Ninety One Global Managed Income Fund
Mixed Allocation · Global · Conservative Allocation
Figures refer to the share class ISIN LU1974397777, currency USD.
Recent performance
The USD class returned +3.32% over one year to 2026-09-30. Over the final three months, the fund returned -0.39%.
Key facts
- Associated firm
- Ninety One Luxembourg S.A.
- Asset class
- Mixed Allocation
- Geography
- Global
- Strategy
- Conservative Allocation
- Share class currency
- USD
- Share class inception
- 26.04.2019
- Fund size
- 1138 million (as at 14.09.2026)
- Management fee
- 0.65%
- Performance fee
- No
- Liquidity
- Daily
- UCITS
- Yes
- Risk grade (SRRI)
- 2 (as at 22.08.2026)
- Registered in Switzerland
- Yes
Performance in context
Growth from the same starting value
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-09 | 100.00 |
| 2023-10 | 98.88 |
| 2023-11 | 101.97 |
| 2023-12 | 104.49 |
| 2024-01 | 104.35 |
| 2024-02 | 104.12 |
| 2024-03 | 105.38 |
| 2024-04 | 104.21 |
| 2024-05 | 104.96 |
| 2024-06 | 105.38 |
| 2024-07 | 107.44 |
| 2024-08 | 108.61 |
| 2024-09 | 109.78 |
| 2024-10 | 108.57 |
| 2024-11 | 109.55 |
| 2024-12 | 108.75 |
| 2025-01 | 109.64 |
| 2025-02 | 110.44 |
| 2025-03 | 110.49 |
| 2025-04 | 111.19 |
| 2025-05 | 111.70 |
| 2025-06 | 112.73 |
| 2025-07 | 113.30 |
| 2025-08 | 114.47 |
| 2025-09 | 115.64 |
| 2025-10 | 116.76 |
| 2025-11 | 116.76 |
| 2025-12 | 116.81 |
| 2026-01 | 117.74 |
| 2026-02 | 119.01 |
| 2026-03 | 117.13 |
| 2026-04 | 118.68 |
| 2026-05 | 119.43 |
| 2026-06 | 119.94 |
| 2026-07 | 119.80 |
| 2026-08 | 120.51 |
| 2026-09 | 119.48 |
Growth of 100 · USD total returns. Monthly observations, income reinvested.
Fund valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN LU1974397777, currency USD | -0.85 | -0.39 | 2.00 | 2.28 | 7.40 | 4.08 | 6.74 | 3.32 | 6.11 | 3.34 | 3.42 | 0.44 | -1.57 |
| BenchmarkConservative USD - 33% MSCI ACWorld + 67% BarCap | -1.47 | -1.18 | 4.49 | 3.28 | 10.48 | 7.86 | 11.89 | 4.97 | 9.87 | 3.99 | 6.08 | 0.85 | -3.57 |
| Differencefund minus benchmark, in percentage points | 0.62 | 0.79 | -2.49 | -1.00 | -3.07 | -3.78 | -5.15 | -1.65 | -3.76 | -0.64 | – | – | – |
Reporting dates by figure
- LU1974397777 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
How far below its previous high?
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-09 | 0.00 |
| 2023-10 | -1.12 |
| 2023-11 | 0.00 |
| 2023-12 | 0.00 |
| 2024-01 | -0.13 |
| 2024-02 | -0.36 |
| 2024-03 | 0.00 |
| 2024-04 | -1.11 |
| 2024-05 | -0.40 |
| 2024-06 | 0.00 |
| 2024-07 | 0.00 |
| 2024-08 | 0.00 |
| 2024-09 | 0.00 |
| 2024-10 | -1.11 |
| 2024-11 | -0.21 |
| 2024-12 | -0.94 |
| 2025-01 | -0.13 |
| 2025-02 | 0.00 |
| 2025-03 | 0.00 |
| 2025-04 | 0.00 |
| 2025-05 | 0.00 |
| 2025-06 | 0.00 |
| 2025-07 | 0.00 |
| 2025-08 | 0.00 |
| 2025-09 | 0.00 |
| 2025-10 | 0.00 |
| 2025-11 | 0.00 |
| 2025-12 | 0.00 |
| 2026-01 | 0.00 |
| 2026-02 | 0.00 |
| 2026-03 | -1.57 |
| 2026-04 | -0.28 |
| 2026-05 | 0.00 |
| 2026-06 | 0.00 |
| 2026-07 | -0.12 |
| 2026-08 | 0.00 |
| 2026-09 | -0.85 |
Deepest month-end decline for this class: -1.57%.
2023-09-29 to 2026-09-30 · USD total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -1.12 | +3.12 | +2.48 |
| 2024 | -0.13 | -0.22 | +1.21 | -1.11 | +0.72 | +0.40 | +1.95 | +1.09 | +1.08 | -1.11 | +0.91 | -0.73 |
| 2025 | +0.82 | +0.73 | +0.04 | +0.64 | +0.46 | +0.92 | +0.50 | +1.03 | +1.02 | +0.97 | +0.00 | +0.04 |
| 2026 | +0.80 | +1.07 | -1.57 | +1.32 | +0.63 | +0.43 | -0.12 | +0.59 | -0.85 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Long Only
Compared with the mixed allocation funds on OpenList — Long Only (1 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 3.32 | ||
| Return 3Y p.a. | 6.11 | ||
| 3Y p.a. over its own benchmark | -3.76 | ||
| Volatility 3Y | 3.42 | ||
| Sharpe ratio 3Y | 0.44 | ||
| Max drawdown 3Y | -1.57 | ||
| Management fee | 0.65% |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall. Only figures with the same reporting date are compared.
Price history
Rebased to 100 at 29.10.2021.
Table view
| Period | From | Fund (100 at start) |
|---|---|---|
| 1Y | 31.10.2025 | 103.1 |
| 3Y | 31.10.2023 | 121.8 |
| 5Y | 29.10.2021 | 118.7 |
| Since 2019 | 26.04.2019 | 128.6 |
Total return: distributions reinvested.
In USD, the currency of the share class shown.
Benchmark price history is unavailable.
Fund history to 28.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Share classes on the OpenList
Returns as of 30.09.2026.
Scroll horizontally to see all share-class columns →
| ISIN | Currency | Mgmt fee | 1Y | 3Y |
|---|---|---|---|---|
| LU0972617095 | USD | 1.15% | 2.65 | 5.41 |
| LU1974397777 (shown above) | USD | 0.65% | 3.32 | 6.11 |
Reporting dates by figure
- LU0972617095 — 30.09.2026: 1Y, 3Y
- LU1974397777 — 30.09.2026: 1Y, 3Y
Fund documents
Check the share class and reporting date in each document.
KID (PDF, 27.03.2026)All documents on fundinfoChart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
Back to the list: OpenList — Long Only
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
How this fund works
Investment rationale
The Global Managed Income Fund is designed to provide income with the opportunity for capital growth over the long term, and is intended to be held for at least 5 years. It is an actively managed global multi-asset fund that seeks to limit volatility to below 50% of global equities, although this is not guaranteed. The product is classified as low risk on the summary risk indicator scale at 2 out of 7. The fund is designed to form part of a broader portfolio, but may also be suitable as a significant component of an investor’s overall portfolio for a basic investor who can bear capital loss and invests with advice or on an execution-only basis.
2026-08-31
How the strategy works
The fund’s objective is to provide income with the opportunity to grow the value of an investment over the long term. It invests globally across a broad range of assets including bonds, company shares, alternative assets, derivatives, transferable securities and other funds, and may hold cash; equity exposure will normally be no more than 40% of fund value, the fund may invest up to 25% in emerging and frontier markets and up to 20% in mainland China including China Interbank Bond Market bonds and Stock Connect companies. Bonds may be issued by governments, institutions or companies, including emerging and frontier market issuers, and at 31 August 2026 the portfolio had modified duration of 2.2 years and an average credit rating of A. The fund is actively managed with no benchmark constraining security selection, and derivatives may be used to achieve investment objectives, manage risks or reduce management costs. The USD A Accumulation (LU0972617095) and USD IX Accumulation (LU1974397777) share classes retain income in their share values.
2026-08-31
Investment philosophy
• The fund invests globally in a range of assets including sovereign and corporate bonds, equities, alternative assets, derivatives, transferable securities and other funds, with a focus on assets expected to provide a reliable level of income and opportunities for capital growth in many market conditions.
• Investment opportunities are identified through in-depth analysis and research on individual companies and countries, and the investment manager is free to select investments because the fund is actively managed without a benchmark constraint.
• The fund promotes environmental and social characteristics under Article 8 SFDR by using the investment manager’s proprietary sustainability framework and excluding certain sectors, business groups and activities; additional exclusions may be applied over time.
• At 31 August 2026, portfolio construction had its largest sector exposures in developed market sovereign debt, emerging market local currency debt, equity and investment grade corporate debt, with net equity exposure after hedging of 10.2%, 133 bond holdings and 53 equity holdings.
2026-08-31
Management team
The portfolio managers are John Stopford and Jason Borbora-Sheen.
2026-08-31
Distinctive features
The fund combines income generation with a broad global multi-asset mandate spanning sovereign bonds, local currency emerging market debt, corporate credit, equities, infrastructure, property and cash. Its structure is differentiated by a stated aim to keep volatility below half that of global equities while still allowing global allocation across asset classes. At 31 August 2026, the portfolio had substantial sovereign bond exposure, moderate equity exposure after hedging, and a short modified duration of 2.2 years. The fund also incorporates binding sustainability features through Article 8 SFDR classification and Ninety One’s Enhanced Integration ESG classification. The USD A Accumulation and USD IX Accumulation share classes retain income in their share values.
2026-08-31
Risks
The fund has a summary risk indicator of 2 out of 7, and it does not provide protection against market losses, so investors could lose some or all of their investment. General market risk, interest-rate risk and political, social and economic developments can affect the value of investments and income. Because the portfolio invests in fixed income securities, it carries default risk, with lower-credit-quality issuers presenting greater risk of missed interest or principal payments; the fund also holds sub-investment-grade exposure within its credit breakdown. Currency exchange movements may adversely affect value and income, and this is relevant because the fund invests globally and may make payments in a different currency. The use of derivatives can magnify gains and losses and introduces counterparty risk, while emerging and frontier market investments carry higher financial loss risk, and ESG-related events or factors could negatively affect investments.
2026-08-31
Asset manager
The fund is a sub-fund of the Ninety One Global Strategy Fund, a Luxembourg UCITS structured as a SICAV. It is managed by Ninety One Luxembourg S.A., which is regulated by the Commission de Surveillance du Secteur Financier and is a member of the Ninety One group. Ninety One is the firm responsible for the fund materials and investor servicing.
2026-08-31