugal
  • Spain
  • Singapore
  • Sweden
  • Switzerland
  • United Kingdom
  • Rest of World
It looks like you’re in
Not your location?
And finally, please confirm the following details
I’m {role} in {country} and I agree to comply with the terms of the website.
You are viewing as from Change

GF Strategic Bond Fund

Single Price $11.597 as of 22/05/2024
Fund launch date 12/04/2018
Fund size $7,764,954.89
Number of holdings 67

The Fund

The Fund has been managed since launch in April 2018 by Phil Milburn and Donald Phillips. The Fund invests in bonds issues by corporates and governments, from investment grade to high yield, on a global basis, including in emerging markets. The managers seek to take advantage of market inefficiencies through understanding the economic environment, bottom up stock analysis and flexibility over duration, credit, sector and geographical allocations. The fund managers seek to take advantage of market inefficiencies through understanding the economic environment, bottom up stock analysis and flexibility over duration, credit, sector and geographical allocations. The managers only commit cash to the market when they believe investors will receive a return that justifies the risk they are taking. The ESG characteristics of securities will be considered when selecting investments for the Fund.

SFDR Article 8

You are able to redeem your investment from the Fund at any time and there is no exit fee for doing so.

Read latest fund update
Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.
Key Information
Manager Inception Date of Fund
13/04/2018
Managed by Current Team for
6 years
Class Launch Date
13/04/2018
ISIN code
IE00BYWRQR50

Awards and Ratings

Citywire fund manager rating Citywire Manager Rating: +

Meet the team

Before joining Liontrust in early 2018, Phil Milburn worked at Kames Capital for 14 years, where he was Head of Investment Strategy. Donald Phillips also joined Liontrust in 2018 and was previously an investment manager in the Credit team at Baillie Gifford and worked with Phil at Kames Capital for three years.

Meet the tea

Our Investment Process

The process is designed to take advantage of inefficiencies in fixed income markets through a thorough understanding of the economic environment and detailed bottom up stock analysis.
The process uses the same framework to garner a thorough understanding of the economic environment and for bottom up stock analysis: fundamentals, valuations and technicals (FVT). 
These three factors are examined regardless of whether the managers are considering a duration position or an investment in a speculative grade rated company. In judging whether a company is attractive long-term investment, the managers analyse the following factors, which they call PRISM.
  • Protections: operational and contractual, such as structure and covenants
  • Risks: credit, business and market
  • Interest cover: leverage and other key ratios
  • Sustainability: of cash flows and environmental, social and governance (ESG) factors
  • Motivations: of management and shareholders
While the Fund has neutral target levels of duration risk and asset allocation, the investment team takes a high conviction approach which can lead positioning to diverge significantly from neutral levels and benchmark profiles. This results in periods when investment performance diverges from benchmark indices.
Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.

Performance

Performance since manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Liontrust GF Strategic Bond 7.7 -3.9 -4.0 13.2 -0.4

Cumulative performance (%)

As at previous day end 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Since Inception
Liontrust GF Strategic Bond 1.7 1.5 7.4 0.7 9.2 -1.6 10.8 - 16.0

Source: FE fundinfo as at 23/05/2024. Performance figures are shown in USD. Total return performance figures are calculated net of costs and charges, on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Where applicable the quartile rank is for the primary share class within the sector. If your investment is made in a currency other than that used in the past performance calculation the return may increase or decrease as a result of currency fluctuations.

Current positioning

Top 10 Holdings (%)

NEW ZEALAND(GOVERNMENT OF) 2% BDS 15/05/32 NZD10000
9.95
UNITED STATES DEPARTMENT OF THE TREASURY 3% TNT 31/07/24 USD100 BE-2024 (WI)
8.46
NEW ZEALAND(GOVERNMENT OF) 1.5% BDS 15/05/31 NZD1000
8.36
UNITED STATES DEPARTMENT OF THE TREASURY 0% UNDATED NTS USD100
5.62
Liontrust GF High Yield Bond B5 Acc
4.59
UNITED STATES DEPARTMENT OF THE TREASURY 2.5% TB 15/05/24 USD100
4.39
USA TREASURY 2.5% 31
2.58
US TREASURY N/B
2.50
UNITED STATES DEPARTMENT OF THE TREASURY 3% TNT 30/06/24 USD100 WI
2.31
GLOBAL SWITCH FINANCE 1.375% MTN 07/10/30 EUR100000
1.75

Sector Breakdown (%)

Government Bonds
44.21
Insurance
8.64
Banks
8.36
Telecommunications
7.27
Mutual Funds
4.59
Health Care
4.13
Real Estate
3.06
Services
2.68
Financial Services
2.58
Automotive
2.47
Media
2.30
Electronics
1.84
Money Market
1.62
Basic Industries
1.16
Capital Goods
1.15
Utilities
1.13
Transport
1.13
Fixed Interest
1.02
Consumer Goods
0.56

Geographic Breakdown (%)

USA
37.31
New Zealand
19.42
UK
10.69
Germany
5.57
Netherlands
5.04
Ireland
4.59
Australia
3.89
France
3.56
Luxembourg
2.01
Cash & Cash Equivalents
1.62
Spain
1.35
Hong Kong
1.18
Venezuela
1.02
Switzerland
0.79
Italy
0.69
Sweden
0.67
Japan
0.51

Credit Rating *

Key features of the Fund

The investment objective of the Fund is to maximise total returns over the long term through a combination of income and capital. The Fund will seek to achieve its objective by investing in bond and credit markets worldwide. The Fund invests in a wide range of bonds issued by corporates and governments, from investment grade through to high yield. The Fund invests in developed and emerging markets, with a maximum of 40% of its net assets invested in emerging markets. Investments may be made in "hard" currencies, such as US Dollar, Euro and Sterling, and up to 25% of the net assets of the Fund may be invested in soft currencies, such as those of emerging markets. Where the Fund invests in non-US Dollar assets, the currency exposure of these investments will generally be hedged back to US Dollar. Up to 10% of the Fund's currency exposure may not be hedged, i.e. the Fund may be exposed to the risks of investing in another currency for up to 10% of its assets. The Fund may invest both directly, and through the use of derivatives. The use of derivatives may generate market leverage (i.e. where the Fund takes market exposure in excess of the value of its assets). In addition, the Fund may invest in cash or cash equivalents, such as deposits and Money Market Instruments, for cash management purposes. Within the limits stated above, there are no geographical or economic sector restrictions on the Fund's investments. The Fund has both Hedged and Unhedged share classes available. The Hedged share classes use forward foreign exchange contracts to protect returns in the base currency of the Fund. The fund manager considers environmental, social and governance ("ESG") characteristics of issuers when selecting investments for the Fund.
5 years or more.
3 (Please refer to the Fund PRIIP KID for further detail on how this is calculated)

Active
The Fund is actively managed without reference to any benchmark meaning that the Investment Adviser has full discretion over the composition of the Fund’s portfolio, subject to the stated investment objectives and policies.
The Fund is a financial product subject to Article 8 of the Sustainable Finance Disclosure Regulation (SFDR).
Additional Information
Minimum initial investment
$5,000,000
Minimum additional investment
$1,000
Ex-dividend date
1 January, 1 April, 1 July, 1 October
Distribution date
Sedol code
BYWRQR5
Charges
Initial charge
-
Ongoing Charges Figure
0.62%
Included within the OCF is the Annual Management Charge
0.55%

For more information on the OCF, see our costs and charges page.

How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust

Key Risks  

Past performance does not predict future returns. You may get back less than you originally invested. The fund manager considers environmental, social and governance ("ESG") characteristics of issuers when selecting investments for the Fund. Overseas investments may carry a higher currency risk. They are valued by reference to their local currency which may move up or down when com-pared to the currency of the Fund. Bonds are affected by changes in interest rates and their value and the income they generate can rise or fall as a result; the creditworthiness of a bond issuer may also affect that bond's value. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may have difficulty in paying their debts. The value of a bond would be significantly affected if the issuer either refused to pay or was unable to pay. The Fund can invest in derivatives. Derivatives are used to protect against currency, credit or interest rate moves or for investment purposes. There is a risk that losses could be made on derivative positions or that the counterparties could fail to complete on transactions. The Fund uses derivative instruments that may result in higher cash levels. Cash may be deposited with several credit counterparties (e.g. international banks) or in shortdated bonds. A credit risk arises should one or more of these counterparties be unable to return the deposited cash. The Fund invests in emerging markets which carries a higher risk than investment in more developed countries. This may result in higher volatility and larger drops in the value of the fund over the short term. The Fund may encounter liquidity constraints from time to time. Participation rates on advertised volumes could fall reflecting the less liquid nature of the current market conditions. Counterparty Risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. ESG Risk: In reference to any component (where applicable) of a fund's investment process that uses external ESG data, there may be limitations to the avail-ability, completeness or accuracy of ESG information from third-party providers, or inconsistencies in the consideration of ESG factors across different third party data providers, given the evolving nature of ESG. There is no guaran-tee that an absolute return will be generated over a three year time period or within another time period. 

 

Disclaimer

This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. It should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. The decision to invest in a fund should take into account all the characteristics and objectives of the fund (inclusive of sustainability features) as described in the prospectus. Further information can be found here: https://www.liontrust.eu/sfdr. Examples of stocks are provided for general information only to demonstrate our investment philosophy. The investment being promoted is for units in a fund, not directly in the underlying assets. This information and analysis is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.

Fund literature
GF Strategic Bond Fund
View latest fund update
Application and transfer forms Liontrust Global Funds plc Application Form