The Fund employs a passive management – or indexing – investment approach and seeks to achieve the performance of the Bloomberg EUR Non-Government Float Adjusted Bond Index (the “Index”).
The Index includes euro denominated investment-grade fixed-income securities, excluding Eurozone government debt and government related bonds, with maturities greater than one year.
The Fund promotes environmental and social characteristics by excluding fixed income securities from its portfolio based on the impact of the issuer’s conduct or products on society and / or the environment. This is met by not holding fixed income securities in the Index of issuers that do not meet specific “socially responsible” criteria.
The Fund attempts to: 1. Match the risk factor exposures of the Index by investing in a representative sample of the securities that make up the Index, excluding any securities which do not meet socially responsible investing criteria. The criteria take into consideration environmental, social and ethical factors as determined by the Index provider and exclude component securities that violate United Nations Global Compact (“UNGC”) principles and securities of issuers that are involved in making controversial weapons and tobacco products. 2. Remain fully invested except in extraordinary market, political or similar conditions.
The SRI screening process, which excludes Index constituents that are or have engaged in activities that result in serious violations of the UNGC, is consistent with the characteristics promoted by the Fund.
The SRI screening process may also apply other criteria as necessary in developing the “socially responsible” screens, including avoidance of owning securities of issuers that are involved in, or are determined (by the Index provider) to derive revenue from, the production of controversial weapons such as cluster munitions, land mines, biochemical and nuclear weapons and those involved in the manufacture of tobacco products.
The SRI screening process is a pre-determined, rules-based methodology applied objectively by the Index provider to the Index, which results in a SRI exclusion list of issuers that have failed the screening process. The SRI exclusion list is then provided to the Investment Manager. The Investment Manager removes securities of issuers included in the SRI exclusion list from the list of Index securities eligible for investment by the Fund. In the event that the Fund holds securities of an issuer which is added to the SRI exclusion list, the Investment Manager aims to sell the non-eligible securities as soon as possible, taking into account the best interests of Shareholders.
Company product and conduct involvement is monitored on a yearly basis by the Index provider and as new data is made available to the Index provider.
Fund facts
Share class inception
14 Dec 2017
Minimum initial investment
€100,000,000.00
Investment structure
Irish UCITS
Share Class Assets'
Total Assets
Risk indicator
Strategy
Index
Asset Class
Bond
Domicile
Ireland
Dividend schedule
—
Currency
EUR
Index ticker
I23044EU
Benchmark
Bloomberg EUR Non-Government Float Adjusted Bond Index
Register countries
Austria, Switzerland, Germany, Denmark, Spain, Finland, France, United Kingdom, Ireland, Iceland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal and Sweden
The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
Sustainability-related disclosures
This product promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics as specified under Article 8 of the EU SFDR.
Refer to the “Sustainability-related disclosures” document at the top of the webpage for the detailed disclosures in accordance with SFDR.
Performance
Total Returns
-
Risk and Volatility
As at 14 Mar 2023
Beta
R²
Annualized Tracking Error
1 year
3 years
5 years
Please note Beta and R-squared data will only display for funds with 3 full years of history.
The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
Portfolio data
Characteristics
As at 28 Feb 2023
Fundamentals
Fund
Benchmark
Number of bonds
2,155
5,215
YTM (Yield to Maturity) effective
4.0%
4.0%
Medium coupon
1.6%
1.6%
Average maturity
5.9 Years
5.9 Years
Average quality
A+
A+
Average Duration
5.2 Years
5.3 Years
Cash Investment
0.4%
—
Market allocation
As at 28 Feb 2023
Country
Region
Fund
Benchmark
Variance +/-
Supranational
Other
17.4%
17.5%
-0.1%
France
Europe
16.0%
16.5%
-0.5%
United States of America
North America
11.2%
10.3%
0.9%
Germany
Europe
10.8%
11.3%
-0.5%
United Kingdom
Europe
5.6%
5.2%
0.4%
Netherlands
Europe
5.2%
5.3%
-0.1%
Spain
Europe
4.7%
4.8%
-0.1%
Italy
Europe
3.5%
3.6%
-0.1%
Canada
North America
3.1%
2.9%
0.2%
Sweden
Europe
2.4%
2.4%
0.0%
Switzerland
Europe
2.2%
2.1%
0.1%
Austria
Europe
1.8%
1.8%
0.0%
Australia
Pacific
1.7%
1.7%
0.0%
Norway
Europe
1.7%
1.6%
0.1%
Belgium
Europe
1.6%
1.5%
0.1%
Distribution by credit quality (% of funds)
As at 31 Jan 2023
Credit Rating
Fund
Benchmark
Variance +/-
AAA
28.87%
29.18%
-0.31%
AA
13.24%
13.03%
0.21%
A
24.89%
24.84%
0.05%
BBB
32.50%
32.93%
-0.43%
Not Rated
0.50%
0.02%
0.48%
Total
100.00%
100.00%
Distribution by credit issuer (% of funds)
As at 31 Jan 2023
Issuers
Fund
Benchmark
Variance +/-
Corporate-Industrials
26.81%
27.04%
-0.23%
Corporate-Financial Institutions
25.16%
25.35%
-0.19%
Securitized-Asset Backed Security
18.57%
18.70%
-0.13%
Gov-Related-Supranational
17.58%
17.59%
-0.01%
Corporate-Utilities
4.39%
4.40%
-0.01%
Gov-Related-Sovereign
3.82%
3.63%
0.19%
Gov-Related-Agencies
2.18%
2.19%
-0.01%
Gov-Related-Local Authority
1.00%
1.09%
-0.10%
Cash
0.50%
—
—
Total
100.00%
100.00%
Distribution by credit maturity (% of funds)
As at 31 Jan 2023
Maturity
Fund
Benchmark
Variance +/-
Under 1 Year
0.63%
—
—
1 - 5 Years
49.19%
51.43%
-2.24%
5 - 10 Years
34.96%
33.33%
1.64%
10 - 15 Years
7.17%
7.04%
0.12%
15 - 20 Years
2.58%
2.65%
-0.08%
20 - 25 Years
1.35%
1.47%
-0.11%
Over 25 Years
4.12%
4.08%
0.04%
Total
100.00%
100.00%
Holdings details
As at 28 Feb 2023
Holding name
% of market value
Market value
Face amount
Coupon/Yield
Maturity date
European Union
0.66882%
€1,966,140.21
2,176,000
1.63%
04 Dec 2029
European Union
0.40414%
€1,188,059.87
1,260,000
0.80%
04 Jul 2025
European Union
0.39788%
€1,169,664.06
1,304,000
06 Jul 2026
European Investment Bank
0.34212%
€1,005,730.41
1,100,000
0.38%
14 Apr 2026
European Union
0.30459%
€895,419.67
946,000
2.00%
04 Oct 2027
European Union
0.29900%
€878,981.69
1,050,000
04 Oct 2028
European Union
0.29840%
€877,203.26
1,070,000
1.00%
06 Jul 2032
European Union
0.29769%
€875,137.57
1,315,461
0.40%
04 Feb 2037
European Investment Bank
0.29325%
€862,060.95
900,000
0.20%
15 Jul 2024
European Financial Stability Facility
0.26967%
€792,756.98
900,000
0.88%
05 Sep 2028
Prices and distribution
Prices
NAV Price (EUR)
€90.68
Change
+€0.470.52%
At closure 17 Mar 2023
NAV 52-week high
€99.63
At closure 20 Mar 2023
NAV 52-week low
€87.58
At closure 20 Mar 2023
NAV 52-week difference
€12.05
Change
+12.09%
At closure 20 Mar 2023
Historical Prices
-
Inception date
14 Dec 2017
Date
NAV (EUR)
17 Mar 2023
€90.6809
16 Mar 2023
€90.2117
15 Mar 2023
€90.5312
14 Mar 2023
€89.5927
13 Mar 2023
€90.4464
10 Mar 2023
€89.7633
09 Mar 2023
€89.1437
08 Mar 2023
€89.1491
07 Mar 2023
€88.9692
06 Mar 2023
€88.9097
Distribution history
Distribution frequency
—
Historical performance
All dividends are reinvested for the "Accumulation" shares.
Purchase information
Currency
Base currency: EUR
Fund codes
Bloomberg: VANSIPE
Citi: OC0K
ISIN: IE00BYSX5L43
MEX ID: VINFAA
SEDOL: BYSX5L4
Product Detail Meta data: Author mode
Port Id:9899
Product Type: mf
Author Environment: true
The sum of investment management fees (the fees paid to the portfolio manager to invest your money and manage the fund) and administrative and other expenses (which cover all costs and expenses connected with the operation of the fund, which includes administrative fees, shareholder's registration and transfer agency fees, custody fees and all other operating expenses).
A measure of the magnitude of a portfolio's past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market (or index) is assigned a beta of 1.00, so a portfolio with a beta of 1.20 would have seen its share price rise or fall by 12% when the overall market rose or fell by 10%
A measure of how much of a portfolio's performance can be explained by the returns from the overall market (or a benchmark index). If a portfolio's total return precisely matched that of the overall market or benchmark, its R-squared would be 1.00. If a portfolio's return bore no relationship to the market's returns, its R-squared would be 0
Tracking errors are reported as a standard deviation of the gross excess returns of the fund, multiplied by the square root of 12 to give an annualised number.