Morningstar Fund Report  | 03/04/2025Print

Royal London Bond Funds II ICVC - Royal London Ethical Bond Fund M Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Royal London Bond Funds II ICVC - Royal London Ethical Bond Fund M Accumulation
Fund-0.6-17.29.54.61.3
+/-Cat2.11.5-0.12.50.6
+/-B’mrk3.33.4-0.23.51.1
 
Category: GBP Corporate Bond
Category Benchmark: Morningstar UK Corp Bd GR GBP
Key Stats
NAV
02/04/2025		 GBP 1.52
Day Change -0.07%
Morningstar Category™ GBP Corporate Bond
IA (formerly IMA) Sector £ Strategic Bond
ISIN GB00BJ4KSX76
Fund Size (Mil)
28/02/2025		 GBP 1160.57
Share Class Size (Mil)
28/02/2025		 GBP 344.96
Max Initial Charge -
Ongoing Charge
17/02/2025		  0.55%
Morningstar Research
Analyst Report05/02/2025
Evangelia Gkeka, Senior Analyst
Morningstar, Inc

Royal London Ethical Bond invests mainly in investment-grade sterling corporate bonds while excluding the debt of companies that fail certain ethical criteria.The firm's approach to credit analysis is well-established and differentiated and has...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent23
Process24
Performance
Price
Investment Objective: Royal London Bond Funds II ICVC - Royal London Ethical Bond Fund M Accumulation
The Fund’s investment objective is to achieve a total return over the medium term, which should be considered to be a period of 3-5 years, by investing predominantly in sterling-denominated corporate bonds, which meet predetermined ethical criteria. At least 80% of the Fund will be invested in corporate bonds and in index linked corporate bonds, securitisations, supranational bonds, agency bonds, floating-rate notes and asset-backed securities, each denominated in sterling or hedged back to sterling. These investments will generally be fixed-rate issues (bonds paying interest at an unchanging rate, rather than on an adjustable basis).
Returns
Trailing Returns (GBP)02/04/2025
YTD1.75
3 Years Annualised0.76
5 Years Annualised1.65
10 Years Annualised*2.43
12 Month Yield 4.49
Management
Manager Name
Start Date
Eric Holt
12/04/2019
Paola Binns
01/06/2023
Inception Date
12/04/2019

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Markit iBoxx GBP NonGilts TRMorningstar UK Corp Bd GR GBP
Portfolio Profile for  Royal London Bond Funds II ICVC - Royal London Ethical Bond Fund M Accumulation31/01/2025
Fixed Income
Effective Maturity-
Effective Duration5.69
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock0.900.000.90
Bond93.570.0093.57
Property0.000.000.00
Cash14.0513.860.19
Other5.330.005.33
Growth Of 1000 (GBP) 31/03/2025
Fund:  Royal London Bond Funds II ICVC - Royal London Ethical Bond Fund M Accumulation
Category:  GBP Corporate Bond
Category Index:  Morningstar UK Corp Bd GR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 2018*2019*2020202120222023202431/03
Price Return-1.2610.067.71-0.57-17.209.544.561.28
+/- Category1.050.44-1.002.101.52-0.142.530.57
+/- Category Index0.79-1.10-1.743.283.44-0.193.541.10
% Rank in Category1645651030511014
Trailing Returns (GBP)02/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.07   -0.09-0.28
1 Week0.33   -0.10-0.17
1 Month-0.33   0.550.80
3 Months1.61   0.771.22
6 Months1.81   1.942.56
YTD1.75   0.911.36
1 Year5.87   3.164.21
3 Years Annualised0.76   1.212.29
5 Years Annualised1.65   1.312.31
10 Years Annualised*2.43   0.681.07
 
Category: GBP Corporate Bond
Category Index: Morningstar UK Corp Bd GR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.28---
20241.400.422.550.13
20232.38-2.702.327.47
2022-5.67-7.43-10.145.52
2021-2.722.21-0.250.26
2020-4.306.631.743.75
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAbove AverageBelow Average4 star
5-YearAbove AverageBelow Average4 star
10-Year*HighBelow Average5 star
Overall*HighBelow Average5 star
 
Category :  GBP Corporate BondClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev8.61 %
3-Yr Mean Return0.98 %
 
3-Yr Sharpe Ratio-0.36
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Corp Bd GR GBP  Morningstar UK Corp Bd GR GBP
3-Yr Beta0.780.78
3-Yr Alpha0.850.83
 
Fixed Income Style31/01/2025
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 1156
Maturity Distribution %
1 to 38.59
3 to 513.56
5 to 79.14
7 to 1017.94
10 to 1516.40
15 to 2014.90
20 to 308.74
Over 3010.13
Effective Maturity-
Effective Duration5.69
Credit Quality Breakdown %     %
AAA1.12   BB14.62
AA3.10   B0.00
A20.37   Below B0.00
BBB47.90   Not Rated12.89
 
Category: GBP Corporate Bond
Asset Allocation31/01/2025
Asset Allocation
 % Long% Short% Net Assets
Stock0.900.000.90
Bond93.570.0093.57
Property0.000.000.00
Cash14.0513.860.19
Other5.330.005.33
Top 10 Holdings31/01/2025
 Portfolio NEW
Total Number of Equity Holdings2
Total Number of Bond Holdings310
Assets in Top 10 Holdings9.51
NameSectorCountry% of Assets
Santander UK PLC 10.38% PRF PERPETUAL... United Kingdom1.21
Vattenfall AB 6.702%Sweden1.06
Co-operative Group Ltd 7.325%United Kingdom1.02
Aviva PLC 6.703%United Kingdom0.98
Peterborough (Progress Health) plc 6.... Australia0.98
Ecclesiastical Insurance Office PLC 8... United Kingdom0.95
Anglian Water (Osprey) Financing PLC ... United Kingdom0.92
Metrocentre Finance Plc 8.044%United Kingdom0.82
HSBC Holdings PLC 7.453%United Kingdom0.79
Places for People Treasury Plc 3.42%United Kingdom0.77
 
Increase Decrease New since last portfolio
Category: GBP Corporate Bond
 
Management
Name of CompanyRoyal London Unit Trust Managers Ltd
Phone+442075066500
Websitewww.rlam.co.uk
Address80 Fenchurch Street United Kingdom
 London   EC3M 4BY
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date12/04/2019
Fund Advisor(s)
Royal London Asset Management Ltd
Fund ManagerEric Holt
Manager Start Date12/04/2019
 
Biography
Eric joined Refuge Assurance’s investment team in 1979, having been initially recruited into the Actuarial department. He has overall responsibility for RLAM’s credit research process and has extensive knowledge of UK corporate bonds, which has been his main focus for twenty years. Eric is a graduate of Nottingham University with a degree in mathematics and is an associate of the Institute of Actuaries.
Fund ManagerPaola Binns
Manager Start Date01/06/2023
Career Start Year1991
Education
Oxford University, M.A.
 
Biography
Paola Binns is the lead manager for the Royal London UK Long Corporate Bond Pooled Pension Fund.She has developed a strong track record across a wide range of bond asset classes having held a number of roles specialising in European corporate bonds,government bonds and Emerging Market debt.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.55%
Ongoing Charge0.55%
Purchase Details
Minimum Investments
Initial100000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes