Fund Factsheet Corporate Bond by myi16408

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									Fund Factsheet
Corporate Bond                                                                                                         As at 31 March 2010

Fund performance                                                                                    Fund objective
                                                                                                    The aim of the fund is to provide an above
Discrete performance                                                                                average income from a diversified portfolio of
 %                  31 Mar 05        31 Mar 06       30 Mar 07        31 Mar 08        31 Mar 09    interest bearing securities.
                    31 Mar 06        30 Mar 07       31 Mar 08        31 Mar 09        31 Mar 10
 OEIC                      6.11            0.95            -6.33          -17.78           29.15



Basis: % growth, bid to bid in sterling. Returns are shown net of annual management charges only,
with net income reinvested.                                                                         Investment approach
                                                                                                    The policy is to invest in a wide range of
Source all returns: Lipper, a REUTERS company                                                       investment grade interest-bearing securities,
                                                                                                    mainly in the UK and Europe, to obtain a yield
                                                                                                    in excess of the FTSE Government Securities All
                                                                                                    Stocks Index.
Cumulative performance
 %                      1 Mth        3 Mths          YTD           1 Yr        3 Yrs         5Yrs
 OEIC                     1.87         4.42         4.42        29.15          -0.53         6.55
 Benchmark               -0.44         1.21         2.28        23.44          5.50        15.58



Source all returns: Lipper, a REUTERS company


Cumulative investment performance – over 5 years
                                                                                                     Fund facts
                                                                                                     Fund management          Scottish Widows Investment
                                                                                                     house                                 Partnership Ltd
                                                                                                     Fund manager                              Neil Murray
                                                                                                     OEIC fund size (£m)                          2945.49
                                                                                                     Number of holdings                                286
                                                                                                     Launch date                               12/10/2000
                                                                                                     Annual management charge
                                                                                                     (dependent upon product)                 0.75% - 1.0%
                                                                                                     ABI Sector                                           -
                                                                                                     IMA Sector                         UK Corporate Bond
                                                                                                     Benchmark          Markit iBoxx Sterling Corporates TR

                                                                                                     Price / NAV (£)                                  0.25
                                                                                                     Distribution Yield (as at 31/03/10)              4.61
Basis: % growth, total return (net), bid to bid sterling.
Returns are shown net of annual management charges. This figure does not reflect initial charges.    Underlying Yield(as at 31/03/10)                 4.57
Cash is represented by the Moneyfacts Average 90 day 10K Index                                       Distribution dates             30/6, 30/9, 31/12, 31/3
Source all returns: Lipper, a REUTERS company
                                                                                                     Availability                                     OEIC
Important notes: Past performance is not a guide to future performance. The investment’s value
and the income from it will fall as well as rise and may be affected by market and currency
movements. You may get back less than originally invested. Cash on deposit is more secure,
generally more accessible and provides greater certainty of growth.


Fund managers commentary
An improvement in investors’ appetite for riskier investments was of benefit to corporate bonds, which again produced strong returns,
outperforming their government counterparts.

We have continued to scale back holdings in non-financial issues that have performed well and now appear relatively expensive. We
believe there is still good value within the financial sector, where we continue to hold our biggest positions.



Contact details: For further information please contact: your local Halifax branch or visit our website: www.halifax.co.uk/investments
Corporate Bond                                                                                                            As at 31 March 2010


Fund sector breakdown




Geographic distribution                                                               Top holdings
                                                                                                                                                                 %
                                                                                       UNICREDIT 6.375% SUB 16/10/18 GBP                                         1.3
                                                                                       EUROPEAN INVESTMENT BANK 4.125% 07/12/2017                                1.3
                                                                                       BCA INTESA 5.5% NTS 19/12/16 GBP                                          1.2
                                                                                       EDF ENERGY NETWORK 8.75% BDS 30/03/12 GBP                                 1.0
                                                                                       LLOYDS TSB BANK 6.9625% NTS 29/05/20 GBP                                  0.9
                                                                                       GAZ CAPITAL SA 6.58% 'NTS' EMTN 31/10/13                                  0.9
                                                                                       HSBC BANK FRN SUB EMTN 26/03/16 EUR                                       0.9
                                                                                       SANTANDER ISSUANCES S.A. FRN 27JUL19 GBP                                  0.9
                                                                                       DELAMARE FIN PLC 5.5457% SECD A 19/02/29 GBP                              0.9
                                                                                       GLENCORE FINANCE 6.5% GTD 27/02/19 EMTN GBP                               0.9
                                                                                                                                                                10.2




Glossary
ABI Sector – The Association of British Insurers classification scheme for           Cautious Managed
life and pension funds that share similar characteristics, e.g. Balanced
                                                                                     Net Asset Value (NAV) – The value of an entity's assets less the value of
Managed
                                                                                     its liabilities
Annual management charge – A charge taken from the fund sometimes
                                                                                     OEIC (Open Ended Investment Company) – An OEIC is a pooled
referred to as yearly management charge. The charge is expressed as a
                                                                                     investment fund of variable size set up as a company. It owns investment
percentage per annum but is normally taken daily from the fund
                                                                                     assets, for example stocks and shares, gilts, bonds and other financial
Asset allocation – The process of dividing investments among different               instruments. The size of an OEIC varies reflecting the market value of its
kinds of asset classes such as stocks, bonds, property and cash
                                                                                     underlying investments
Benchmark – A measure against which the performance of a fund is
                                                                                     Offer Price – The price at which you can buy units of a fund
compared. The benchmark could be an index for example the FTSE 100,
or a sector average                                                                  Sector Average – The average performance of all the funds within a
                                                                                     particular sector, for example the IMA Balanced Managed sector
Bid price – The price at which you can sell units of a fund
                                                                                     Underweight/Overweight – Funds have a target allocation to a
Bonds (Fixed Interest Securities) – A bond can be issued by either a
                                                                                     particular sector or asset type, for example a managed fund may have a
company (corporate bond) or a government (gilt) and is a way of raising
                                                                                     target allocation to equities of 50%. If the fund holds 52% in equities it
capital. Most bonds promise to pay a fixed rate of interest for a given
                                                                                     is said to be overweight equities. Similarly if the fund holds 48% in
                                                                                                                                                                        E1818 (Complliance no. 16649)




period of time, at the end of which the holders are repaid the capital sum
                                                                                     equities it is said to be underweight equities
Cumulative Performance – Represents total return over a given period
                                                                                     Yield (Historical) – reflects distribution declared over the past twelve
Discrete Performance – Represents individual yearly performance                      months as a percentage of the mid market unit price, as at the date
                                                                                     shown.
Dividends – A portion of a company's profit paid to the shareholders
                                                                                     Yield (Distribution) – reflects the amount that may be expected to be
Equities – Commonly used term for shares in a company
                                                                                     distributed over the next twelve months as a percentage of the mid-
IMA Sector – The Investment Management Association classification                    market price of the fund as at the date shown. It is based on the
scheme for OEIC/ISA funds that share similar characteristics, e.g.                   snapshot of the portfolio on that day.




Halifax Investment Fund Managers Limited (Registered in England number 941082) and Halifax Life Limited (Registered in Englan d number 2233654). Registered
offices: Trinity Road, Halifax, West Yorkshire HX1 2RG. St Andrew’s Life Assurance plc. Registered office: St Andrews House, Portsmouth Road, Esher, Surrey KT10 9SA.
Registered in England number 3104670. Authorised and regulated by the Financial Services Authority.

								
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