ABI Sector Definitions
Asia Pacific excluding Japan Equities Funds which invest at
least 80% of their
assets in Asia Pacific equities, but which normally hold no equities quoted on the Japanese stock market.
Asia Pacific including Japan Equities Funds which invest at
least 80% of their
assets in Asia Pacific equities and which include Japanese equities.
Commodity/Energy Funds that invest at least 80% of their assets in
commodity securities.
Deposit & Treasury Funds must
invest 100% of their assets in
sterling denominated permitted instruments. Permitted instruments must not have a final maturity greater than 12 months.
Distribution Funds in this sector
equity Shares, Permanent return a yield on the
underlying portfolio of at least 110% of the FTSE All Share yield (net of tax). Maximum of 60% total
(including Preference Interest Bearing Shares
and Convertibles). Minimum of 20% total equity. Minimum of 50% Sterling based assets (including fixed interest hedged back to Sterling).
Europe excluding UK Equities Funds which invest at
least 80% of their
assets in equities quoted on European stock markets, but which normally hold no equities quoted on the UK stock market.
Europe including UK Equities Funds which invest at assets
European stock markets.
Flexible Investment Funds should hold a range of different investments, significant There
the is requirement fund manager
flexibility over what investment
to invest
no minimum or maximum for
shares (equities) and there is scope for funds to have a high proportion of shares.
Global Emerging Markets Equities Funds which invest at least 80% of their assets in equities from emerging markets, as defined by the FTSE All World Index, without geographical restriction.
Global Equities Funds which invest at
least 80% of
assets in equities. Funds must be invested in more than one equity region. Not
their to
include funds which would otherwise qualify for
sector.
Global Fixed Interest Funds which invest at
Global High Yield Funds which invest at
in interest securities. 194 least 80% of their
assets in non-UK broad investment grade fixed interest securities.
assets in non-UK fixed interest securities. Funds which invest at assets
least 80% of least 50% of
sub-investment grade
their their
fixed the Global Emerging Markets Equity
has in.
in company least 80% of their in equities quoted on UK and and/or energy related
Global Property Funds that invest at least 80% of their assets in direct property and property securities. Minimum 50% non-UK assets.
Japan Equities Funds which invest at
least 80% of their
assets in equities quoted on the Japanese stock market.
Mixed Investment 0%-35% Shares Funds should hold a range of different investments with a maximum of 35% in company shares
(equities). In addition
funds should include a minimum 45% of fixed income investments (eg Corporate and Government Bonds) and or
cash
investments (eg Current Account Cash, Short-Term Fixed Income Investments and Certificates of Deposit).
Mixed Investment 20%-60% Shares Funds should hold a range of different investments with a minimum of 20% and a maximum of
(equities). In addition funds should include a minimum of
investments (eg Corporate and Government Bonds)
and or
60% Company 30% of cash
investments
Current Account Cash, Short-Term Fixed Income Investments and Certificates of Deposit).
Mixed Investment 40%-85% Shares Funds should hold a range of different investments with a minimum of 40% and a maximum of 85% in Company Shares (equities). In addition funds should include a minimum of 50% in established market currencies of which 25% must be in Sterling.
Money Market Funds which invest at assets
least 95% of sterling) money market instruments.
North America Equities Funds which invest at
least 80% of
Protected/Guaranteed Funds Funds, other
their
assets in equities quoted on United States and Canadian stock markets.
than money market funds,
which principally aim to provide a return of a set amount of capital back to the investor plus some market upside.
Specialist Funds that have an investment universe that is not accommodated by any of ABI sectors.
the other
Sterling Corporate Bond Funds which invest at
least 80% of their
assets in sterling-denominated (or hedged back to sterling) broad investment grade corporate bond securities.
Sterling Fixed Interest Funds which invest at
least 80% of their
assets in sterling-denominated (or hedged back to sterling) broad investment grade fixed interest securities. Fixed interest
defined as Government Sovereign Bonds and Corporate Bonds.
Sterling High Yield Funds which invest at
Funds which invest at assets
in interest securities. least 80% of sub investment grade their
assets in sterling-denominated (or hedged back to sterling)
fixed interest securities. least 50% of
their fixed
is their in sterling (or hedged back to fixed
Sterling Long Bond Funds (used in conjunction with pension plans) with a specific objective for
the
movement in the value of units in the fund to approximate
to movements in annuity
purchase prices. Funds which invest at least 80% of their assets in sterling-denominated (or hedged back to sterling) long duration (10 years or more) broad investment grade fixed interest securities.
Sterling Strategic Bond Funds which invest at
least 80% of preference their
assets in sterling-denominated (or hedged back to Sterling) convertibles,
and permanent interest bearing shares (PIBs).
UK All Companies Funds which invest at
Shares income (eg
least 80% of their
assets in equities quoted on the UK stock market. Funds have the primary objective of achieving capital growth or total return.
UK Direct Property Funds that normally invest at
least 80% of
their assets in UK property. Managers may occasionally use Property Index Certificates or other property instruments for up to 20% property investment.
UK Equity Income Funds which invest at
least 80% of their
assets in equities quoted on the UK stock market. Net of portfolio of at Share yield.
the FTSE All
UK Gilt Funds which invest at
overseas
assets in UK Government securities (Gilts), UK Government
backed
least 95% of securities
government
their or
Sterling denominated (or hedged back to Sterling)
backed
securities. At least 80% must be invested in UK Government securities (Gilts).
UK Index-linked Gilts Funds which invest at
(Index least 95% of
assets in UK Government securities
overseas Index Linked securities. At Linked
Index Linked Gilts),
government backed
their UK
Government backed Index Linked securities or Sterling denominated (or hedged back to Sterling)
least 80% must
be invested in UK Index Linked Government securities (Index Linked Gilts).
UK Property Securities Funds that invest at least 80% of their assets in property securities quoted on the UK stock market and direct property located in the UK.
UK Smaller Companies Funds which invest at
least 80% of their
assets in equities quoted on the UK stock market which form the bottom 10% by market capitalisation.
Unclassified This sector is for funds that do not provide sufficient
data to be monitored, and
consequently cannot be compared on a like- for-like basis.
For further information visit:
www.abi.org.uk Figures as at 1 March 2015 Data:
tax yield on the underlying least 110% of
fixed interest securities, shares
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