Rathbone Greenbank Global Sustainable Bond

This global bond fund follows a ‘best ideas’ approach, focusing on sustainable themes aligned with the UN Sustainable Development Goals and investments that contribute to a more sustainable world. The fund maintains a highly active approach with a very broad investment universe. Every investment undergoes a sustainable screening process by the Greenbank Ethical, Sustainable and Impact research team.

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Our Opinion
Fund Managers
Key Facts
Fund Performance
Risk
Company Description
Investment process
ESG

Our Opinion

If you’re looking for a versatile bond fund with a green lens, then this is a strong candidate. The fund is run by a vastly experienced team, with a proven track record and investment process. Early performance has shown the team can invest responsibly without sacrificing investment returns.

Fund Managers

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Fund Managers

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Bryn Jones Rathbone Ethical Bond

Bryn Jones, Co-manager Bryn Jones heads up fixed income at Rathbones and is manager of the Rathbone Greenbank Global Sustainability Bond, Ethical Bond and Strategic Bond funds. He joined Rathbones in 2004 from Merrill Lynch, where he managed $2bn in fixed income assets. Bryn is also part of the Rathbone strategic asset allocation committee and serves as the non-executive chairman of the fixed income committee. Bryn holds a BA in Geography from Birmingham University and has received numerous awards for his funds, including best ethical investment fund and best sustainable and ESG bond fund.

Stuart Chilvers, Co-manager Stuart Chilvers assists Bryn Jones in managing the Rathbone Greenbank Global Sustainability Bond, Ethical Bond and the Strategic Bond funds. He is also the lead fund manager of the Rathbone High Quality Bond fund. He joined Rathbones in September 2017, becoming an assistant fund manager in January 2020 and a fund manager in January 2022. Before Rathbones, Stuart worked at Brown Shipley for three years. He holds a first-class degree in mathematics from Bath University and is a CFA Charterholder.

Christie Goncalves, Deputy manager Christie is an Assistant Fund Manager at Rathbones Asset Management, focusing on Fixed Income Strategies and working closely with the Head of Fixed Income, Bryn Jones. She joined Rathbones in January 2024. Christie brings extensive experience in fixed income markets, having previously worked at Vanguard for eight years as an Assistant Portfolio Manager on global corporate ESG funds and ETFs, and as a Senior Trader specializing in EUR and GBP rates and credit. Before Vanguard, she was an Emerging Markets Trader and Portfolio Manager at Stanlib in South Africa. Christie holds an honours degree in Investment Management from the University of Pretoria (cum laude), is a CFA Charterholder, and has the Financial Risk Management qualification.

Bryn Jones Rathbone Ethical Bond

Bryn Jones, Co-manager Bryn Jones heads up fixed income at Rathbones and is manager of the Rathbone Greenbank Global Sustainability Bond, Ethical Bond and Strategic Bond funds. He joined Rathbones in 2004 from Merrill Lynch, where he managed $2bn in fixed income assets. Bryn is also part of the Rathbone strategic asset allocation committee and serves as the non-executive chairman of the fixed income committee. Bryn holds a BA in Geography from Birmingham University and has received numerous awards for his funds, including best ethical investment fund and best sustainable and ESG bond fund.

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Stuart Chilvers, Co-manager Stuart Chilvers assists Bryn Jones in managing the Rathbone Greenbank Global Sustainability Bond, Ethical Bond and the Strategic Bond funds. He is also the lead fund manager of the Rathbone High Quality Bond fund. He joined Rathbones in September 2017, becoming an assistant fund manager in January 2020 and a fund manager in January 2022. Before Rathbones, Stuart worked at Brown Shipley for three years. He holds a first-class degree in mathematics from Bath University and is a CFA Charterholder.

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Christie Goncalves, Deputy manager Christie is an Assistant Fund Manager at Rathbones Asset Management, focusing on Fixed Income Strategies and working closely with the Head of Fixed Income, Bryn Jones. She joined Rathbones in January 2024. Christie brings extensive experience in fixed income markets, having previously worked at Vanguard for eight years as an Assistant Portfolio Manager on global corporate ESG funds and ETFs, and as a Senior Trader specializing in EUR and GBP rates and credit. Before Vanguard, she was an Emerging Markets Trader and Portfolio Manager at Stanlib in South Africa. Christie holds an honours degree in Investment Management from the University of Pretoria (cum laude), is a CFA Charterholder, and has the Financial Risk Management qualification.

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Key Facts

Asset type Fixed Income

Annual Income (Historic) -

Sector Sterling Strategic Bond

Gearing-

Fund Size-

Fund Manager Start Date 30 Nov 2023

Ongoing Charges Figure (OCF) -

Payment Date(s) Mar, Jun, Sep, Dec

Annual Management Charge (AMC) -

Fund Performance

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Risk

Before an investment is added to the portfolio, it must pass through a comprehensive risk framework. This process examines how the new position aligns with the fund’s economic outlook, asset allocation, duration, yield, issuer exposure and liquidity. While risk monitoring is a key component, it does not dictate investment decisions but rather ensures that portfolio adjustments are well calculated and in line with the fund’s strategy.

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Company Description

Established in 1999, Rathbone Unit Trust Management is the asset management subsidiary of Rathbone Brothers Plc. It was awarded the Elite Equities Provider Rating in 2016, 2017 and 2018. Rathbone Brothers Plc is listed on the London Stock Exchange and employs more than 250 investment professionals in a number of offices around the UK.

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Fund Performance

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Risk

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Before an investment is added to the portfolio, it must pass through a comprehensive risk framework. This process examines how the new position aligns with the fund’s economic outlook, asset allocation, duration, yield, issuer exposure and liquidity. While risk monitoring is a key component, it does not dictate investment decisions but rather ensures that portfolio adjustments are well calculated and in line with the fund’s strategy.

Company Description

Close

Established in 1999, Rathbone Unit Trust Management is the asset management subsidiary of Rathbone Brothers Plc. It was awarded the Elite Equities Provider Rating in 2016, 2017 and 2018. Rathbone Brothers Plc is listed on the London Stock Exchange and employs more than 250 investment professionals in a number of offices around the UK.

Investment process

This fund seeks investments that contribute to a more sustainable world. To achieve this, it adopts a highly active investment approach, investing globally in a sustainable portfolio with at least 60% in government bonds, corporate bonds and investment grade credit (each with a credit rating of AAA to BBB-). Up to 40% of the fund may be invested in government, corporate and high yield bonds, directly in emerging markets and sovereign debt (each with a credit rating below BBB- or with no rating at all).

Its investment strategy combines a ‘top-down’ perspective - assessing value at the country, industry, and sector level - with rigorous ‘bottom-up’ analysis, evaluating individual issuers and bonds. Ideas come from numerous areas including macroeconomic factors, sectoral and regional trends, supply and demand dynamics, new issuances, regulatory issues, interest rate policies, and the firm’s sustainable development themes.

Corporate bonds are the core of the fund, with credit selection based on a ‘four Cs plus’ approach. This framework assesses the integrity and competence of management teams (character); the availability of cash flows and assets to meet obligations (capacity); the quality of assets offered as security (collateral); and the details of bond agreements and lending restrictions (covenants). The ‘plus’ is conviction, which is based upon being patient and contrarian. Environmental, social, and governance (ESG) risks are also assessed for their potential impact on company performance.

Once they’ve developed themes and carried out in-depth credit analysis, the team assesses bond valuations. The fund also seeks to identify technically undervalued bonds, even if they score lower on credit analysis. The final portfolio consists of around 180-200 holdings.

Risk

Before an investment is added to the portfolio, it must pass through a comprehensive risk framework. This process examines how the new position aligns with the fund’s economic outlook, asset allocation, duration, yield, issuer exposure and liquidity. While risk monitoring is a key component, it does not dictate investment decisions but rather ensures that portfolio adjustments are well calculated and in line with the fund’s strategy.

ESG

ESG - Explicit
Every investment is screened against sustainability criteria by Greenbank’s Ethical, Sustainable, and Impact research team. This screening process excludes entities with activities that hinder sustainable development, while prioritising those that generate positive social and environmental outcomes. Greenbank holds the authority to veto any investment that does not meet its sustainability standards.

Related Insights

The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.