Monument bond fund
A UK authorised fund that seeks an attractive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation. The Fund’s investment focus is European and Australian residential mortgage-backed securities (RMBS) which must be rated at least AA- or equivalent at the time of investment.
Investment objective
The Fund aims to provide an attractive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation.
The Fund does not offer a capital guarantee or principal protection mechanism. Efforts to preserve the Fund’s capital will be focused on the selection of underlying securities where the investment manager has a high degree of confidence as to the issuer’s ability to repay the principal due.
Investment approach
The Fund invests in a diversified portfolio of UK, European and Australian residential mortgage-backed securities (RMBS). The assets in the portfolio must be rated at least AA- or equivalent at the time of investment by one or more of Standard & Poor’s, Moody’s Investor Services and Fitch. It is expected that the majority of the RMBS will be rated AAA at the time of investment.
A portion of the portfolio may be held in cash or cash equivalents, such as government bonds, in order to further enhance liquidity. The Fund aims to minimise currency risk by materially hedging foreign currency exposures. The Fund has the ability to use derivatives in order to mitigate other risks.
Type of fund
It is a Sub-Fund of a UK-authorised open-ended umbrella investment company and has been certified by the FSA as a UCITS III scheme.
Launch date
10 August 2009
Benchmark
3 month GBP Libor
Share classes
Institutional and Retail - Income and Accumulation (Net and Gross-Paying)
Dealing
Daily; Minimum Investment - Retail Share Classes £5,000; Institutional Share Classes £1,000,000
Distribution frequency
Semi-annual; Ex-Dividend Dates: 1 April and 1 October
Price reporting
See section entitled “Performance” on this website. Share prices are also published on Financial Express:
Key parties
ACD – Phoenix Fund Services (UK) Ltd
Depositary – BNY Mellon Trust and Depositary (UK) Limited
Investment Adviser – TwentyFour Asset Management LLP
Administrator – Phoenix Fund Services (UK) Ltd
Auditors - PricewaterhouseCoopers
UK Fund Distribution
TwentyFour Asset Management
ISA & SIPP eligible
Yes
Charges
Retail Share Classes - Initial Charge: 5%; Expected AMC 1.15%
Institutional Share Classes - Initial Charge: 0%; Expected AMC 0.85%
Daily Fund Information
Monthly Fund Information
Share dealing
Shares can be bought or sold on any UK business day. The cut-off time for the receipt of sale and purchase orders is 4.30pm (UK time). Minimum Initial Subscription – Class A: £5,000; Class I: £1,000,000. Minimum Top-up – Class A: £1,000; Class I: £50,000.
For further details please contact:
