Presenting the Wellington Global Impact Bond Fund
FOR PROFESSIONAL OR INSTITUTIONAL INVESTORS ONLY. CAPITAL AT RISK.
Celebrating fixed income impact investing with the Wellington Global Impact Bond Fund.
We look at the portfolio from five angles to see what makes it different to its peers and how Wellington defines the impact themes that make up the portfolio.
Wellington has long believed that sustainable practices can drive value for companies and investors over the long term. Over the past 10 years, the firm has developed several innovative sustainable investment approaches, with circa £3bn in our dedicated fixed income and equity impact strategies.
No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment. RWC Partners Limited is authorised and regulated by the Financial Conduct Authority.
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We take a ‘double bottom-line’ approach to impact investing: that is, we aim 1) to generate positive outcomes for people and the planet and 2) to achieve above-market financial returns.
Focusing our research on 11 proprietary impact themes, we believe that public fixed income markets offer compelling opportunities to direct capital to companies and organisations which address these challenges in a differentiated way through their core products and services.
Wellington defines impact investing as investing in companies and issuers which provide solutions to some of the world’s greatest social and environmental challenges. Which is exactly the aim of the Wellington Global Impact Bond Fund.
AUM
£324M
Fund size
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Investing across the fixed income spectrum, the Wellington Global Impact Bond Fund aims to exhibit characteristics consistent with a core fixed income return and risk profile
We have identified 11 areas of pressing social and environmental need where we believe a real impact can be made. These impact themes, which can be grouped under three categories of Life Essentials, Human Empowerment and the Environment, are broadly aligned with the United Nations’ Sustainable Development Goals (SDGs).
Materiality – the majority of the issuer’s products, services or projects align with impact themes
Additionality – the investment must address a specific need that is unlikely to be met by other agents
Measurability – the impact must be quantifiable, allowing us to monitor and report on its progress over time
Combining a top-down view with fundamental, bottom-up credit, ESG and climate research, we focus on selecting the best combination of securities from our universe to reach our financial objectives.
Using concepts of materiality, additionality and measurability, our proprietary investment universe of high impact securities forms the start of any investment decision. To enter this universe, securities must satisfy three criteria:
High impact: every security in our universe faces a robust research and assessment process. Each potential investment has to meet a high bar of alignment with our impact themes. This results in a portfolio containing high impact securities.
Fund dividend yield
*Dividend yield based on trailing 12 month distribution divided by the latest NAV. Source: RWC, FactSet (using GICS Sector Classifications via MSCI). All data as at 30th April 2021.
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Monitoring, measurement and reporting: key performance indicator (KPI) monitoring, measurement and reporting allows clients to understand the scope of impact of the issuers in the portfolio and provide assurances that their investments are addressing some of the world’s greatest problems.
Global, core portfolio: as a global, multi-sector strategy containing high-quality, developed market issuers, the approach aims to generate positive outcomes for people and the planet while serving a traditional fixed income role and exhibiting characteristics consistent with a core fixed income return and risk profile.
For over 20 years, Campe has contributed to community services around Boston, where he is a board member and former chair of a non-profit organisation that helps people, including immigrants and refugees, to find jobs and develop their careers.
Campe Goodman has been the lead portfolio manager on the Global Impact Bond approach since its inception in 2017. Since joining the firm in 2000, Campe has been a member of the portfolio management team focused on managing multi-sector fixed income portfolios.
Supported by
analysts
Campe is supported by other members of the Global Impact Bond Team and the broader Portfolio Management and Investment Research resources at Wellington Management, including the Global Impact Equity Team, 39 fixed income credit analysts, and six dedicated ESG research analysts and our Climate Research Team.
We believe Campe and the Global Impact Bond Team are well positioned to add value in the portfolio due to their experience managing impact assets as well as traditional multi-sector fixed income portfolios, and the support they receive from Wellington’s broad research resources.
Past performance is not a reliable indicator of future results.
Source: Federated Hermes as at June 2020. Performance presented in Euros for the F EUR Acc share class, net of fees and charges. Fund inception: 11 May 2010. Benchmark: ICE BofA Merrill Lynch Global High Yield Constrained EUR Hedged.
Since launch on 30 April 2019, the Wellington Global Impact Bond Fund has generated an annualised return of 4.7% net of fees and generated an annualised 1.3% excess return over its benchmark (Bloomberg Global Aggregate hedged to USD index).
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Past performance is not indicative of future returns, an investment can lose value.
Source: Morningstar. Figures are USD, class S Acc USD Hdg, net of fees. Category is Morningstar EAA Fund Global Bond - USD Hedged. Benchmark is Bloomberg Global Aggregate TR Hdg USD. Data as at December 2021. Fund launch date: April 2019
Source: Fund - Wellington Management. Index - Bloomberg.
The inception date of the USD S Acc share class is 30 April 2019. | Fund results shown are net of USD S Acc share class fees and expenses. Fund returns shown are net of actual (but not necessarily maximum) withholding and capital gains tax but are not otherwise adjusted for the effects of taxation and assume reinvestment of dividends and capital gains. The index returns, where applicable, are shown net of maximum withholding tax and assume reinvestment of dividends. Periods greater than one year are annualised. If an investor’s own currency is different from the currency in which the fund is denominated, the investment return may increase or decrease as a result of currency fluctuations. | Please note the fund has a swing pricing mechanism in place. | If the last business day of the month is not a business day for the fund, performance is calculated using the last available NAV. This may result in a performance differential between the fund and the index.
For Professional investor use only, not suitable for a retail audience. The value of investment can fall as well as rise and capital is at risk. This material and its contents may not be reproduced or distributed, in whole or in part, without the express written consent of Wellington Management. This information is intended for marketing purposes only. It is not an offer to anyone, or a solicitation by anyone, to subscribe for units or shares of any Wellington Management Fund (“Fund”). Nothing in this document should be interpreted as advice, nor is it a recommendation to buy or sell securities. Investment in the Fund may not be suitable for all investors. Any views expressed in this document are those of the author at the time of writing and are subject to change without notice. Fund shares/ units are made available only in jurisdictions where such offer or solicitation is lawful. The Fund only accepts professional clients or investment through financial intermediaries. Please refer to the Fund offering documents for further risk factors, pre-investment disclosures, the latest annual report (and semi-annual report), and for UCITS Funds, the latest Key Investor Information Document (KIID) before investing. For each country where UCITS Funds are registered for sale, the prospectus and summary of investor rights in English, and the KIID in English and an official language, are available at www.wellington.com/KIIDs. For share/unit classes registered in Switzerland, Fund offering documents in English, French, Swiss French can be obtained from the local Representative and Paying Agent — BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Switzerland. Wellington Management Funds (Luxembourg) and Wellington Management Funds (Luxembourg) III SICAV are authorised and regulated by the Commission de Surveillance du Secteur Financier and Wellington Management Funds (Ireland) plc is authorized and regulated by the Central Bank of Ireland. The Fund may decide to terminate marketing arrangements for shares/units in an EU Member State by giving 30 working days’ notice. In the UK, issued Wellington Management International Limited (WMIL), a firm authorised and regulated by the Financial Conduct Authority (Reference number: 208573). ©2021 Wellington Management. All rights reserved. As of 1 August 2021. WELLINGTON MANAGEMENT FUNDS ® is a registered service mark of Wellington Group Holdings LLP
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