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PineBridge USD High Yield Bond Fund
- ISINIE000I2AJ750
- BloombergPIHYBAS
- Daily NAVNaNas of
- Class CurrencySGD
- AUM (millions)59.0as of 31 Jul 2024
- Asset ClassFixed Income
- Class Inception Date12 Nov 21
All investments involve risk. The value of your investment and the income from it will fluctuate and a loss of capital may occur.
Overview
Investment Objective
The Sub-Fund seeks to maximize total return consisting of current income and capital appreciation by primarily investing in USD-denominated high yield debt securities.
Reasons to Invest
Active credit selection to navigate a dynamic asset class: Intensive credit research and manager experience allow for a more nimble identification of alpha opportunities
Comprehensive approach to manage default risks: Time-tested risk controls embedded in the entire process from credit research, portfolio construction to compliance and governance
Interconnected investment insights, tied through global industry knowledge and on-the-ground presence
| Asset Class | Fixed Income |
| Benchmark | Bloomberg U.S. High Yield 2% Issuer Capped Index |
| ISIN | IE000I2AJ750 |
| Bloomberg | PIHYBAS |
| Fund Umbrella | PineBridge Global Funds |
| Fund Structure | UCITS |
| Domicile | Ireland |
| Investment Manager | PineBridge Investments Ireland Limited 16 Sir John Rogerson’s Quay Dublin 2 Ireland |
| SFDR Categorization* | Article 8 |
| Base Currency | USD |
| Fund Inception Date | 2 Oct 2020 |
| Unit Class Inception Date | 12 Nov 2021 |
| Paying Agent | SS Dublin Transfer Agency |
| Min Investment | SGD 1,000 |
| Income Treatment | Income and capital gains may be distributed |
| Geographical Registrations |  |
*EU Sustainable Finance Disclosure Regulation. For more information, please visit https://www.pinebridge.com/esg.
Key Risks
Potential Investors should consider the following key risks before investing in the Sub-Fund:
Fixed Income Default Risk: The failure of an issuer or a counterparty to meet its payment obligations of a financial asset in the Sub-Fund will have a negative impact on the Sub-Fund.
Derivative Risk: A Sub-Fund may use derivative instruments for both efficient portfolio management and for investment purposes. Derivative transactions may be subject to significant volatility which may result in a loss greater than the principal amount invested.
Counterparty Risk: A Sub-Fund may have credit exposure (by virtue of position in swaps, repurchase agreements, FDI etc.) to its trading parties and may bear the risk of default of the counterparties.
Operational Risk: A Sub-Fund may risk loss resulting from process failures, inadequate procedures or controls.
Liquidity Risk: The risk that the Sub-Fund may invest some of their assets in illiquid securities and other illiquid financial instruments, in respect of which they may not always be possible to execute a buy or sell order at the desired price or to liquidate the open position.
Below Investment Grade Debt Securities Risk: Where Sub-Funds invest in securities rated below investment grade, also known as high yield securities, they may be subject to a greater credit, liquidity and market risk than investment grade debt securities.
Interest Rate Risk: Fixed income securities are typically interest rate sensitive, therefore changes in interest rates can result in positive or negative fluctuations in the value of the assets held by the Sub-Fund.
ESG Risk: Risks associated with the environmental, social and governance variables, which could potentially affect the financial situation or operating performance of the Fund. These include sustainability risk, ESG Categorisation Risk and ESG Data Risk.
Risks associated with QFI scheme: The Sub-Fund may suffer substantial losses if the approval of the QFI status is being revoked/terminated or otherwise invalidated as the Sub-Fund may be prohibited from trading of relevant securities and repatriation of the fund’s monies.
The risk factors described above should not be considered an exhaustive list of risks, which potential investors should consider before investing in the Sub-Fund. For more details on the fund's potential risks please read the Prospectus and Key Investor Information Document at pinebridge.com/funds
Total Returns (%)
The Fund performance is calculated net of fees on NAV to NAV in SGD with dividends reinvested. Returns over one year are annualized. Performance is representative of A5HD class in SGD. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than the base currency of the fund. Past performance is not indicative of future results.
Portfolio Composition
| Number of Securities | 240 |
Risk Characteristics
As of 31 Jul 2024| 1 Year | |
| Information Ratio | -1.3 |
| Tracking Error (%) | 3.6 |
| 1 Year | |
| Standard Deviation | 5.22 |
| Beta | 0.9 |
| R Squared (%) | 52.9 |
Portfolio Characteristics
As of 31 Jul 2024| Average Coupon (%) | 5.9 |
| Average Yield to Maturity (%) | 7.7 |
| Average Duration Years | 3.0 |
| Average Credit Rating | Ba3/B1 |
Sector Breakdown (%)
As of 31 Jul 2024| Fund | Benchmark | |
| Consumer Cyclical | 16.2 | 20.8 |
| Energy | 13.5 | 12.0 |
| Communications | 12.6 | 14.1 |
| Technology | 9.8 | 7.7 |
| Capital Goods | 6.6 | 10.6 |
| Consumer Non-Cyclical | 6.5 | 11.2 |
| Finance Companies | 6.3 | 3.8 |
| Basic Industry | 5.9 | 5.5 |
| Other | 19.1 | 14.3 |
| Cash | 3.6 | 0.0 |
Top Ten Holdings (%)
As of 31 Jul 2024| Fund | |
| 5.5% ALTICE FRANCE 2029-10-15 | 1.0 |
| 6.5% ITT HOLDINGS LLC 2029-08-01 | 1.0 |
| 5.75% CARNIVAL CORP 2027-03-01 | 0.9 |
| 5.125% ORGANON & CO/ORG 2031-04-30 | 0.9 |
| 6.5% AERCAP GLOBAL 2045-06-15 | 0.9 |
| 5.375% MELCO RESORTS 2029-12-04 | 0.8 |
| 3.625% NCL CORP 2024-12-15 | 0.8 |
| 3.375% HAT HOLDINGS I 2026-06-15 | 0.8 |
| 7.5% HARVEST MIDSTREA 2028-09-01 | 0.8 |
| 5% VISTRA OPERATION 2027-07-31 | 0.8 |
Credit Rating (%)
As of 31 Jul 2024| Fund | Benchmark | |
| Aaa | 3.6 | 0.0 |
| Baa | 1.7 | 0.0 |
| Ba | 41.9 | 50.2 |
| B | 40.4 | 36.9 |
| Caa | 11.6 | 11.3 |
| Ca | 0.5 | 1.5 |
| D | 0.3 | 0.2 |
Geographical Breakdown (%)
As of 31 Jul 2024| Fund | Benchmark | |
| United States | 77.7 | 86.7 |
| Canada | 5.7 | 3.7 |
| France | 2.6 | 0.9 |
| Australia | 1.9 | 0.7 |
| United Kingdom | 1.6 | 2.1 |
| Macau | 1.6 | 0.9 |
| Israel | 1.3 | 0.3 |
| Ireland | 0.8 | 0.3 |
| Other | 3.1 | 4.6 |
| Cash | 3.6 | 0.0 |
Fees and Expenses
| Entry/Exit Fee | 5% / 3% |
| Investment Management Fee | 1.25 % |
| Ongoing Charge | 1.56% |
| Total Expense Ratio | 1.34% |
| Service Fee | 0.0% |
Fund Documents
Disclaimer
This is a marketing communication. This is not a contractually binding document. Please refer to the Prospectus of the UCITS and to the KIID and do not base any final investment decision on this communication alone.
This marketing document relates to PineBridge Global Funds (the “Fund”) and its Sub-Fund PineBridge USD High Yield Bond Fund (the “Sub-Fund”). The Fund is an open-ended umbrella unit trust with segregated liability between sub-funds established and authorised in Ireland as an undertaking for collective investment in transferable securities (UCITS) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011) as amended and authorised by the Central Bank of Ireland.
This document is issued by PineBridge Investments Ireland Limited, the Manager and Global Distributor of the Fund, a limited liability company incorporated in Ireland having as sole business the management of collective investment vehicles. This document is for information purposes only and does not constitute any legal, tax and financial advice or recommendation to buy or sell any unit classes of the fund or any investment instruments. Tax Treatment depends on the individual circumstances of each client and may be subject to change in the future. We recommend the investor to liaise with his/her tax or legal counsel to receive further information about the tax treatment applicable to his/her personal situation. PineBridge Investments LLC (regulated by the Securities & Exchange Commission), PineBridge Investments Europe Limited (regulated by the Financial Conduct Authority) are investment managers of the sub-fund.
There can be no assurance the Sub-Fund investment objective will be achieved or that there will be a return on capital.
Past performance is not indicative of future returns. No benchmark is directly comparable to the investment objectives, strategy or universe of a Sub-Fund. The performance of a benchmark shall not be indicative of the past or future performance of any Sub-Fund.
Source of characteristics: Bloomberg Port +/ source of statistics: State Street as of the date of this document. For illustrative purposes only. Holdings/allocations are subject to change. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or securities. It should not be assumed that the recommendations made in the future will be profitable or will equal the performance of the securities discussed in this document.
Copyright © 2024 Morningstar. All rights reserved. Source of rating: Morningstar. Reference class: A5HD, Morningstar category: EAA Fund Other Bond. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past ratings do not prejudge the future performance of the unit class.
The Sub-Fund has been given its SFDR Categorisation based on Sustainable Finance Disclosure Regulation 2019/2088 and current law and regulation. Changes in law and regulation, the interpretation of law and regulation, new regulatory technical standards coming into effect and/or changes in regulatory guidance may result in a change of categorisation of the Sub-Fund.
Switzerland - The Prospectus, the Key Investor Information Document (KIID), the Trust Deed as well as the annual and semi-annual reports of the Fund may be obtained free of charge on the homepage of the management company or from the Swiss Representative. The Representative and Paying Agent of the Fund for Switzerland is State Street Bank International GmbH Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich. PineBridge Investments Switzerland GmbH is affiliated with the Swiss Chambers’ Arbitration Institution (SCAI), 4, boulevard du Théâtre, P.O. Box 5039, 1211 Geneva 11, Switzerland, Tel: +41 (0)22 819 91 57.