Tideway GBP Hybrid Capital Bond Fund

The Tideway GBP Hybrid Capital Bond Fund aims to generate 5% per annum income, net of all expenses, from a hybrid capital fixed income portfolio with medium volatility.

The Fund is designed for investors with medium to long-term liquidity requirements (5 years plus).

The Fund is a more secure alternative to Equity Income as the assets and expected cash flow are typically ranked senior to equity in the issuing company balance sheet.

Fund Objectives

  • Target income of 5% net of fees
  • Medium volatility - SRRI Risk Rated 4

Investment Strategy

  • Long only, GBP only portfolio of Hybrid Capital
  • Household name portfolio
  • 30 % Limit on Contingent Convertible Securities (CoCo’s)
  • 50 % Limit of Sub-Investment Grade senior issuer ratings
  • There will be no restriction on the duration of the Fund
  • The Fund’s investment in debt and debt-related securities shall include both primary market and secondary market securities.

Document Library

Note: it is important that before you invest, you should read the relevant Prospectus and KIID documents. These documents and the latest factsheet can be found in our Document Library.

Top Holdings

These are the Fund's top holdings, as a % of NAV, as of 28-02-2020.

EDF (6%, Perp) 6.6%
Rothesay Life (6.875%, Perp) 6.0%
Aviva (6.875%, 20/05/58) 5.3%
Just Group (9%, 26/10/26) 4.3%
Virgin Money (7.875%, 14/12/28) 4.3%


Tideway Investment Group comprises the following entities: Tideway Investment Partners LLP; Tideway Wealth Management Limited and Tideway Asset Management Limited. Tideway Asset Management Limited and Tideway Wealth Management Limited are appointed representatives of Tideway Investment Partners LLP, which is authorised and regulated by the Financial Conduct Authority. FCA number: 496214.

Tideway Investment Partners LLP
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+44 (0)20 3143 6100

© Tideway Investment Group 2020