Aviva Investors - Global High Yield Bond Fund Ah EUR Acc

ISIN

LU0367993408

Asset class

Fixed Income

NAV

22.39 EUR (as at 24/02/2026)

View all funds

Fund overview

Objective: To earn income and increase the value of the Shareholder's investment, while outperforming the Bloomberg Global High Yield Excl CMBS & EMG 2% Cap Index over the long term (5 years or more).

Investments: The Sub-Fund invests mainly in high yield bonds issued by corporations anywhere in the world, with an emphasis on North America and Europe. Specifically, at all times, the Sub-Fund invests at least two-thirds of total net assets (excluding ancillary liquid assets, eligible deposits, money market instruments and money market funds) in bonds that are rated below BBB- by Standard and Poor’s or Baa3 by Moody’s, or are unrated. The Sub-Fund does not invest in shares or other participation rights, or in convertible securities.

Strategy: The investment process includes consideration of environmental, social and governance (ESG) criteria. The Investment Manager will exclude direct investments in companies which manufacture products that seek to do harm when used as intended. The Investment Manager actively makes the investment selection decisions for the Fund.

 

For more details on the Fund specific risks, click here.

Share class currency
EUR
Return type (Inc / Acc)
Accumulation
Share class
Ah
Minimum Investment
EUR 0
Fund size (as at 24/02/2026)
USD 3.5b
Share class inception date
22/09/2008
Fund launch date
22/09/2008
Performance benchmark
BBg Gbl HY ex CMBS&EMG 2% C TR HEUR
Fund volatility
2.36
Benchmark volatility
2.39
SFDR
Article 8
IA Sector
Global High Yield Bond
*The Fund is expected to operate with lower volatility than the Benchmark over the long term.
Distribution dates
-
Income distribution frequency
-
Latest dividend
-

Historic yield

The historic yield reflects distributions declared over the past 12 months as a percentage of the share / unit price, on the date shown. This does not include entry charges and investors may be subject to further tax on their distributions.

0.00%

Underlying yield

This reflects the annualised income net of expenses of the fund as a percentage of the share price of the fund on the date shown. It does not include the deduction of entry charges and is the gross return before tax on distributions.

-

Distribution yield

This reflects the amount that is expected to be distributed over the next 12 months as a percentage of the share price of the fund on the date shown. It does not include the deduction of entry charges and is the gross return before tax on distributions. You may be subject to further tax on your distributions. The yield is not guaranteed.

-
Fund income (gross of charges and taxes)*
-
Benchmark Income (gross of charges and taxes)*
-
Trading currency
EUR
NAV (as at 24/02/2026)
22.39
Daily change
-0.08%
12 Months NAV high (as at 23/02/2026)
22.41
12 Months NAV low (as at 08/04/2025)
20.70
Valuation frequency
Daily
ISIN
LU0367993408
SEDOL
B39VTW9
MEXID
CUGHYL
Bloomberg
AVGHYAH LX

Cumulative performance

Source: Morningstar

Past performance is not a guide to future performance
Performance basis: Mid to mid, in the share class reference currency, gross of tax payable by the Fund with income reinvested. Net figures are net of ongoing charges and fees. Net and Gross performance does not include the effect of any exit or entry charge.

The Fund's performance is compared against and the Fund aims to outperform the Bloomberg Global High Yield Excl CMBS & EMG 2% Cap (the “Benchmark” or the “Index”).

Please note that this is a hedged share class, and due to interest rate differential and costs associated with performing the hedging activity, this share class will have a different outcome to the equivalent share class in the base currency. For further information on Sustainability Risk please refer to the Sustainable Finance Disclosure section

Fund commentary

Summary review (as at January 2026)

The global high-yield bond market posted modestly positive total returns in January, with the supportive technical backdrop helping cushion the impact of geopolitical events in the month.

Fees and expenses

Fees %

Entry charge (max.) Entry charge (max.)

Entry charge (max.)

A one-off charge may be taken from your money before it is invested. The charge is usually a percentage of the amount invested and is additional to the price paid for the units/shares. The entry charge is deducted from the investment before units/shares are bought and is also known as the “initial charge”.

 5.00

Exit charge (max.) Exit charge (max.)

Exit charge (max.)

A one-off charge levied on redemption of units/shares before the proceeds of your investment are paid out. This is also known as a “redemption charge”.

 0.00

Ongoing charges Ongoing charges

Ongoing charges

The ongoing charge figure represents the costs you can expect to pay annually based on last year's expenses. The ongoing charges figure is made up of various elements such as the fund management fee, professional fees, audit fees and custody fees. Performance fees (if payable) are not included in this figure.

 1.34

Management Fee (max.) (included in Ongoing charge) Management Fee (max.)

Management Fee (max.)

The management fee is fixed rate charge to cover the costs of managing the investments of the fund. It accrues daily on a percentage of the fund's net asset value and deducted from the fund's assets.

 1.50

Performance fee (max.) Performance fee (max.)

Performance fee (max.)

The percentage of any outperformance of the hurdle rate and/or benchmark that will be taken as a performance fee.

 0.00

Portfolio

Portfolio stats (as at 31/01/2026)

Aviva Investors - Emerging Markets Bond Fund Iyh GBP Acc Portfolio stats
1 Year 3 Years 5 Years

Alpha

Indicates the excess return provided by the Fund over the benchmark.

 -0.84 -0.69 -0.96

Beta

A measure of the fund volatility in comparison to the market. A beta of less than 1 implies that the fund will be less volatile than the market whilst a beta greater than 1 implies the fund is more volatile than the market. As an example, a fund with a beta of 1.2 would be expected to rise to 1.2 if there was a 1 unit rise of the benchmark, or to fall 1.2 units if there was a 1 unit fall in the benchmark.

 0.95 0.93 0.93

Information ratio

A measure of the manager's ability to generate excess and consistent returns relative to the funds benchmark. The greater the IR, the more consistent a manager is.

 -1.75 -0.91 -0.84

Correlation (%)

Measures the extent to which the Fund and the benchmark move together, a correlation of 1 indicates the Fund matched the benchmark exactly.

 93.68 90.89 96.18

Sharpe ratio

A measure of the fund's risk-adjusted performance. The greater the fund's Sharpe ratio, the better its historical risk-adjusted performance has been. This ratio is best used to compare a number of funds rather than used in isolation for a single fund.

 0.98 0.79 0.03

Annualised volatility (%)

A measure of the funds dispersion of returns. A higher volatility implies that a fund's return is spread over a larger range of values whilst a lower volatility implies that a funds return is spread over a smaller range of values.

 2.27 3.69 6.13

Tracking error (%) *

A measure of how closely the fund follows its benchmark. A passive fund should have a tracking error close to zero, while an actively managed fund would normally have a higher tracking error.

 0.59 1.13 1.25

*

Read more about Fixed Income Style Fixed Income Style (as at 31/01/2026)

The Fixed Income Style Box shows the fund's overall interest rate sensitivity (horizontal axis) and credit quality (vertical axis). It is created by classifying the fund's fixed income holdings according to interest rate sensitivity (measured by average duration) and credit quality.
In general, higher percentages in the upper left-hand quadrants of the Style Box represent a conservative fixed-income exposure for the fund, with bonds of investment-grade quality and short to intermediate bond maturity. Conversely, larger percentages in the lower right-hand portions of the Style box represent a riskier fixed-income allocation for the fund, although one that may produce higher yields.
Legend:
Ltd: Limited. Duration <= 4.5 years
Mod: Moderate. Duration >4.5 and <= 7 years
Ext: Extensive. Duration >7.0 years.

Low: Low quality (average credit < BBB)
Mid: Medium quality (average credit rating < AA and >= BBB)
High: High quality (average credit rating AAA or AA).

Credit Quality

Read more about Credit Quality Breakdown Credit Quality Breakdown (as at 31/01/2026)

Globally, credit rating from Fixed Income Survey provided by fund company: Government, AAA , AA, A , BBB, BB, B, Below B and Not Rated. AAA bonds carry the highest credit rating. For the purpose of Morningstar's calculations, U.S. government bonds are considered AAA. For municipal bonds, anything at or below BBB is considered a high-yield or junk bond. Nonrated municipal bonds generally are classified as BBB. Other nonrated bonds generally are considered B. Morningstar base on the surveyed credit quality breakdown to calculate the average credit quality, please refer to the methodology paper for more detail.

% of Bond % of Bond

AAA

6.43

BB

53.3

AA

0.0

B

26.75

A

0.38

Below B

8.6

BBB

4.76

Not Rated

-0.22

Bond statistics

Read more about Interest Rate Risk Interest Rate Risk(as at 31/01/2026)

The interest rate risk refers to the chance that investments in fixed income funds will suffer as the result of unexpected interest rate changes.

Portfolio

Avg Eff Maturity Read more about Avg Eff Maturity

Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond's effective maturity by the market value of the security. Average effective maturity takes into consideration all mortgage prepayments, puts, and adjustable coupons. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. We list Average Effective Maturity for Taxable Fixed-Income and Hybrid funds and Average Nominal Maturity for Municipal Bond Funds. Since this is collected by survey, it is important to bear in mind that different fund companies may use different interest-rate assumptions in determining call likelihood and timing. Generally speaking, the longer the maturity, the greater the interest rate risk. When duration is unavailable, this is used in the calculation of the fixed-income style box.

11.03

Avg Eff Duration Read more about Avg Eff Duration

A measure of a fund's interest-rate sensitivity - the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A fund with a duration of 10 years is twice as volatile as a fund with a five-year duration.

3.42

Avg Credit Quality Read more about Avg Credit Quality

Globally, credit rating from Fixed Income Survey provided by fund company: Government, AAA , AA, A , BBB, BB, B, Below B and Not Rated. AAA bonds carry the highest credit rating. For the purpose of Morningstar's calculations, U.S. government bonds are considered AAA. For municipal bonds, anything at or below BBB is considered a high-yield or junk bond. Nonrated municipal bonds generally are classified as BBB. Other nonrated bonds generally are considered B. Morningstar base on the surveyed credit quality breakdown to calculate the average credit quality, please refer to the methodology paper for more detail.

B

Pie chart

Asset Allocation (as at 31/01/2026)

Bar chart

Asset Allocation (as at 31/01/2026)

Aviva Investors - Emerging Markets Bond Fund Iyh GBP Acc Portfolio stats
Name Maturity Country Fund (%)
1 Aviva Investors Euro Liquidity 3 EUR Acc - IRL 4.05
2 Aviva Investors Stlg Lqudty 3 GBP Inc - IRL 1.75
3 Venture Global LNG Inc. - USA 1.55
4 ZF North America Capital, Inc. - DEU 1.45
5 American Axle & Manufacturing, Inc. - USA 1.39
6 Aviva Investors US Dollar Liquidity 3Inc - IRL 1.32
7 CCO Holdings, LLC/ CCO Holdings Capital Corp. - USA 1.32
8 XPLR Infrastructure Operating Partners LP - USA 1.32
9 Tenet Healthcare Corporation - USA 1.28
10 CVS Health Corp - USA 1.13

Risks

Investment Risk
The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested.

Credit and interest rate risk
Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typically have a greater risk of default.

Derivatives Risk
Investments can be made in derivatives, which can be complex and highly volatile. Derivatives may not perform as expected, meaning significant losses may be incurred.

Investor in funds
Investments can be made in other funds; this could mean the overall charges are higher.

Illiquid Securities Risk
Some investments could be hard to value or to sell at a desired time, or at a price considered to be fair (especially in large quantities). As a result their prices can be volatile.

Sustainability Risk
The level of sustainability risk may fluctuate depending on which investment opportunities the Investment Manager identifies. This means that the fund is exposed to Sustainability Risk which may impact the value of investments over the long term.

Full information on risks applicable to the Fund are in the Prospectus and the Key Investor Information Document (KIID).

Management

  • Company name

    Aviva Investors Luxembourg SA

  • Legal structure

    Société d'investissement à Capital Variable

  • Head office

    2, rue du Fort Bourbon,
    PO Box 1375,
    Luxembourg,
    Luxembourg,
    L-1249

  • Ucits

    Yes

Fund managers

Fund manager

Pierre Ceyrac

Manager start date

1 Aug 2023

Biography

Pierre is a portfolio manager on the global high yield team, focusing on managing the global high yield strategies. Prior to assuming his current role, Pierre has managed multi-credit high beta and buy & hold high yield strategies at Aviva Investors. Previously, he was a high yield portfolio analyst. Pierre holds a Masters degree in Finance from Paris Dauphine University and an MSc in Banking and Finance from Queen Mary University of London. Pierre is also a CFA charterholder.

Fund manager

Fabrice Pellous

Manager start date

18 Nov 2024

Biography

Fabrice is Global Head of High Yield. Based in London, he jointly oversees the high yield desk globally and is a named manager on our global and short duration high yield strategies. Prior to joining Aviva Investors, Fabrice was Emerging Markets Portfolio Manager and Corporate Strategist at Invesco in London. Prior experiences include High Yield Portfolio Manager, Strategist and Analyst across Benchmarked, Total Return, Fixed Maturity Products, and Collateralized Debt Obligation. Fabrice holds a Masters in Mathematics, a Masters in Financial Engineering and is a CFA Charterholder.

Registered countries

  • United Arab Emirates
  • Austria
  • Switzerland
  • Chile
  • Germany
  • Spain
  • Finland
  • France
  • United Kingdom
  • Ireland
  • Italy
  • Liechtenstein
  • Luxembourg
  • Netherlands
  • Norway
  • Portugal
  • Singapore
  • Sweden

Documents

View the fund range legal documents here.

Important information

Unless stated otherwise the source for all performance, portfolio and fund breakdown data is Morningstar. This information does not constitute advice or a recommendation. If you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Care is taken to ensure that the information provided by Morningstar is correct but it neither warrants, represents nor guarantees the contents of the information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein.

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