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At a glance performance and information

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Share Dealing Account

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Fund:

Royal London Short Duration Credit M Inc
Sector:

IA Sterling Strategic Bond
Benchmark:

ICE BofA 1-5 Year Sterling Non-Gilt

Discrete calendar year performance

Discrete calendar year performance
Investment	31/03/20 to 31/03/21	31/03/21 to 31/03/22	31/03/22 to 31/03/23	31/03/23 to 31/03/24	31/03/24 to 31/03/25
Royal London Short Duration Credit M Inc	8.53%	-1.52%	-2.91%	9.51%	7.31%
IA Sterling Strategic Bond	12.44%	-2.20%	-5.69%	7.18%	4.95%
ICE BofA 1-5 Year Sterling Non-Gilt	4.53%	-3.23%	-3.14%	5.80%	4.95%

Trailing returns

(*annualised)

Trailing returns
Investment	3 months	6 months	1 year	3 years*	5 years*
Royal London Short Duration Credit M Inc	1.08%	3.58%	7.95%	4.89%	3.67%
IA Sterling Strategic Bond	0.76%	2.57%	6.55%	2.81%	2.41%
ICE BofA 1-5 Year Sterling Non-Gilt	1.58%	3.57%	6.57%	3.13%	1.66%

Overview

Fund Objective: The Fund’s investment objective is to achieve a total return (combination of capital growth and income) over the medium term (3-5 years) by investing at least 80% in sterling-denominated bonds, of which at least 70% will be short duration (5 years or less). The Fund’s performance target is to outperform the ICE Bank of America Merrill Lynch 1–5 Year Sterling Non-Gilt Index (the “Index”) over a rolling 5-year period. The Index is regarded as a good measure of the performance of short-dated sterling denominated bonds, not including those issued by the UK government (gilts). The Index is considered an appropriate benchmark for the Fund's performance, as the Fund’s potential investments will predominantly be included in the Index. In addition to the benchmark for the Fund’s performance as noted above (the "Index"), the IA Sterling Strategic Bond sector is considered an appropriate benchmark for performance comparison.

Manager name	Royal London Unit Tst Mgrs Ltd
Manager start date	08 November 2013
Manager Biography	Eric Holt – Senior Fund Manager, Eric has extensive knowledge of investment grade and high yield corporate bonds, gained over a career spanning more than 40 years. He manages the Ethical Bond Fund and the Sterling Extra Yield Bond Fund as well as having a wider role within the team. He joined RLAM in 1999 following Royal London’s acquisition of United Assurance, where he had worked for the previous 20 years. Eric is a graduate of Nottingham University with a degree in mathematics and is an associate of the Institute and Faculty of Actuaries.

Investment style:	*None
Region (geographical)	United Kingdom

Benchmark	ICE BofA 1-5 Year Sterling Non-Gilt
Sector	IA Sterling Strategic Bond
FE fundinfo Rating	5 of 5

Fees & charges

Fees and Charges

Fees and Charges
Charge	Who receives this?	What is it?	Amount
Initial charge:	The fund manager	Charges applied by the fund management company for investing in their fund. Please note that Investment Managers may charge each time you buy new units or shares in a fund or trust. Where Investment Managers would have an entry charge, we will negotiate to have it waived so you will not be charged.	N/A%
Ongoing Charges:	The fund manager	The annual charge paid to a fund manager to cover the costs of running the fund. It is an estimate based on the actual amount charged in the previous year.	0.35%
Performance Fee:	The fund manager	A performance fee joins up the interest of the fund manager and their investors. A performance fee is taken when the fund beats pre-set conditions.	N/A
Typical transaction cost:	The fund manager	The costs of dealing within a fund, which the Investment Manager must pay to continue managing the assets. This includes where the Manager decides to sell one stock and buy another. The costs will vary from one fund to another based on how often the Investment Manager trades and the costs applied when trading.	0.188%*
Dealing commission:	Halifax	The cost of buying or selling some or all of your investment.	£9.50 (per online trade)

*This is an indication based on the market average. The fund’s actual transaction cost will be shown before you place a trade.
Account charges are not included
Key Investor Information Document (KIID)Open KIID document
Fees & Charges

Breakdown

Asset Allocation

Fund size: 1,465,281,096.03 GBX

Chart date: May 2, 2025

Top 10 Holdings

Top 10 Holdings
Security	Weight
M&g plc 5.625% resetbl dtd nts 20/10/51 gbp t2	1.47%
Legal & general group plc 5.5% 27/06/2064	1.13%
Wststr_2 1.642% 04/08/2026	1.11%
Co-operative group holdings (2011) 7.5% 08/07/2026	1.11%
Electricite de france sa 7.375% 31/12/2079	1.05%
Co-operative bank finance plc 6% 06/04/2027	1.05%
Hsbc holdings plc 8.201% 16/11/2034	0.95%
Co-operative bank finance plc 9.5% 24/05/2028	0.95%
Assicurazioni generali spa 6.269% 31/12/2079	0.94%
Delmar_04 5.5457% 19/02/2029	0.87%

Sectors

Sectors
Sectors	Weight
Financial Services	38.90%
Corporate Bonds	26.20%
Insurance	13.49%
Utilities	4.43%
Consumer Services	4.07%
Real Estate	4.01%
General Industrials	3.88%
Property	2.46%
Consumer Goods	0.89%
Investment Trusts	0.60%

World regions

World regions
Country	Weight
UNITED KINGDOM	73.45%
FRANCE	7.22%
GERMANY	2.81%
SPAIN	2.70%
NORWAY	1.83%
SWEDEN	1.56%
NETHERLANDS	1.53%
SWITZERLAND	1.50%
ITALY	1.44%
UNITED STATES	1.17%

ESG

What is ESG?

ESG stands for Environmental, Social and Governance and is an approach for evaluating to what extent a company works towards social goals. For investors this can be used in order to understand how their funds and the assets they are made up of work towards these goals and use that information to help make sustainable investment choices.

Royal London Short Duration Credit M Inc