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GF Sustainable Future European Corporate Bond Fund

Fund launch date 28/05/2018
Fund size €31,270,598.80
Number of holdings 58
Managed by current team for 4 years
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The Fund

The Fund aims to maximise total returns (a combination of income and capital growth) over the long term (5 years or more). The Fund seeks to achieve this objective predominantly through investing in euro denominated investment grade corporate bonds or non-euro denominated corporate bonds hedged back into euros.

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested.
Key Information
Manager Inception Date of Fund
29/05/2018
Class Launch Date
29/05/2018
Comparator Benchmark 1
Markit iBoxx € Corporates
Price
Single Price
€9.569
Offer Price
-
Price Date
30/12/2021

Awards and Ratings

Citywire fund manager rating Citywire Manager Rating: +
Morningstar Sustainability rated 4 Morningstar Sustainability Rating: 4
3D Investing 3D Investing Fund Rating: A

Meet the team

Fixed Income investments for the Liontrust Sustainable Investment team are headed by Stuart Steven, who has been involved in managing multi-currency fixed income portfolios since 1994, including at Britannic Asset Management, Legal & General and Scottish Widows Investment Partnership. Stuart and the rest of the team joined Liontrust in April 2017 as part of the acquisition of Alliance Trust Investments (ATI). Stuart’s co-managers are Kenny Watson (formerly at Ignis Asset Management for 15 years where he was responsible for sub-investment grade bond portfolios), along with Aitken Ross and Jack Willis who also started their careers in the graduate scheme at ATI.

More about the team
Meet the tea

"Many large cap banks are looking to shape the energy transition and we aim to invest in those most committed to improving environmental exposure and demonstrating best practice to deliver on this."

Our Investment Process

Macroeconomic analysis is used to determine the team’s top-down view of the world and this helps shape all aspects of portfolio construction and appetite for risk. After this, the managers aim to focus on high-quality issuers and believe this can reduce bond specific risk.

The fund managers’ assessment of quality is a distinctive part of the process, in which they combine traditional credit analysis with a detailed sustainability assessment based on the proprietary model. The managers assess individual bonds for whether they believe they offer attractive long-term returns and for absolute and relative valuations. 
The managers seek the best value bonds issued by the high-quality issuers identified, looking at bonds issued across the capital structure, along the maturity curve, or issued into the primary credit markets (UK, US and Europe). 
Sustainability analysis is fully integrated into the investment process, helping to identify high-quality companies that the managers believe will both enhance returns and reduce issuer specific tail-risk. 
Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested.

Performance

Performance since manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Mar 22 Mar 21 Mar 20 Mar 19 Mar 18
Liontrust GF Sustainable Future European Corporate Bond -5.9 9.6 -5.1 - -
Markit iBoxx € Corporates -5.7 8.7 -3.4 - -

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 Sustainable Future European Corporate Bond -2.7 -5.3 -9.1 -8.4 -9.2 -6.2 - - -4.3
Markit iBoxx € Corporates -2.0 -5.6 -9.4 -8.7 -8.6 -5.0 - - -2.2

Source: FE fundinfo as at 20/05/2022. Performance figures are shown in EUR. 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 (%)

GERMANY(FEDERAL REPUBLIC OF) 0.5% BDS 15/08/27 EUR0.01 5.38
STANDARD CHARTERED FXD RT RESET NTS 03/10/27 EUR100000 3.29
NATIONWIDE BUILDING SOCIETY FXD RESET SUB NTS 25/07/29 EUR100000 2.80
BNP PARIBAS SA UNDATED FLTG RATE NOTES EUR0.01 2.77
BANCO SANTANDER SA 1% MTN 22/10/30 EUR1000 2.69
HSBC BANK PLC UNDATED FLTG RATE PRIM CAP NTS USD 2.68
SOCIETE GENERALE SA FRN 30/06/31 EUR100000 2.55
ING GROEP N.V. 2.125% BDS 26/05/31 EUR100000 2.44
SWISS RE FINANCE LUX 5% BDS 02/04/49 USD200000REG S 2.35
VERIZON COMMUNICATIONS INC. 0.875% BDS 19/03/32 EUR100000 2.11

Sector Breakdown (%)

Financials 41.57
Utilities 16.26
Real Estate 12.13
Telecommunications 11.63
Government Bonds 5.38
Consumer Services 4.01
Health Care 2.85
Cash Derivatives 2.61
Financial Services 1.37
Consumer Goods 1.23
Industrials 0.92

Geographic Breakdown (%)

UK
32.81
France
12.69
Netherlands
12.23
Luxembourg
8.22
Germany
7.77
USA
7.28
Spain
5.73
Italy
4.46
Ireland
3.16
Denmark
3.00
Money Market
2.61

Source: Liontrust as at 29/04/2022.

Credit Rating (%) *

Source: UBS Delta and Liontrust as at 28/02/2022. Aggregate credit rating exposure includes the effect of credit default swaps held.

Source: FE fundinfo
Additional Information
Minimum initial investment
€1,000
Minimum additional investment
€1,000
Ex-dividend date
1 January, 1 April, 1 July, 1 October
Distribution date
Sedol code
BYWSTD5
ISIN code
IE00BYWSTD52
Charges
Initial charge
-
Ongoing Charges Figure
1.08%
Included within the OCF is the Annual Management Charge
1.00%

Additional resources

The Sustainable team’s Annual Review measures the impact of their investments and analyses the success of their engagement initiatives. 

Download >

The Sustainable team’s latest Engagement and Voting Review covers the work done to drive improvement in the businesses held across the Sustainable Future funds and progress made on proactive engagement initiatives during 2021.

Download >

Learn more about how Liontrust is complying with the SFDR requirements.

Download >

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Liontrust Sustainable Future Funds

Download >

Fund insights

Key features of the Fund

The Fund aims to maximise total returns (a combination of income and capital growth) over the long term (five years or more) through investment in sustainable securities, primarily consisting of European investment grade fixed income securities. The Fund invests at least 80% of its assets in bonds issued by companies which are denominated in Euro or non-Euro corporate bonds that are hedged back into Euros. The focus is on investment grade corporate bonds (i.e. those which meet a specified level of creditworthiness). The Fund invests in companies that provide or produce more sustainable products and services as well as having a more progressive approach to the management of environmental, social and governance (ESG) issues. Although the focus is on investment grade corporate bonds, the Fund may also invest in government bonds, high yield bonds, cash or assets that can be turned into cash quickly. Where the Fund invests in non-Euro assets, the currency exposure of these investments will generally be hedged back to Euro. 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). 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.
5 years or more.
4 (Please refer to the Fund KIID for further detail on how this is calculated)

Active
The Fund is considered to be actively managed in reference to IBOXX Euro Corporate All Maturities (the "Benchmark") by virtue of the fact that it uses the benchmark(s) for performance comparison purposes. The benchmark(s) are not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the benchmark.
The Fund is a financial product subject to Article 9 of the Sustainable Finance Disclosure Regulation (SFDR).

How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust

Key Risks 

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested. The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.

 

Investment in the Fund involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The value of fixed income securities will fall if the issuer is unable to repay its debt or has its credit rating reduced. Generally, the higher the perceived credit risk of the issuer, the higher the rate of interest.  The Distribution Yield is also the Underlying Yield for this fund. The Fund may invest in derivatives. The use of derivatives may create leverage or gearing. A relatively small movement in the value of a derivative's underlying investment may have a larger impact, positive or negative, on the value of a fund than if the underlying investment was held instead.

 

Disclaimer

This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID), which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.co.uk or direct from Liontrust. Always research your own investments. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances.

 

This 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. 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. It contains information and analysis that 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 of this document, no representation or warranty, express or implied, is made by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. It should not be copied, forwarded, reproduced, divulged or otherwise distributed in any form whether by way of fax, email, oral or otherwise, in whole or in part without the express and prior written consent of Liontrust.

Fund literature
GF Sustainable Future European Corporate Bond Fund
View latest fund update
Impact Reports Impact report
Thematic breakdowns Thematic breakdown
Holdings Holdings