Rathbone Ethical Bond Fund I Inc GBP

SEDOL: B7FQJT3 | ISIN: GB00B7FQJT36 | MEX: LETHBN | CITI: 0WF8

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Price Change 0.22340%

ACC

INC

Past Performance

28th Jan 2015 to 28th Jan 2016-1.26%
28th Jan 2016 to 28th Jan 20177.99%
28th Jan 2017 to 28th Jan 201810.45%
28th Jan 2018 to 28th Jan 2019-1.59%
28th Jan 2019 to 28th Jan 202012.89%

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OVERVIEW
CHARTS & PERFORMANCE
COMPOSITION
KEY FEATURES & DOCUMENTS
MANAGEMENT TEAM

Objectives and Approach

We aim to deliver a greater total return than the Investment Association (IA) Sterling Corporate Bond sector, after fees, over any rolling five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the IA Sterling Corporate Bond sector as a target for our fund's return because we aim to achieve a better return than the average of funds that are similar to ours.

Why is this fund on our Foundation Fundlist?

One established fund option in this area is Rathbone Ethical Bond Fund, managed since 2004 by Bryn Jones. He aims to build a portfolio of good quality investment grade bonds (avoiding the riskiest ‘high yield’ bonds) while applying a broad range of both positive and negative social, environmental and governance(ESG) screening criteria that could appeal to those with ethical concerns. The investment process centres on the team’s ‘four C’s plus’ model, which filters ideas to be considered further. The four Cs are: Character, which assesses management integrity and the likelihood of bonds being repaid; Capacity, the availability of cash‐flows and assets to repay obligations; Collateral, examining assets offered as security; and Covenants, the terms that affect the lending agreement and any restrictions on the bond. The plus signifies Conviction, which sums up the view that long term above average performance means thinking differently to the market through a contrarian stance or a sceptical evaluation of orthodox thinking. The resulting list of potential investments is researched by Rathbone Greenbank (a specialist ethical investment unit of Rathbone Investment Management) who applies a mixture of negative and positive criteria to reduce the number of available investments. Companies and institutions not passing the negative screening criteria are automatically excluded. These are: alcohol production, animal testing, armaments, environmentally unsustainable or high-impact activities, gambling, nuclear power, pornography and tobacco. Companies are also screened for demonstrating progressive or well-developed practices or policies in corporate community investment, employment, human rights, management of environmental impacts and the provision of beneficial products and services. Large parts of the bond market are made up of government bonds, which some ethically-minded investors would rather avoid, and it is worth noting that this fund does not use UK gilts or US Treasuries. Instead ‘supranational’ bonds such as those of the European Investment Bank take their place. As well as screening out companies based on their areas of activity, research is also conducted on a thematic basis through such topics as climate change, clean energy, human rights, community investment and employee welfare. While the bulk of the portfolio is invested in the bonds of multinational companies considered to meet the various ethical criteria, there are a number of charity and green bonds included in areas such as social housing, sustainable transport, renewable power and environmental initiatives. The fund’s longer term performance has been strong, particularly when judged on a risk adjusted basis, although past performance is not a guide to the future. Mr Jones partly attributes the strong returns to the responsible nature of the companies the fund lends to, which helps cement their longevity and ability to repay their bonds.

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Key Information

Inception	14th May 2002
Yield	3.4000%
Sector	IA Sterling Corporate Bond
Fund Size	£1494.967mn
Fund Type	UNIT
Classification	Income

Charges

Total Ongoing Charges Please note that whilst we endeavour to show all charges associated with specific funds, sometimes this is not possible due to the information not being made available by the fund provider. In such cases transaction or incidental cost information may be missing.	0.721%
Initial Charge	0%
AMC	0.63%
Our Platform Charge We charge a platform fee starting at 0.35% for the first £250,000 of assets. Our charges for assets above £250,000 are shown on our rates and charges sheet	0.35%

Cost and Charges Information

This calculator provides you with costs and charges information regarding our charges and, where relevant, the costs within this investment product

Account Type

Investment Account
Stocks & Shares ISA
SIPP

Annual charges

These are the annual costs based on an initial investment amount of over 1 year assuming a net zero growth rate

Cost Category	% of Investment	lump sum costs
Our annual fee	0.35%
Dealing charges	N/A
Product provider costs	0.721%
Total (£)
Total (%)

Cumulative effect of charges on your investment's return

This illustration assumes that costs occur evenly throughout the year, charges are paid out of the investment evenly throughout the year, and that an annual growth rate of applies evenly throughout the year, before any charges including product charges

lump sum invested with an assumed growth rate of	1 year	years
What you might get back at with no charges applied
Annual charges
Effect of charges on return (%)
Effect of charges on return (£)
What you might get back at with charges applied

This illustration is not a forecast of future investment performance but merely a means to demonstrate the potential impact of costs and charges for an assumed return of . Whilst we make reasonable endeavours to ensure the accuracy of third party charges information, this is intended for illustrative purposes only and should not be relied upon. We do not warrant or represent that this information is accurate, complete or up to date, therefore we accept no responsibility or liability for its use

Performance

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Current Comparators

Cumulative Performance

1 month	3 months	6 months	1 year	3 years	5 years
1.84%	3.26%	5.02%	12.89%	22.71%	30.86%

Important Information
Headline performance can mask the true characteristics of a fund. Without fully understanding how a fund is managed, you may inadvertently become exposed to an undesirable level of risk to your capital. Some funds carry a dilution levy which reduces the number of units realised on any initial investment as an initial charge. If this fund carries such a levy it should be detailed in the Key Investor Information Document (KIID), which we must provide and you should read before investing.

The charts and performance data shown are supplied by an external data provider and may contain data that appears to precede the introduction of the clean unit class for this fund. In such cases, historical data has been synthesised at the entire discretion of that external provider as realistically as possible using historical data recorded against the previously available commission-paying version of the fund, adjusting for fees in the process.

Composition

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Important Documents

The documents listed below are the latest versions made available to our data provider by the fund management group, but may not necessarily reflect the applicable charges that would be levied should you purchase this fund via Charles Stanley Direct. You should treat the charges and other figures shown in the 'Overview' tab as accurate.

Fund Provider Factsheet
The Fact Sheet is supplied on a monthly basis by the management group and provides limited information on the fund. Past performance data and a review of how the fund has performed are commonly featured.

FUND PROVIDER FACTSHEET
809,161 bytes PDF Document; last updated 30 Nov 2019

Key Investor Information Document This document, issued by the product provider, provides key information about an investment product. The information is required by law to help potential investors understand the nature, risks, costs, potential gains and losses of the product and enable comparison with other products.

KEY INVESTOR INFORMATION DOCUMENT
192,337 bytes PDF Document; last updated 02 Jan 2020

Annual Report A report published by the Fund Management Group detailing the progress of the fund during the course of the previous 12 months. The information provided includes a financial statement for the group as a whole.

ANNUAL REPORT
309,853 bytes PDF Document; last updated 30 Sep 2018

Semi Annual Report Published periodically through the course of the financial year of the fund, the report provides an overview of the fund's performance and the prospects for the remainder of the year. Included are portfolio changes (i.e. which stocks have been bought and sold), and changes in the geographical breakdown during the course of the previous 12 months.

SEMI-ANNUAL REPORT
171,546 bytes PDF Document; last updated 31 Mar 2019

Prospectus This is a formal document which contains details of the funds' objectives, investment strategies, risks, performance, distribution policy, fees and expenses and, fund management style. A fund’s prospectus must be lodged with the Financial Conduct Authority (FCA) for authorisation.

PROSPECTUS
287,086 bytes PDF Document; last updated 01 Jan 2020

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Management Team

Noelle Cazalis Bryn Jones

Noelle Cazalis has managed this fund for 4 years .

Noelle Cazalis Noelle manages the fund. She works closely with Bryn Jones and also assists in the management of the Rathbone Ethical Bond Fund and the Rathbone Strategic Bond Fund. Noelle joined Rathbones in August 2011 and was made assistant manager in January 2016. Before this, she worked as a financial analyst for the Bank of France and spent five months in Cambodia, where she undertook due diligence on the banking sector for the French Embassy. Noelle has achieved two master’s degrees in Economics & Finance with distinction in 2010, from the University of Bordeaux.

Manager Cumulative Performance v Peer Group

All funds managed by Noelle

Name of Security	Sole/Co	Managed Since
Rathbone Eth Bd	Co	Jan 2016
Rathbone Strategic Bond Fund	Co	Jan 2016
Rathbone Strategic Bond Fund	Co	Jan 2016

Bryn Jones has managed this fund for 15 years and 2 months.

Bryn Jones Bryn is the Head of Fixed Income for Rathbones, and is lead manager on the Rathbone Ethical Bond Fund, the Rathbone Strategic Bond Fund and manager of intuitional mandates. He joined Rathbones in November 2004 from Merrill Lynch, where he managed $2 billion of fixed income assets. Bryn is a member of the Rathbone Strategic Asset Allocation Committee, Non-Executive Chairman of Rathbones' Fixed Income Committee, and an adviser to the Rathbone Banking Committee. He is a WMA representative for the HMT DMO’s (Her Majesty’s Treasury - Debt Management Office) Gilt market consultation process. He has been a guest speaker at the Euromoney Bond Conference in London, and at the Euromoney Bank Capital Conference in Amsterdam. Bryn appears regularly on CNBC and Bloomberg TV. He also sits on the IA Fixed Income Committee. Bryn graduated from Birmingham University with a Bachelor of Arts degree in Geography in 1995. Bryn’s Rathbone Ethical Bond Fund was awarded Best Sterling Corporate Bond Fund at the Morningstar UK Fund Awards 2014; Best SRI Bond Fund at the Money Observer 2015 Fund Awards; the Rathbone Ethical Bond Fund is also a top performer in the Bond Pound Sterling – Corporates sector over 3 and 5 years in the UK (Lipper Fund Award 2015) and was ‘Highly Commended’ at the 2015 Moneywise Awards. In 2018 the Ethical bond fund won the prestigious Judge’s Choice fixed Income fund award at the Investment Week awards. His Rathbone Strategic Bond fund was voted best Multi-Asset Fixed Income Strategy at the Investment Week Specialist Investment Awards 2015.

Manager Cumulative Performance v Peer Group

All funds managed by Bryn

Name of Security	Sole/Co	Managed Since
Rathbone Eth Bd	Co	Nov 2004
Rathbone Strategic Bond Fund	Co	Oct 2011
Rathbone Strategic Bond Fund	Co	Oct 2011

Fund News

Certain bonds can provide finely targeted positive impact investm...
27th Jan 2020 READ MORE
We think this is a strong option for UK bond exposure, especially...
8th Nov 2019 READ MORE
Bryn Jones, manager of the Rathbone Ethical Bond Fund, weighs up ...
29th Nov 2019 READ MORE

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Rathbone Ethical Bond Fund I Inc GBP

Past Performance

Objectives and Approach

Why is this fund on our Foundation Fundlist?

Cost and Charges Information

Our annual fee

Dealing charges

Product provider costs

Total (£)

Total (%)

What you might get back at with no charges applied

Annual charges

Effect of charges on return (%)

Effect of charges on return (£)

What you might get back at with charges applied

Performance

Chart Options