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%
| YTD | 1Y | 3Ytotal | 5Ytotal | |
|---|---|---|---|---|
| Royal London AM Corporate Bond Monthly Income Trust | +2.3% | +2.3% | +20.5% | +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.
Read full disclosures →What it bought and sold
There were numerous opportunities to add to favoured bonds in the secondary market, including ICSL, backed by student loans and Tesco Property.
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.
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.
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
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.
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.
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.
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.
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.
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.
we did add modestly to senior bonds, including a new green senior sterling-denominated issue by Dutch bank ABN AMRO.
Also held
- British Land Co
- Electricite de France SA
- Aspire Defence Finance
- HSBC Holdings PLC
- Financial Res Soc Hous
- Barclays PLC
- Tesco Property