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At a glance

A lower risk fund with potential for better growth than cash savings by investing in bonds, aiming for modest returns and income.

Our experts invest your money using Environmental, Social, and Governance (ESG) considerations to help select which bonds to invest in.


Download Key Information

Highlights

Reduces risk

Likely to be a less 'bumpy ride', compared to higher risk investments.

Generate income

Any interest can be re-invested or withdrawn every six months - useful if you need an income from your savings.

All done for you

Managed for you by our dedicated team of investment experts.

How your money's invested

This fund invests 100% in bonds, which typically means lower potential returns and lower risk than shares.

Typical mix

  • Around 40-50% GBP denominated bonds with strong credit ratings
  • Up to 10% in higher yielding bonds with less strong credit ratings
  • The rest in government bonds, mostly UK

Remember, the value of investments can go up and down, so you may get back less money than you put in. Tax depends on your individual circumstances and the regulations may change in the future.

Where your money's invested

The fund invests in government and corporate bonds, the majority of which will be in the UK.

Here's the detail at 31 December 2023.

Key:
Higher riskShares (emerging markets): 0%
Higher riskShares (UK): 0%
Higher riskReal estate investment trusts: 0%
Higher riskShares (overseas developed): 0%
Higher riskBonds (emerging markets): 0%
Higher riskBonds (high yield): 0%
Lower riskGlobal corporate bonds: 20%
Lower riskUK corporate bonds: 30%
Lower riskGlobal government bonds: 1%
Lower riskUK Government bonds (Gilts): 49%
Lower riskShort maturity bonds: 0%
Lower riskCash: 0%

Higher risk

  • 0% - Shares (emerging markets)
  • 0% - Shares (UK)
  • 0% - Real estate investment trusts
  • 0% - Shares (overseas developed)
  • 0% - Bonds (emerging markets)
  • 0% - Bonds (high yield)

Lower risk

  • 0% - Cash
  • 0% - Short maturity bonds
  • 49% - UK Government bonds (Gilts)
  • 1% - Global government bonds
  • 30% - UK corporate bonds
  • 20% - Global corporate bonds
What do these terms mean?

How the fund invests

Our experts select bonds to invest in to provide a diversified mix of geographies, corporate and government bonds whilst taking into account ESG considerations.

Top bonds

The following is up-to-date as of 31 December 2023.

Amount investedBond
48.9%UK Treasury*
1.2%Vodafone Group 5.9% 2032
0.8%Telefonica Emisiones SAU 5.445% 2029
0.7%European Investment Bank 3.875% 2037
0.7%Lloyds Banking Group Plc 2.707% 2035
0.7%AT&T 4.737% 2029
0.7%Barclays Plc 8.41% 2032
0.7%National Grid Electricity Transmission Plc 2.75% 2035
0.7%Northumbrian Water Finance Plc 5.625% 2033
0.6%KPN 5.75% 2029

*The total value invested in UK Treasury Bonds (Gilts), split across 5 to 15 year maturities


Which regions?
Amount investedRegion
80.0%UK
10.9%Europe (excluding UK)
7.8%North America
0.8%Asia Pacific
0.5%Latin America
How the fund is invested

What you could've earned already

The graph below gives you an indication of how much you could've earned, after charges, if you had invested £10,000 in this approach five years ago. Remember, past performance isn't a reliable guide to future performance.

The following is up-to-date as of 31 December 2023.

Key:
£7.5k
£10k
£12.5k
£15k
  • Dec-18: £10,000
    Dec-18: £10,000
  • Jan-19: £10,029
    Jan-19: £10,071
    2019
  • Feb-19: £10,048
    Feb-19: £10,062
  • Mar-19: £10,253
    Mar-19: £10,269
  • Apr-19: £10,203
    Apr-19: £10,225
  • May-19: £10,393
    May-19: £10,415
  • Jun-19: £10,466
    Jun-19: £10,493
  • Jul-19: £10,625
    Jul-19: £10,686
  • Aug-19: £10,792
    Aug-19: £10,845
  • Sep-19: £10,771
    Sep-19: £10,829
  • Oct-19: £10,635
    Oct-19: £10,693
  • Nov-19: £10,582
    Nov-19: £10,638
  • Dec-19: £10,538
    Dec-19: £10,602
  • Jan-20: £10,776
    Jan-20: £10,845
    2020
  • Feb-20: £10,850
    Feb-20: £10,917
  • Mar-20: £10,608
    Mar-20: £10,738
  • Apr-20: £10,838
    Apr-20: £10,907
  • May-20: £10,903
    May-20: £10,985
  • Jun-20: £10,977
    Jun-20: £11,060
  • Jul-20: £11,098
    Jul-20: £11,189
  • Aug-20: £10,975
    Aug-20: £11,069
  • Sep-20: £11,032
    Sep-20: £11,133
  • Oct-20: £11,065
    Oct-20: £11,166
  • Nov-20: £11,019
    Nov-20: £11,113
  • Dec-20: £11,174
    Dec-20: £11,277
  • Jan-21: £11,081
    Jan-21: £11,184
    2021
  • Feb-21: £10,733
    Feb-21: £10,839
  • Mar-21: £10,696
    Mar-21: £10,806
  • Apr-21: £10,680
    Apr-21: £10,796
  • May-21: £10,699
    May-21: £10,810
  • Jun-21: £10,781
    Jun-21: £10,900
  • Jul-21: £10,936
    Jul-21: £11,060
  • Aug-21: £10,890
    Aug-21: £11,024
  • Sep-21: £10,653
    Sep-21: £10,775
  • Oct-21: £10,588
    Oct-21: £10,723
  • Nov-21: £10,767
    Nov-21: £10,894
  • Dec-21: £10,665
    Dec-21: £10,799
  • Jan-22: £10,371
    Jan-22: £10,510
    2022
  • Feb-22: £10,454
    Feb-22: £10,620
  • Mar-22: £10,096
    Mar-22: £10,237
  • Apr-22: £9,879
    Apr-22: £10,007
  • May-22: £9,761
    May-22: £9,884
  • Jun-22: £9,715
    Jun-22: £9,860
  • Jul-22: £9,935
    Jul-22: £10,086
  • Aug-22: £9,141
    Aug-22: £9,257
  • Sep-22: £8,386
    Sep-22: £8,526
  • Oct-22: £8,774
    Oct-22: £8,884
  • Nov-22: £9,051
    Nov-22: £9,174
  • Dec-22: £8,771
    Dec-22: £8,894
  • Jan-23: £9,097
    Jan-23: £9,217
    2023
  • Feb-23: £8,833
    Feb-23: £8,964
  • Mar-23: £9,059
    Mar-23: £9,225
  • Apr-23: £8,956
    Apr-23: £9,088
  • May-23: £8,704
    May-23: £8,859
  • Jun-23: £8,486
    Jun-23: £8,657
  • Jul-23: £8,635
    Jul-23: £8,792
  • Aug-23: £8,647
    Aug-23: £8,813
  • Sep-23: £8,608
    Sep-23: £8,773
  • Oct-23: £8,670
    Oct-23: £8,843
  • Nov-23: £8,981
    Nov-23: £9,135
  • Dec-23: £9,441
    Dec-23: £9,610
2018 2023

Dec 2018 to
Dec 2019		Dec 2019 to
Dec 2020		Dec 2020 to
Dec 2021		Dec 2021 to
Dec 2022		Dec 2022 to
Dec 2023
This fund5.4%6.1%-4.5%-17.9%7.7%
Benchmark*6.0%6.4%-4.3%-17.6%8.1%
*The fund aims to match or beat the performance of its benchmark (50% the FTSE 5-15 Year Gilt Index and 50% the ICE Bank of America Merrill Lynch 5-15 Year Non-Gilt Index), after charges, measured over periods of three years or more.

The annual charge changed from 0.60% to 0.30% on 6 January 2024. The performance shown is based on the current annual charge, with adjustments made to prior years to reflect the current charging structure of the fund.

Source Lipper, total return (income reinvested).

Key information

Before investing please make sure you've read the following:

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