Gilt & Fixed Interest Pension PDF Factsheet.pdf

# Clerical Medical Gilt & Fixed Interest Pension Fund - Factsheet

Date: 31 October 2025

## Fund Overview
- Aim: Capital growth through investment in a range of fixed interest securities, primarily Sterling investment-grade bonds.
- Launch Date: 23 November 1987
- Size: £47.7 million (as at 30/09/2025)
- Manager: Julien Houdain, since 01/07/2023
- Sector: ABI Sterling Fixed Interest
- ISIN: GB0002041258
- MEX ID: CMIGF
- SEDOL: 0204125

## Asset Allocation (as at 30/09/2025)
- UK Fixed Interest: 87.3%
- UK Gilts: 12.4%
- Money Market: 0.3%
- AA Rated: 12.4%
- BBB Rated: 54.8%
- Unrated: 32.8%

## Top Ten Holdings (as at 30/09/2025)
1. SW CORP BOND W ACC (54.8%)
2. SW GILT W ACC (32.5%)
3. UK TREASURY 4.125% 29 JAN 2027 (3.4%)
4. ... (other bonds)

## Past Performance
- Discrete Performance (30/09/2024 - 30/09/2025): 1.3%
- Cumulative Performance (31/10/2025): 2.1% (over the past year)
- Quartile Ranking: 3 (out of 4)

## Manager's Viewpoint
The fund manager highlights a mixed performance in global government bond markets during Q3, with yields rising in some regions while falling in others. The US Fed's rate cut was largely priced in by the market, and political pressures impacted Japan's bond market. Credit markets, however, saw spreads tighten further, driven by robust US consumption and earnings.

## Additional Information
- ESG Metrics: Clerical Medical provides Environmental, Social, and Governance (ESG) themed fund metrics, accessible through an ESG metric link.
- Investment Risk: Past performance is not indicative of future results. Investment value may fall as well as rise due to market and currency movements.
- Contact: For further information, contact local sales offices or Customer Services (0345 300 2244 for OEIC).