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Kames High Yield Bond

Ranked 8 out of 14 in - Sterling High Yield over 3 months
All calculations are in GBP unless stated

Managed by

David Ennett

David Ennett joined Kames Capital from Standard Life Investments in 2016. While he was at SLI, David was responsible for all aspects of portfolio construction, stock research and selection and execution of funds using the duration strategy guidance of head of fixed income. Prior to that he was a deputy fund manager at Old Mutual Asset Managers based in London. David graduated from the Australian National University in Canberra with a BA in Political Science and a BA in Microeconomics.

Philip Milburn

Philip Milburn has spent the entirety of his financial career at Kames Capital (formerly AEGON). He constructs a portfolio of between 40 and 60 holdings for his Kames High Yield Bond fund and invests in bonds and only bonds for the High Yield Bond fund. Earlier in his career Milburn spent a year on secondment to Latin American equities and worked as Global Telecoms Coordinator at the group. Born in Nottingham in 1974, Milburn holds a first class masters degree in economics from Edinburgh University. He is a keen sportsman who enjoys squash, 5-a-side football and skiing.


The primary investment objective is to maximise total return (income plus capital) by investing in a portfolio of predominately high yield bonds, selected investment grade bonds and cash. The fund may hold sterling and other currency denominated bonds hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.

Showing fund performance in United Kingdom View performance globally


Sterling High Yield over : 30/01/2017 - 30/04/2017
  • Rank 8/14 Total Return
  • Rank 10/14 Standard Deviation
  • Rank 12/14 Max Drawdown
Fund Name Currency Return
6 Aviva Investors Higher Income Plus SC 1 Inc

Currency exposure is hedged

Currency exposure is hedged



7 Old Mutual Threadneedle High Yield Bond A Inc

Currency exposure is hedged

Currency exposure is hedged



8 Kames High Yield Bond Acc B

Currency exposure is hedged

Currency exposure is hedged



9 Threadneedle High Yield Bond Ret Net Inc GBX GBP


10 Standard Life Inv Higher Income Ret Acc GBP


Fund Name Currency Risk
8 M&G Global High Yield Bond Sterling X Inc GBP


9 Henderson Fixed Interest Monthly Income GBP


10 Kames High Yield Bond Acc B

Currency exposure is hedged

Currency exposure is hedged



11 Marks & Spencer High Income GBP


12 Capital International Sterling Roll Up plc GBP


Fund Name Currency Loss
10 Aviva Investors High Yield SC 1 Inc

Currency exposure is hedged

Currency exposure is hedged



11 Dimensional Global Ultra Short Fixed Inc GBP Acc GBP


12 Kames High Yield Bond Acc B

Currency exposure is hedged

Currency exposure is hedged



13 M&G Global High Yield Bond Sterling X Inc GBP


14 M&G Offshore Global High Yield Bond Sterling I Acc GBP


Total Return

Quarterly Performance

to 31/03/2017 Annual Q1 Q2 Q3 Q4
2017 1.8%
2016 9.0% 1.0% 2.3% 4.4% 1.1%
2015 -0.6% 2.4% -0.1% -4.6% 1.8%
2014 5.2% 3.4% 2.3% -2.0% 1.4%
2013 6.9% 1.8% -1.1% 2.7% 3.4%
2012 19.6% 7.9% 1.0% 5.4% 4.2%
2011 3.5% 4.7% 0.8% -6.1% 4.4%
2010 18.0% 7.6% -0.9% 7.8% 2.6%
2009 62.1% 2.2% 24.9% 21.0% 4.9%
2008 -27.1% -4.4% 4.2% -7.8% -20.6%
2007 0.8% 2.5% 1.5% -1.5% -1.7%
2006 7.8% 2.5% -0.4% 3.0% 2.6%
2005 10.1% 1.3% 2.9% 3.0% 2.5%
2004 13.3% 2.9% -0.5% 5.6% 4.9%
2003 21.1% 4.3% 7.8% 3.2% 4.4%
2002 -1.0% -7.5% 0.9%

Month by Month Performance

Returns Vs Risk

Registered For Sale In

  1. Germany
  2. United Kingdom

Fund Info

  • Launch date22/03/2002
  • Share Class size1,007Mn
  • Base currencyGBP
  • ISIN GB0031425563
  • Currency exposure is hedged

Purchase Info

  • Min. initial investment2Mn
  • Min. regular additional investment10,000


  • Annual management0.75%
  • Initial investment0

Related News

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Kames's Milburn: Why we're adding credit risk

Kames Capital’s bond stalwart Phil Milburn believes the spreads available in high yield offer ‘pretty reasonable’ value, prompting him to up his credit risk exposure.

Kames bond boost with Ennett in and Milburn back

Kames Capital’s bond team received a boost today with Phil Milburn returning from illness and David Ennett taking on his new role of head of high yield.

Kames High Yield Bond

Milburn gets co-manager as Kames reshuffles high yield line-up

investment manager Claire McGuckin has been promoted to co-manager among a series of changes

Kames' Milburn: value in high yield bond market has finally returned

After the violent sell-off last month, spreads are back in line with the cycle average and yields of 6.7% now look 'reasonable', according to Kames bond manager Philip Milburn.  

Kames give Milburn co-manager on High Yield Global Bond fund

Kames Capital has named Claire McGuckin as co-manager of its High Yield Global Bond fund alongside Phil Milburn.

Fly on the wall: what Dart Capital bought and sold

Wealth Manager was given exclusive access to Dart Capital's year-end asset allocation meeting, where we were offered a fascinating insight into the boutique's investment thinking.  

Milburn: Good news stops here for high yield

Kames' High Yield Bond star Philip Millburn speaks exclusively to Citywire Selection about why the days of stellar returns are numbered.

Six of the best give their views on investing in 2013

In spite of all the macro uncertainty 2012 has been a decent year for most asset classes. We travelled to Edinburgh to interview some of the best manager talent operating out of Scotland to ask what they expect from 2013.


Performance is for the period shown (month end to month end, bid/bid, gross income reinvested, calculated in the currency and currencies indicated).