Royal London Asset Management

Royal London AM Corporate Bond Monthly Income Trust

Mega-cap Income

Jun 2026 → Sep 2026

Our archive holds 2 letters from this strategy, behind 1 investment thesis and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.

2 letters in a year · follow all of Royal London Asset Management for every strategy.

Performance

as of Sep 30, 2026 · net of fees · GBP · A Inc GBP

  • YTD
    +2.3%
  • 1Y
    +2.3%
  • 3Y · total
    +20.5%
  • 5Y · total
    +3.2%

Calendar years

  • 2025
    +5.0%
  • 2024
    +12.3%
  • 2023
    +7.3%
  • 2022
    −20.2%
Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What it bought and sold

  • AddedTesco PLCSep 2026
    There were numerous opportunities to add to favoured bonds in the secondary market, including ICSL, backed by student loans and Tesco Property.
  • AddedDeutsche TelekomSep 2026
    Examples included sterling denominated issues from US telecoms giant AT&T and the partially state-owned German telecommunications company Deutsche Telekom, which both came at above market credit spreads.
  • AddedHSBC Holdings PLCSep 2026
    we also added geographic diversification through senior bonds from Macquarie Group and the Montreal-based Desjardins Group, North America’s largest federation of credit unions, and a new senior euro-denominated bond from US investment bank Jeffries Group
  • AddedNuveenSep 2026
    We also participated in a senior bond issue by US-owned asset manager Nuveen, offering a clear spread premium over US dollar equivalents.
  • Elsewhere in the financial sector, we added tier 2 new issues from UK pension insurance specialist Rothesay Life, as well as health insurer BUPA.
  • AddedJeffries GroupSep 2026
    we also added geographic diversification through senior bonds from Macquarie Group and the Montreal-based Desjardins Group, North America’s largest federation of credit unions, and a new senior euro-denominated bond from US investment bank Jeffries Group
  • AddedAT&TSep 2026
    Examples included sterling denominated issues from US telecoms giant AT&T and the partially state-owned German telecommunications company Deutsche Telekom, which both came at above market credit spreads.
  • AddedICSLSep 2026
    There were numerous opportunities to add to favoured bonds in the secondary market, including ICSL, backed by student loans and Tesco Property.
  • AddedRothesay LifeSep 2026
    Elsewhere in the financial sector, we added tier 2 new issues from UK pension insurance specialist Rothesay Life, as well as health insurer BUPA.
  • AddedDesjardins GroupSep 2026
    we also added geographic diversification through senior bonds from Macquarie Group and the Montreal-based Desjardins Group, North America’s largest federation of credit unions, and a new senior euro-denominated bond from US investment bank Jeffries Group
  • AddedAA plcSep 2026
    We added a senior secured new issue from automobile recovery provider the AA and Sunshine Mortgage funding – a mortgage-backed security backed by equity release mortgage loans.
  • AddedAmazon.com, Inc.Sep 2026
    In technology, we bought sterling-denominated and US dollar new issues by US companies Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities.
  • AddedSunshine Mortgage FundingSep 2026
    We added a senior secured new issue from automobile recovery provider the AA and Sunshine Mortgage funding – a mortgage-backed security backed by equity release mortgage loans.
  • AddedBupaSep 2026
    Elsewhere in the financial sector, we added tier 2 new issues from UK pension insurance specialist Rothesay Life, as well as health insurer BUPA.
  • AddedMacquarie GroupSep 2026
    we also added geographic diversification through senior bonds from Macquarie Group and the Montreal-based Desjardins Group, North America’s largest federation of credit unions, and a new senior euro-denominated bond from US investment bank Jeffries Group
  • AddedWestfield Stratford CityJun 2026
    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.
  • AddedPearson plcJun 2026
    One of these was education publisher Pearson, issued with a yield premium which we felt more than compensated for the perceived AI disruption risk.
  • and Uniqa Insurance, one of the largest insurance groups in Austria and Central and Eastern Europe.
  • AddedEngie SAJun 2026
    over the quarter added a new sterling- denominated hybrid from French utility Engie at a yield well over 6%.
  • adding lower tier 2 issues from Santander, Lloyds Bank, and a relatively rare issue from Goldman Sachs,
  • adding lower tier 2 issues from Santander, Lloyds Bank, and a relatively rare issue from Goldman Sachs,
  • AddedSage Housing LimitedJun 2026
    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.
  • AddedVonovia SEJun 2026
    In real estate, Vonovia, one of Europe’s largest residential real estate companies headquartered in Germany, came to market with a sterling-denominated 12-year bond.
  • AddedABN AMRO Bank N.V.Jun 2026
    we did add modestly to senior bonds, including a new green senior sterling-denominated issue by Dutch bank ABN AMRO.

Also held

Its investment theses

Every letter