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Funds round up: Vanguard, AXA IM and more
03/11/2017 , News Team

Vanguard has expanded its range of low-cost fixed income products with the launch of two UCITS, corporate bond funds. The Vanguard Global Corporate Bond Index Fund offers low-cost access to investment grade debt issued by companies in both developed and developing markets worldwide. The Vanguard Global Short-Term Corporate Bond Index Fund is a passive option for investors seeking exposure to 1-5 year duration corporate bonds. Both funds track Bloomberg Barclays’ indices. Vanguard’s fixed income products are managed by Vanguard’s Fixed Income Group, which has more than $1.2 trillion in assets under management globally as of 31 July 2017. 

Cerno Capital has launched a portfolio designed to outperform the World Equity Index by investing long term in great companies at fair prices, transacting only when necessary. The fund will comprise of 25 to 30 businesses that are best positioned to retain leadership over the next quarter century. The team identifies the most durable companies that exist in long-term growth industries, through fundamental analysis and a deep understanding of industry structure and the many sources that act to disrupt enduring profitability. By equal weighting, the fund has a distinct behavioural angle and will be protected against fund manager bias, experimental positions and low conviction ideas. All constituent holdings will have strong balance sheets. The portfolio favours companies with readily understandable business strategies in growing markets. The strategy has been developed by James Spence who leads the six-strong investment team and has been run as an active strategy with real money within Cerno client portfolios since 2014. It will be available on all the main UK investment platforms and will have an OCF of well below 1 percent. The TM Cerno Global Leaders Fund will be available in a UCITS format from 1 November.

AXA Investment Managers has announced the launch of the AXA World Funds Framlington Digital Economy fund that invests across the digital economy value chain, managed by Framlington Equities. Areas of investment will include companies involved in the discovery, decision making, delivery and execution of the online commerce process. The fund also invests in companies acting as ‘enablers’ for traditional businesses looking to take advantage of the expanding digital opportunity set. Jeremy Gleeson will be the lead manager of this new Luxembourg domiciled SICAV, with assistance from the AXA IM Framlington Equities’ Thematic team. The team will aim to invest in globally listed stocks in both developing and emerging markets and across the market cap spectrum. The portfolio will typically have approximately 40-60 holdings. The team will work closely with the Framlington Equities regional and sector specialists to identify the global and local opportunities that align with the thematic approach of this fund. The AXA WF Digital Economy Fund is registered in UK, Austria, Belgium (retail only), Germany, Denmark, Spain (retail only), Portugal (retail only), Finland, France, Italy, Netherlands, Norway and Sweden.

Premier Asset Management has named Jon Hudson and Benji Dawes as co-managers of the Premier UK Growth fund. The appointments come as Chris White stands down as manager of the UK Growth fund to focus on the firm’s equity income portfolios. Mr White manages the Monthly Income and Income funds and co-manages the Optimum Income fund with Geoff Kirk. Mr Hudson joined Premier in 2007 and has worked with Mr White as an investment manager and analyst since 2013. Mr Dawes has worked in Premier’s UK equity team as an investment manager and analyst since he joined the firm in 2014.

GAM has launched GAM UK Equity Income managed by Adrian Gosden who recently joined the company as investment director. The fund is structured as a UK Open Ended Investment Company (OEIC) and invests using fundamental analysis to identify robust UK companies with sustainable dividends. The strategy seeks to provide both income and capital appreciation by investing in UK companies of all sizes. The long only fund aims to offer a liquid and diversified portfolio with expected low constituent turnover. The fund is domiciled in the UK and at launch it will have an annual management fee of 0.75 percent with an estimated on-going charge figure of 0.88 percent.

Retail Charity Bonds PLC is now offering the Golden Lane Housing Retail Charity Bond offering 3.9 percent due 2027. The bonds will be issued by Retail Charity Bonds PLC, a special purpose issuing vehicle created and managed by Allia, an independent not for profit with a social mission, dedicated to helping impact organisations and initiatives grow. The vehicle connects charitable organisations seeking unsecured loan finance with investors looking for fixed income bonds listed on the London Stock Exchange. The funds raised will be loaned, via a loan agreement, to Golden Lane Housing Ltd. The bonds are available to wholesale and retail investors and will pay a fixed rate of interest at 3.9 percent per annum until 23 November 2027, payable twice yearly on 23 November and 23 May of each year, with the first coupon payment being made on 23 May 2017. They are expected to mature on 23 November 2027 with a final legal maturity on 23 November 2029.


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