Document Library
| Factsheet | KIID |
| Interim report | Annual report |
| Holdings report | Monthly note |
| Quarterly note | Prospectus |
| Assessment of value | TCFD Report |
For additional fund documents and share classes visit our literature library
Awards and Ratings
 |
 |
 |
Why invest in the High Quality Bond Fund Fund?
- A defensive bond fund taking limited credit and interest rate risk
- At least 80% of the portfolio has a credit rating of at least A- or above – the very best of investment grade
- Aims to keep its sensitivity to interest rate changes low
- Targets a return of Bank of England’s benchmark interest rate + 0.5%
We buy predominantly sterling bonds with very strong credit ratings issued by companies, the UK government and non-governmental organisations. At least 80% of our portfolio must be in bonds with a credit rating of A- or higher – four grading notches above high-yield. While we can buy bonds with longer maturities, we aim to keep our overall portfolio’s duration, or sensitivity to interest rates, below five years.
When picking our investments, there are three assessments we make. First, we look at the economic environment to determine which industries we want to own and the duration of our investments. Then we use the Four C approach to evaluate creditworthiness. We assess:
- Character: Whether a company's managers have integrity and competence
- Capacity: Ensuring a company isn't over-borrowing and has the cash to pay its debts
- Collateral: Are there assets backing the loan, which reduces the risk of a loan
- Covenants: These loan agreements set out the terms of the bond and restrictions on the company
Finally, we compare prices to determine the best value bonds to include in our fund. We aim to preserve capital and deliver a return higher than the Bank of England's benchmark interest rate + 0.5%, after fees, over any rolling three-year period. There is no guarantee that this investment objective will be achieved over three years, or any other time period. We use this target because we aim to provide a return above what you would receive in a UK savings account. Although, this is an investment product, not a cash savings account, so your capital is at risk. You can find our fund’s full objective and investment policy in our Key Investor Information Document (KIID).
Click here for the latest assessment of our performance.
MiFID II charges
I class
Ongoing charges figure (OCF) as at 30.04.2023
Inc: 0.40%/Acc: 0.39%
Transaction costs
Inc: 0.08%/Acc: 0.08%
Total MiFID II charges
Inc: 0.48%/Acc: 0.47%
The MiFID II charges include the Ongoing Charges Figure (OCF) and transaction costs.
I-Class Single Strategy application form (Individual Investor)
8 July 2024
I (acc), I (inc)
Download FileI-Class Single Strategy application form (Corporate Investor)
8 July 2024
I (acc), I (inc)
Download FileS-Class Single Strategy application form (Corporate Investor)
8 July 2024
S (acc), S (inc)
Download FileMeet the fund manager
Stuart Chilvers
Fund manager
Stuart Chilvers
Fund manager
Stuart is lead fund manager of the Rathbone High Quality Bond Fund and co-manager of the Rathbone Greenbank Global Sustainable Bond Fund. He works with our head of fixed income, Bryn Jones, assisting in the management of the Rathbone Ethical Bond and the Rathbone Strategic Bond funds as well. Stuart joined Rathbones in September 2017 and was made an assistant fund manager in January 2020, then fund manager in January 2022. Previously, he spent three years at Brown Shipley. He is a Chartered Financial Analyst (CFA) charterholder and holds the Chartered Institute for Securities & Investment (CISI) Chartered Wealth Manager Qualification, having won the CISI Financial Markets & CISI Chartered Wealth Manager Qualification awards at the annual CISI awards in 2016 and 2017 respectively. He was named in the 2018 Citywire Top 30 under 30 investment management awards. He graduated from Bath University with a first-class Bachelor’s degree in Mathematics.
Stuart is lead fund manager of the Rathbone High Quality Bond Fund and co-manager of the Rathbone Greenbank Global Sustainable Bond Fund. He works with our head of fixed income, Bryn Jones, assisting in the management of the Rathbone Ethical Bond and the Rathbone Strategic Bond funds as well. Stuart joined Rathbones in September 2017 and was made an assistant fund manager in January 2020, then fund manager in January 2022. Previously, he spent three years at Brown Shipley. He is a Chartered Financial Analyst (CFA) charterholder and holds the Chartered Institute for Securities & Investment (CISI) Chartered Wealth Manager Qualification, having won the CISI Financial Markets & CISI Chartered Wealth Manager Qualification awards at the annual CISI awards in 2016 and 2017 respectively. He was named in the 2018 Citywire Top 30 under 30 investment management awards. He graduated from Bath University with a first-class Bachelor’s degree in Mathematics.
In Conversation
Manager Stuart Chilvers explains how his fund has performed so far this year, its current positioning and where he’s seeing the best value on credit curves. He discusses his outlook for UK inflation and why he’s expecting a gradual rate cutting path from the Bank of England – unless we see a sharp rise in unemployment.
