Aviva Investors - Global Sovereign Bond Fund Iy USD Acc

ISIN

LU2601928414

Asset class

Fixed Income

NAV

111.69 USD (as at 10/03/2026)

View all funds

Fund overview

Objective: To earn income, along with some growth of the Shareholder's investment over the long term (5 years or more).

Investment Policy: The Fund invests mainly in bonds issued by government and supranational issuers worldwide. 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 of governmental, quasi-governmental and supranational issuers anywhere in the world. The Fund may also invest up to 5% of total net assets (excluding ancillary liquid assets, eligible deposits, money market instruments and money market funds) in mortgage and asset backed securities.

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

For more details on our Sustainable Finance Disclosures, click here.

Share class currency
USD
Return type (Inc / Acc)
Accumulation
Share class
Iy
Minimum Investment
USD 250,000
Fund size (as at 11/03/2026)
EUR 7.84b
Share class inception date
31/03/2023
Fund launch date
06/08/2009
Performance benchmark
Bloomberg Gbl Agg Treasuries TR USD
Fund volatility
8.74
Benchmark volatility
-
SFDR
Article 8
IA Sector
-
*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
USD
NAV (as at 10/03/2026)
111.69
Daily change
-1.17%
12 Months NAV high (as at 11/02/2026)
114.50
12 Months NAV low (as at 27/03/2025)
101.68
Valuation frequency
Daily
ISIN
LU2601928414
SEDOL
BNTW524
MEXID
-
Bloomberg
AVGSBDI 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 the Bloomberg Global Aggregate Treasuries Total Return index (the “Benchmark” or the “Index”).

For further information on Sustainability Risk please refer to the Sustainable Finance Disclosure section.

Fund commentary

Summary review (as at January 2026)

It was a negative month overall for sovereign bond markets. Ten-year US Treasuries traded in a tight range at the start of January before cheapening into month end. In the fund, the most value was added by asset swap (ASW) trades, with gains driven mainly from our long UK ASW position and further gains from long Poland and New Zealand ASWs.

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.

 0.46

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.

 0.35

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.

 -

Portfolio

Portfolio stats (as at 28/02/2026)

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.

 6.38 - -

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.

 1.67 - -

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.

 1.97 - -

Correlation (%)

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

 88.01 - -

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.

 1.25 - -

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.

 8.74 - -

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.

 4.46 - -

*

Read more about Fixed Income Style Fixed Income Style (as at 28/02/2026)

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 28/02/2026)

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

14.24

BB

0.0

AA

42.48

B

0.0

A

34.92

Below B

0.0

BBB

6.6

Not Rated

1.76

Bond statistics

Read more about Interest Rate Risk Interest Rate Risk(as at 28/02/2026)

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.

10.49

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.

7.4

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.

A

Pie chart

Asset Allocation (as at 28/02/2026)

Bar chart

Asset Allocation (as at 28/02/2026)

Aviva Investors - Emerging Markets Bond Fund Iyh GBP Acc Portfolio stats
Name Maturity Country Fund (%)
1 Poland (Republic of) - POL 3.98
2 New Zealand (Government Of) - NZL 3.15
3 Spain (Kingdom of) - ESP 3.13
4 United States Treasury Notes - USA 1.40
5 Aviva Investors Euro Liquidity 3 EUR Acc - IRL 1.25
6 China (People's Republic Of) - CHN 1.25
7 Italy (Republic Of) - ITA 1.19
8 United States Treasury Notes - USA 1.18
9 Mexico (United Mexican States) - MEX 1.01
10 Italy (Republic Of) - ITA 0.98

Risks

Currency risk
Changes in currency exchange rates could reduce investment gains or increase investment losses. Exchange rates can change rapidly, significantly and unpredictably.

Market risk
Prices of many securities (including bonds, equities and derivatives) change continuously, and can at times fall rapidly and unpredictably.

Counterparty risk
The Fund could lose money if an entity with which it does business becomes unwilling or is unable to meet its obligations to the Fund.

Derivatives risk
Derivatives are instruments that can be complex and highly volatile, have some degree of unpredictability (especially in unusual market conditions), and can create losses significantly greater than the cost of the derivative itself.

Illiquid securities risk
Certain assets held in the Fund could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile.

Operational risk
Human error or process/system failures, internally or at our service providers, could create losses for the Fund.

Credit risk
A bond or money market security could lose value if the issuer's financial health weakens. Below investment grade bonds (also known as high yield securities) typically have greater credit risk than investment grade securities.

Interest rate risk — bonds
When interest rates rise, bond values generally fall. This risk is generally greater for longer-term bonds and for bonds with higher credit quality.

Default risk
Issuers of certain bonds or money market instruments could become unable to make payments on their bonds, causing a reduction in income to the Fund and also in the value of bonds held by the Fund. Under extreme market or economic conditions, defaults could be widespread and their effect on Fund performance significant.

Hedging risk
Any measures taken to offset specific risks will generate costs (which reduce performance), could work imperfectly or not at all, and if they do work will reduce opportunities for gain.

China country risk
changes in China's political, legal, economic or tax policies could cause losses or higher costs for the Fund.

Leverage risk: A small price decline on a "leveraged" underlying investment will create a correspondingly larger loss for the Fund. A high overall level of leverage and/or unusual market conditions could create significant losses for the Fund.

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

Steve Ryder

Manager start date

1 Feb 2016

Biography

Steve is responsible for the management of a range of Global Sovereign funds. Steve has been at Aviva since 2006, starting as a Derivatives specialist within the Fixed Income team before taking on the role of Sovereign Analyst supporting the Absolute return and global benchmark funds. In 2013 Steve took over the co-management of Aviva’s Gilt and Inflation linked portfolios before moving to his current role in 2016 as co-manager of Aviva’s Global Bond portfolios. Prior to joining Aviva Investors, Steve worked at ABN Amro as part of a European Fixed Income derivatives team. Steve has a BA in Accounting and Finance from the University of Essex and holds the Investment Management Certificate.

Fund manager

Daniel Bright

Manager start date

31 Jul 2023

Biography

Daniel is a Portfolio Manager in the sovereign rates team, responsible for contributing and implementing investment ideas across global investment grade sovereign rates and FX. Daniel joined the Global Rates team in 2021 having previously been an analyst in our Equity team. His focus was on investment opportunities globally that offered income with sustainability, which often extended across other asset classes including fixed income. Prior to that he worked in the Real Assets team, primarily looking at direct real estate opportunities. Daniel holds a BA in Economics and Management from Oxford University and he is a CFA® Charterholder.

Registered countries

  • United Kingdom
  • Luxembourg
  • Portugal

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.

© Copyright 2026 Morningstar. All rights reserved.