Morningstar Fund Report  | 11/04/2025Print

Ninety One Global Total Return Credit Fund K GBP Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Ninety One Global Total Return Credit Fund K GBP Acc
Fund2.0-12.29.47.31.4
+/-Cat2.0-3.42.32.7-0.3
+/-B’mrk3.81.23.64.50.2
 
Category: Global Flexible Bond - GBP Hedged
Category Benchmark: Morningstar Gbl Core Bd GR ...
Key Stats
NAV
10/04/2025		 GBX 119.97
Day Change 0.69%
Morningstar Category™ Global Flexible Bond - GBP Hedged
IA (formerly IMA) Sector £ Strategic Bond
ISIN GB00BFM7CQ35
Fund Size (Mil)
09/04/2025		 GBP 525.46
Share Class Size (Mil)
09/04/2025		 GBP 3.61
Max Initial Charge -
Ongoing Charge
14/02/2025		  0.57%
Investment Objective: Ninety One Global Total Return Credit Fund K GBP Acc
The Fund aims to provide total returns comprised of income and capital growth over at least a full credit cycle (this objective may be measured over at least 5 years). The Fund targets a positive return of Overnight SONIA +4% before fees over a full credit cycle (which may be measured over 5-year rolling periods). The Fund invests primarily (at least two-thirds) in bonds (or similar debt-based assets) issued by borrowers around the world (including but not limited to emerging markets) and in related derivatives (financial contracts whose value is linked to the price of such bonds (or similar debt-based assets)).
Returns
Trailing Returns (GBP)10/04/2025
YTD0.32
3 Years Annualised2.43
5 Years Annualised4.53
10 Years Annualised-
12 Month Yield 5.09
Management
Manager Name
Start Date
Darpan Harar
30/06/2021
Justin Jewell
03/03/2025
Inception Date
11/05/2018

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Overnight SONIA +4% GBPMorningstar Gbl Core Bd GR Hdg GBP
Portfolio Profile for  Ninety One Global Total Return Credit Fund K GBP Acc28/02/2025
Fixed Income
Effective Maturity-
Effective Duration-
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock0.000.000.00
Bond103.9112.0091.91
Property0.000.000.00
Cash101.8794.377.49
Other0.600.000.60
Growth Of 1000 (GBP) 31/03/2025
Fund:  Ninety One Global Total Return Credit Fund K GBP Acc
Category:  Global Flexible Bond - GBP Hedged
Category Index:  Morningstar Gbl Core Bd GR Hdg GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 20192020202120222023202431/03
Price Return8.186.201.98-12.249.377.291.36
+/- Category0.060.971.96-3.382.272.69-0.31
+/- Category Index1.871.013.801.213.594.490.15
% Rank in Category56381668181765
Trailing Returns (GBP)10/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.69   1.200.82
1 Week-1.07   0.44-0.71
1 Month-1.06   0.26-1.47
3 Months0.49   -0.04-1.10
6 Months1.16   1.110.28
YTD0.32   0.05-0.74
1 Year5.89   1.831.43
3 Years Annualised2.43   0.611.77
5 Years Annualised4.53   2.235.25
10 Years Annualised-   --
 
Category: Global Flexible Bond - GBP Hedged
Category Index: Morningstar Gbl Core Bd GR Hdg GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.36---
20241.571.743.370.45
20231.941.790.544.83
2022-3.68-10.34-1.913.60
20210.591.750.61-0.96
2020-11.7010.682.995.52
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageAverage3 star
5-YearAbove AverageAverage4 star
10-Year--Not Rated
OverallAbove AverageAverage4 star
 
Category :  Global Flexible Bond - GBP HedgedClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev6.87 %
3-Yr Mean Return2.96 %
 
3-Yr Sharpe Ratio-0.16
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Gbl Core Bd GR Hdg GBP  Morningstar UK HY Bd GR GBP
3-Yr Beta0.820.87
3-Yr Alpha1.89-3.48
 
Fixed Income Style28/02/2025
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 516
Maturity Distribution %
1 to 317.56
3 to 519.79
5 to 717.50
7 to 1016.40
10 to 155.93
15 to 200.00
20 to 3010.18
Over 301.31
Effective Maturity-
Effective Duration-
Credit Quality Breakdown %     %
AAA3.79   BB19.60
AA11.05   B14.47
A12.99   Below B3.73
BBB30.85   Not Rated3.52
 
Category: Global Flexible Bond - GBP Hedged
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock0.000.000.00
Bond103.9112.0091.91
Property0.000.000.00
Cash101.8794.377.49
Other0.600.000.60
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings0
Total Number of Bond Holdings289
Assets in Top 10 Holdings20.23
NameSectorCountry% of Assets
5 Year Treasury Note Future June 25United States5.80
10 Year Treasury Note Future June 25United States3.13
iShares € High Yield CorpBd ETF EUR DistIreland1.77
Federal National Mortgage Association... United States1.65
Federal National Mortgage Association 6%United States1.58
Federal National Mortgage Association... United States1.51
BNP Paribas SA 2%France1.33
iShares $ Short Dur HY CorpBd ETF $ DistIreland1.25
Amer Sports Co. 6.75%Finland1.12
Open Text Corp 6.9%Canada1.09
 
Increase Decrease New since last portfolio
Category: Global Flexible Bond - GBP Hedged
 
Management
Name of CompanyNinety One Fund Managers UK Limited
Phone+44-2039382000
Websitewww.ninetyone.com
Address55 Gresham Street, London EC2V 7EL
 London   EC2V 7EL
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date11/05/2018
Fund Advisor(s)
Ninety One UK Limited
Fund ManagerDarpan Harar
Manager Start Date30/06/2021
 
Biography
Darpan is a portfolio manager for the Multi Asset Credit Funds at Ninety One. Prior to joining the firm, he spent four years at Barclays Capital where he was a member of the Credit Strategy team covering high yield bonds, leveraged loans and credit derivatives. While at Barclays he co-authored the ‘Credit Alpha’ which was regularly ranked as one of the best Weekly Credit Research Publications in Institutional Investor’s ‘All-American Fixed-Income Research Team’ survey and ‘All-European-Fixed-Income Research Team’ survey. Darpan graduated top of his year from the University of Nottingham with a first class degree in Economics. He was also awarded the Elizabeth and JD Marsden award for outstanding academic results and citizenship. Darpan is also a CFA® Charterholder.
Fund ManagerJustin Jewell
Manager Start Date03/03/2025
Career Start Year2002
Education
London School of Economics and Political Science, B.A.
 
Biography
Justin is Co-Head of Developed Markets Specialist Credit at Ninety One. He co-runs the Multi Asset credit funds and will focus on expanding Ninety One's Developed Market credit capabilities Justin has extensive experience managing High Yield, Loan & Multi Asset Credit vehicles and leading a credit platform. Prior to joining the firm, Justin worked at RBC BlueBay where he was managing director and head of European HY. Before this, he was a partner and Co-Head Global Leveraged Finance at BlueBay. Justin graduated with a BA in Economics from the London School of Economics and Political Science.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.45%
Ongoing Charge0.57%
Purchase Details
Minimum Investments
Initial400000000  GBP
Additional50000000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes