Rathbone Ethical Bond

Introduction to the fund

This fund is one of the first of its kind, having launched in 2002 and been led by the impressive and consistent Bryn Jones since 2004. Stuart became deputy manager of the fund in March 2023 and Christie joined in January 2024. The fund invests in quality investment grade bonds, looking for a competitive income whilst generating attractive total returns. The ethical restrictions exclude armaments, mining, gambling, pornography, animal testing, nuclear power, alcohol and tobacco. On top of these, each holding must have at least one positive ESG quality. This has led to excellent long-term performance and, despite a style headwind, has held up reasonably well in unfavourable conditions.

Fund manager

Bryn Jones, Stuart Chilvers, Christie Goncalves

Bryn Jones has been managing Rathbone Ethical Bond since November 2004. He studied human geography at the University of Birmingham and believes learning how people act the way they do is a very useful tool, particularly when meeting company management teams. Before joining Rathbones, Bryn worked with Merrill Lynch Investment Managers.

Bryn is supported by Stuart Chilvers and Christie Goncalves. Stuart joined Rathbones in September 2017 having begun his career at Brown Shipley. He graduated from Bath University with a first-class Bachelor’s degree in Mathematics. Christie joined Rathbones in January 2024.

Opinion on fund

This fund typifies stable management, with Bryn having been at the helm for nearly 20 years. It has outperformed regardless of its ethical constraints, illustrating that income and ethics can be combined without sacrifice. It is a solid, core investment grade bond fund.

Fund performance

Documents

Key facts

  • Fund size

    £1,854.8m

  • Chelsea rating

    Buy

  • Core Selection

    Yes

  • Chelsea Risk Rating

    2.5

  • AMC

    0.63%

  • OCF

    0.65%

  • Unit Type

    Acc and Inc

  • Yield

    5.00%

  • FundCalibre rating

    Elite Rated

How to invest

Once you know where you want to invest, there are a number of ways you can invest:

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  • Call us on 020 7384 7300 to buy over the phone or request an application form
  • Download an application form and post it to us, along with a cheque
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Important information

Source: Performance data sourced from FE Analytics (IA universe). Yield figures (per annum), Fund Size data and AMCs/OCFs are as at 23/01/2026 unless otherwise stated.

The performance graph, factsheets and Key Investor Information Document is provided by FEfundinfo, and updated on a daily basis.

Some funds listed are off shore-domiciled and subject to different regulations. Off shore funds typically do not offer investor compensation under the UK Financial Services Compensation Scheme (FSCS).

Performance history extended by FE fundinfo to illustrate the fund’s longer-term record.

Sector rankings calculated from multiple underlying sectors; certain funds remain unranked due to limited comparability.

Funds assigned to an alternative IA sector; sector rankings may differ accordingly.

The information provided is based on our proprietary qualitative and quantitative research. Whilst reasonable efforts have been taken to ensure accuracy, Chelsea Financial Services cannot guarantee that the information is free from errors, omissions, or inaccuracies.

This information does not constitute investment advice and should not be interpreted as a recommendation to invest in any fund listed. Past performance is not a reliable indicator of future returns.

Please read the full Important Notice on page 2 of the FundReview 2025 carefully before making investment decisions.

Whilst every effort has been made to ensure the accuracy of this information, Chelsea Financial Services takes no responsibility for any errors, omissions or inaccuracies contained therein. The funds within the Chelsea Selection are based on our proprietary research, which is both qualitative and quantitative. Please note this is not investment advice, nor does it imply that you should invest in this fund. Past performance is a not a guide to future returns.

To find out more about our Chelsea Risk Rating, please visit our dedicated page.

The AMC (annual management charge) is paid to the fund management company for managing the fund. It is calculated as a percentage of the value of the fund. The AMC is less than the Ongoing Charges Figure (OCF).

The OCF (ongoing charges figure): The cost includes the AMC and other fees such as registration, regulatory, audit and legal fees but does not include transaction costs and performance fees.