Can we complain about ABS supply?
The start of the school year ordinarily also marks the end of summer for the primary bond markets as issuance restarts, though this year feels rather different.
A UCITS 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 asset backed securities (ABS) which must be rated at least BBB- or equivalent at the time of investment.
The fund aims to provide an attractive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation.
The Monument Bond 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 mortgage European asset backed securities where the investment manager has a high degree of confidence as to the issuer’s ability to repay the principal due.
The investment policy of the sub-fund is to invest in a diversified portfolio of European and Australian asset backed securities (ABS), rated at least BBB- (or equivalent) at the time of investment by one or more of Standard & Poor’s, Moody’s Investor Services and Fitch, where the securities will be backed by the assets of institutions and issuers such as but not limited to residential mortgages, commercial mortgages, automobile leases and loans, SME loans and other secured bonds.
A portion of the portfolio may be held in cash or cash equivalents, such as treasury bills and government bonds, in order to further enhance the Sub-Fund’s liquidity. From time to time it is possible that a significant portion of the portfolio may be invested in securities from a particular geographical region.
All data is as at 11 Sep 2024 unless otherwise indicated.
| Portfolio Manager | TwentyFour Asset Management LLP |
|---|---|
| Fund Domicile | United Kingdom |
| Share Class Currency | GBP |
| Year End | 31 March |
| Index | Bank of England SONIA Overnight Rate |
| Fund Launch Date | 10 Aug 2009 |
| Share Class Launch date | 21 Sep 2016 |
| Distribution Type | Dist |
| Distribution Frequency | Semi-Anl |
| Dealing | Daily |
| Minimum investment | 50,000,000.00 |
| ISA/SIPP Eligible | Yes |
| Fund Registrations | GB |
| Share Class Registrations | GB |
| Highest since launch | 1.06 |
|---|---|
| Lowest since launch | 0.96 |
| Fund size in mln. | 1,635.03 |
| Management fee | 0.35% |
|---|---|
| OCF | 0.39% (31 Mar 2024) |
| ISIN | GB00BDD9NH27 |
|---|---|
| Bloomberg | PTWLIIG LN |
| SEDOL | BDD9NH2 |
| Authorised Corporate Director | Apex Fundrock Ltd |
|---|---|
| Auditor | Grant Thornton UK LLP |
| Depository | Northern Trust Investor Services Limited |
| Registrar | Apex Fundrock Ltd |
| Share class | Currency | ISIN | Distrib. | Type | Launch date | Management fee | OCF | OCF Date |
|---|---|---|---|---|---|---|---|---|
| A acc (Net) | GBP | GB00B3VH8W86 | Acc | Retail | 10 Aug 2009 | 1.05% | 1.09% | 31 Mar 2024 |
| I Acc (Gross) | GBP | GB00B4XMPS34 | Acc | Institutional | 1 Dec 2009 | 0.60% | 0.64% | 31 Mar 2024 |
| I Acc (Net) | GBP | GB00B3V5V897 | Acc | Institutional | 13 Aug 2009 | 0.60% | 0.64% | 31 Mar 2024 |
| I Inc (Gross) | GBP | GB00B4XCQT18 | Dist | Institutional | 1 Dec 2009 | 0.60% | 0.64% | 31 Mar 2024 |
| I Inc (Net) | GBP | GB00B3XVTT21 | Dist | Institutional | 13 Aug 2009 | 0.60% | 0.64% | 31 Mar 2024 |
| L Acc (Gross) | GBP | GB00BDD9NJ41 | Acc | 7 Mar 2017 | 0.35% | 0.39% | 31 Mar 2024 | |
| L Acc (Net) | GBP | GB00BDD9NG10 | Acc | 19 May 2016 | 0.35% | 0.39% | 31 Mar 2024 | |
| L Inc (Gross) | GBP | GB00BDD9NH27 | Dist | 21 Sep 2016 | 0.35% | 0.39% | 31 Mar 2024 | |
| L Inc (Net) | GBP | GB00BDD9NF03 | Dist | 19 May 2016 | 0.35% | 0.39% | 31 Mar 2024 |
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
* TER includes performance fee where applicable
RISKS
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
Limited participation in the potential of single securities
Success of single security analysis and active management cannot be guaranteed
It cannot be guaranteed that the investor will recover the capital invested
Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility
The structure of ABS/MBS and the pools backing them might be intransparent which exposes the subfund to additional credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the subfund
Typically, sub-investment grade securities will have a higher risk of default, and are generally considered to be more illiquid than investment grade securities
Morningstar rating: © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.