CAZENOVE UK GROWTH & INCOME X - Fund overview
Bestinvest rating
Overview of
CAZENOVE UK GROWTH & INCOME X
A core UK equity fund with an income bias. The managers follow a 'business cycle' approach to investing, attempting to add value with judicious sector rotation calls in line with the macro economic environment. There are some constraints in place that limit the fund's exposure to small and mid cap stocks.
Standard Initial Charge
0.00% 0.00%
Fund summary
| Sector |
UK All Companies
|
| Product type |
OEIC
|
| Launched |
December, 2002
|
| Size |
£511m
|
| Yield |
3.1%
|
| Charging basis |
–
|
| Dividends paid |
28/02, 31/08
|
| Cofunds |
No
|
| FundsNetwork |
No
|
| Bid price(inc) |
150.52p |
0.09p |
| Bid price(acc) |
195.00p |
0.13p |
Fund Charges
|
Standard Initial charge
|
0.00%
|
|
Initial charge via Bestinvest
|
0.00%
|
|
Additional bid/offer spread
|
0.00%
|
|
Annual management charge
|
0.75%
|
|
Total expense ratio
|
0.81%
|
|
Reduction in yield (10yr)
|
0.81%
|
Portfolio
| Allocation |
Proportion |
|
|
Equity |
98%
|
|
High yield bonds |
0%
|
|
Quality bonds |
0%
|
|
Property |
0%
|
|
Commodities |
0%
|
|
Hedge |
0%
|
|
Fund cash |
2%
|
|
Allocation
|
Proportion
|
|
|
|
|
UK
|
100%
|
|
|
Europe
|
0%
|
|
|
Nth America
|
0%
|
|
|
Japan
|
0%
|
|
|
Pacific
|
0%
|
|
|
Other Equity
|
0%
|
|
Allocation
|
Proportion
|
|
|
|
|
Large Caps
|
74%
|
|
|
Mid Caps
|
24%
|
|
|
Small Caps
|
2%
|
View all performance data for CAZENOVE UK GROWTH & INCOME X
Investment process
The fund's objective is to provide 1.5% p.a. out performance of the FTSE All Share net of charges by investing mainly in FTSE 350 companies. The strategy is to run a reasonably well diversified portfolio without huge sector skews and to try to add value from judicious timing decisions.
A pragmatic approach (business cycle investing) is pursued in terms of sector and style exposure based on macro economic views. Changes in the business cycle or "inflection points" are catalysts for portfolio changes. At such points, for example changes in consumer expectations, capital expenditure or interest rate direction, the portfolio is weighted towards whichever style of investing (group of stocks) is deemed to be most appropriate. Stock groups are classified according to seven types; Structural Growth, Consumer Cyclical, Industrial Cyclical, Value Defensive, Interest Sensitive, Growth Defensive and Commodity Cyclicals. Consequently this approach will rely heavily on top down assessment, timing and stock selection, drawing on the managers' experience to identify relevant opportunities.