Royal London Asset Management
Royal London AM Corporate Bond Fund
Large-cap
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 1 investment thesis and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.
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What it bought and sold
In the social housing sector we added a new issue from Sage Housing, England’s largest provider of new build affordable housing for the past five years.
One of these was education publisher Pearson, issued with a yield premium which we felt more than compensated for the perceived AI disruption risk.
as well as a relatively rare issue from Goldman Sachs, adding diversification to our financials exposure.
adding lower tier 2 issues from Barclays and Lloyds Bank,
adding lower tier 2 issues from Barclays and Lloyds Bank,
We also bought a new issue for London-based shopping centre Westfield Stratford City following the early repayment of existing bonds at par, which represented a premium to existing market pricing.
We did add modestly to senior bonds, including a new green senior sterling-denominated issue by Dutch bank ABN AMRO.
over the quarter added a new sterling- denominated hybrid from French utility Engie at a yield well over 6%.
including for example a euro- denominated note by Netherlands-based mutual Rabobank and a sterling-denominated note issued by Natwest.
We also added IDS, which owns Royal Mail as well as a Dutch parcel business.
including for example a euro- denominated note by Netherlands-based mutual Rabobank and a sterling-denominated note issued by Natwest.