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Fixed interest

Gilt Fund

Investment objective

Over rolling five year periods, to achieve mainly through a portfolio of long-dated sterling denominated UK Government securities with an income yield close to the redemption yield prevailing on UK Government securities, a total return equal to or in excess of the UK Government fixed interest market.

Investment parameters

Modified duration of FTSE All Stocks Gilt Index +/- 1.5 years
Government Securities95-100%
Cash0-5%

Dealing dates

1st, 11th, 21st of month

Corporate Bond Fund

Investment objective

Over rolling five year periods, to achieve mainly through a portfolio of sterling denominated corporate and sub-sovereign fixed interest securities, a total return equal to or in excess of the UK corporate bond market.

Investment parameters

Modfied duration of Composite Index +/- 1.5 years
Credit rating AAA and AA55-85%
Other investment grade or secured issues15-45%
Cash and bonds under 1 year to maturity 0-5%

Dealing dates

1st, 11th, 21st of month

Short Fixed Interest Fund

Investment objective

Over rolling five year periods, to achieve mainly through a portfolio of short-dated sterling denominated fixed interest securities with an income yield close to the redemption yield prevailing on short-dated UK Government securities, a total return equal or in excess of the short-dated UK Government fixed interest market.

Investment parameters

Modified duration of 50% FTSE Up to 5 years Gilt Index & 50% FTSE 5-10 years Gilt Index +/- 1.5 years
Government securities70-90%
Debentures & Unsecured Loans10-30%
Cash0-5%

Dealing dates

1st, 11th, 21st of month

Inflation Linked Fund

Investment objective

Over rolling five year periods, to achieve mainly through a portfolio of sterling denominated securities linked to the Retail Price Index or similar measure of inflation, a total return equal to or in excess of the UK Government Index-linked market.

Investment parameters

Modified duration of FTSE Index Linked All Stocks Gilt Index +/- 1.5 years
Government Securities80-100%
Debentures & Unsecured Loans0-20%
Cash0-5%

Dealing dates

1st, 11th, 21st of month

Risk Warning

CFB Funds are designed for long term investors. While we hope that unit values will rise, prices can and do fall. They are not suitable for you to use if you cannot accept the possibility of capital losses