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Aviva Investors - ReturnPlus Fund I USD Accumulated

ISIN

LU3087672138

Asset class

Fixed Income

NAV

105.85 USD (as at 04/11/2026)

View all funds

Fund overview

Objective: To achieve a 0.75% per annum gross return above the Secured Overnight Financing Rate (SOFR) over a three-year rolling period, regardless of market conditions.

Investment Strategy: The Sub-Fund invests mainly in bonds from anywhere in the world Specifically, the Sub-Fund invests at least 80% in bonds of government, and corporate bonds (including but not limited to bonds of governmental, quasi-governmental, supranational,bank or corporate issuers anywhere in the world, including up to 30% in emerging markets) rated between AAA and A by Standards and Poor’s and Fitch and between Aaa and A2 by Moody's.  

 
Bond investments may include mortgage-backed securities (MBS) and asset-backed securities (ABS) subject to the rating restrictions discussed above. These bonds may be secured on residential, consumer or corporate loans, among other asset types. The Sub-Fund may invest up to 20% of total net assets in securitisation, including ABS/MBS and collaterised loan obligations (excluding ancillary liquid assets, eligible deposits, money market instruments and money market funds).
 
For full details of the risks applicable to investing in these securities, please refer to section “Risk Descriptions”.
 
The Sub-Fund may invest in floating rates notes and units of UCITS or other UCIs.
 
For liquidity management purposes, the Sub-Fund may also hold ancillary liquid assets within the meaning of point 9 listed under “Permitted Securities and Transaction” of section “General Investment Restrictions and Eligible Assets for UCITS Fund”. For the same purposes, the Sub-Fund may also invest on an ancillary basis in eligible deposits within the meaning of point 8 of the same section referred to above, money market instruments or money market funds.
 
Under unfavourable market circumstances during which the investment strategy would become impossible to continue implementing and the Sub-Fund would no longer be able to achieve its investment objective, the Sub-Fund may, on a temporary basis, invest up to 100% of its net assets in such assets.
 
For the avoidance of doubt, investment in such assets is not part of the core investment policy of the Sub-Fund.

More details on specific fund risks.

More details on our Sustainable Finance Disclosures.

Share class currency
USD
Return type (Inc / Acc)
Accumulation
Share class
I
Minimum Investment
USD 100,000
Fund size (as at 04/11/2026)
USD 420.31m
Share class inception date
07/07/2025
Fund launch date
07/07/2025
Performance benchmark
Secured Overnight Financing Rate(SOFR)
Fund volatility
-
Benchmark volatility
-
SFDR
Article 8
IA Sector
Specialist Bond
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 04/11/2026)
105.85
Daily change
-0.02%
12 Months NAV high (as at 16/10/2026)
105.86
12 Months NAV low (as at 06/11/2025)
101.75
Valuation frequency
Daily
ISIN
LU3087672138
SEDOL
BNDSWP0
MEXID
Bloomberg
AVIIUIU LX

Cumulative performance

Fund name Fund ID

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 was previously called Aviva Investors USD ReturnPlus Fund up until 26th November 2025.

Fund commentary

Summary review (as at September 2026)

The fund benefited from active participation across global primary and secondary markets during the quarter. Selected investments in covered bonds, SSAs, corporate bonds and asset-backed securities added value, while attractive new issue opportunities and cross-currency relative-value positions supported returns.

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”.

 -

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.

 0.20

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.

 0.15

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 31/10/2026)

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

Alpha Definition of Alpha

Alpha

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

 0.54 - -

Beta Definition of Beta

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.

 4.38 - -

Information ratio Definition of Information ratio

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.

 0.69 - -

Correlation (%) Definition of Correlation (%)

Correlation (%)

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

 19.62 - -

Sharpe ratio Definition of Sharpe ratio

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.

 0.49 - -

Annualised volatility (%) Definition of Annualised volatility (%)

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.

 0.44 - -

Tracking error (%) * Definition of Tracking error (%) *

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.

 0.45 - -

*

Read more about Fixed Income Style Fixed Income Style (as at 31/10/2026)

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 31/10/2026)

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

54.82

BB

0.0

AA

14.5

B

0.0

A

28.31

Below B

0.0

BBB

0.0

Not Rated

2.37

Bond statistics

Read more about Interest Rate Risk Interest Rate Risk(as at 31/10/2026)

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 measure is used in the calculation of the fixed-income style box.

5.62

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.

0.03

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 31/10/2026)

Bar chart

Asset Allocation (as at 31/10/2026)

Aviva Investors - Emerging Markets Bond Fund Iyh GBP Acc Portfolio stats
Name Maturity Country Fund (%)
1 Aviva Investors US Dollar Liquidity 3Inc - IRL 4.56
2 Aviva Investors Sr ABS Inc Zh USD Acc - LUX 2.48
3 NBN Co Ltd. - AUS 1.98
4 Agence Francaise De Developpement - FRA 1.87
5 Realkredit Danmark A/S - DNK 1.78
6 Nykredit Realkredit A/S - DNK 1.78
7 ING Bank (Australia) Ltd. - AUS 1.74
8 Federation des Caisses Desjardins du Quebec - CAN 1.64
9 Korea Housing Finance Corp - KOR 1.60
10 Caisse des Depots et Consignations - FRA 1.58

Risks

WARNING

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.

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: 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.

Emerging Markets Risk: Investments can be made in emerging markets. These markets may be volatile and carry higher risk than developed markets.

Investment Risk & Currency Risk: The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.

Liquidity Risk: Any type of security that is not publicly traded (such as Rule 144A Securities) may be hard to value, and may be hard to sell at a desired time and price, especially in any volume.

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

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.

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

Todd Cutting

Manager start date

7 Jul 2025

Biography

Todd has overall responsibility for the Enhanced Liquidity and ReturnPlus range of portfolios within the Fixed Income Solutions business at Aviva Investors. Todd is a senior fixed income portfolio manager with extensive experience designing investment strategies that capitalise on low risk relative value opportunities. He has a particular expertise in identifying and exploiting structural dislocations in global funding markets. He is the lead manager of several top performing short duration strategies and was responsible for launching the ReturnPlus range of funds in 2020. Under his leadership, the strategy grew to over £5.5bn in assets under management within the first five years. Prior to joining Aviva Investors, Todd worked at UBS Global Asset Management as an analyst covering fixed income and multi asset funds. Todd featured in the Citywire “Fund Managers under 40”, class of 2026. He holds a BSc (Hons) in Mathematics from the University of Bath and is a CFA charterholder.

Fund manager

Alexander Ieri

Manager start date

7 Jul 2025

Biography

Alex is a Portfolio Manager within the LDI and Global Liquidity team focusing on the Enhanced Liquidity and ReturnPlus portfolios and joined Aviva in 2017. Alex holds a MSc in Economics and Finance, and a BSc in Mathematics and Economics, from the University of Bristol. He is also a CFA Charterholder.

Registered countries

  • United Arab Emirates
  • Austria
  • Germany
  • Spain
  • United Kingdom
  • Ireland
  • Liechtenstein
  • Luxembourg

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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