CM Schroder Gilt & Fixed Interest Pension Fund: Asset Allocation And Top Holdings (30/09/2025).pdf

# CM Schroder Gilt & Fixed Interest Pension Fund - Factsheet

Date: 31 October 2025

## Fund Overview
- Aim: Achieve high income with potential capital growth from a diversified portfolio of sterling denominated fixed interest securities.
- Launch Date: 11 January 2005
- Size: £2.3 million
- Sector: ABI UK Gilts
- ISIN: GB00B04QQH29
- Manager(s): James Ringer, Julien Houdain (since 30 June 2020 and 30 June 2023 respectively)

## Asset Allocation (as at 30/09/2025)
- Sterling Denominated Fixed Interest Securities:
- UK Gilts: 95.7%
- US Government Fixed Interest: 1.7%
- Money Market: 1.4%
- Global Government Fixed Interest: 0.9%
- Mexican Government Fixed Interest: 0.1%
- German Government Fixed Interest: 0.1%
- Other Assets: 1.5%

## Credit Rating Breakdown (as at 30/09/2025)
- AA: 95.5%
- A: 0.3%
- BBB: 2.8%

## Top Ten Holdings (as at 30/09/2025)
1. Treasury 3.7500 07/03/2027 (8.9%)
2. Treasury Series GOVT (4.8%)
3. Treasury 0.8750 31/07/2033 (Series GOVT REGS, 4.8%)
4. Treasury 4.5000 07/06/2028 (4.5%)
... (Other top holdings listed)

## Past Performance
- Discrete Performance (30/09/2024 - 30/09/2025): -2.4% (CM Schroder Gilt & Fixed Interest), 7.2% (ABI UK Gilts)
- Cumulative Performance (31/10/2025): 2.6% (CM Schroder Gilt & Fixed Interest), 2.9% (ABI UK Gilts)
- Quartile Ranking: 4 (out of 4) for both funds (source: FE fundinfo as at 31/10/2025)

## Fund Manager Review (Q3 2025)
The portfolio returned -0.82% versus the benchmark of -0.61%. Key factors contributing to the performance included:
- Mixed performance in global government bond markets
- US rate cut expectations and Fed independence concerns
- Weakening UK public sector net borrowing
- Political pressures impacting Japan's government bond market
- Tightening US investment grade spreads

## Disclaimer
The views, opinions, and forecasts expressed in this factsheet are those of the fund manager. Investment markets and conditions can change rapidly, and reliance should not be placed on these views when making investment decisions. For detailed information, contact your financial adviser or refer to the full fund literature.