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Bestinvest rating
MARLBOROUGH SPECIAL SITUATIONS A

MARLBOROUGH SPECIAL SITUATIONS A - Overview

Overview of MARLBOROUGH SPECIAL SITUATIONS A

The objective of the fund is to provide investors with capital growth by investing in smaller companies, new issues and companies going through a difficult period with good recovery prospects. The portfolio has an unusually large number of holdings reflecting its bias to the smaller companies and in particular AiM stocks, some FTSE 250 companies will also be included. Stock selection is primarily bottom-up with a growth bias. Smaller companies’ shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.

  • Standard Initial Charge 5.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector UK Smaller Companies
Structure UNIT TRUST
Launched July, 1995
Size £1,026m
Yield 0.4%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.78%
Annual management charge 1.50%
Ongoing charges figure 1.55%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

This fund has been a consistently strong performer, driven by shrewd stockpicking and active trading of the portfolio. Giles Hargreave is a highly experienced manager with a keen eye for growth opportunities across the small cap market. He is supported by a large team who research the micro-cap sector which is often overlooked – they also help in covering the large number of holdings, which has expanded in order to mitigate liquidity constraints. There remains a risk that further increases in assets under management could compromise the investment style.

Portfolio

Allocation Proportion(%)
Equity 95
High yield bonds 0
Quality bonds 0
Property 4
Commodities 0
Hedge 0
Fund cash 1
Allocation Proportion(%)
UK 97
Europe 0
North America 1
Japan 1
Pacific 1
Other Equity 0
Allocation Proportion(%)
Large Caps 0
Mid Caps 29
Small Caps 71

View all performance data for this fund

Investment process

The investment process is bottom up driven with a bias towards growth stocks. The team review the macroeconomic environment monthly and at times the portfolio may have some thematic orientation, including modest style tilts. The investment universe is diverse and spans the FTSE Small Cap and FTSE Fledgling indices, the AiM market, and smaller FTSE 250 companies. Ideas are generated internally by the extensive research resources, via the broker community and through other external contacts. Hargreave is supported by a team of 8 - the size of the team enables him to monitor a large percentage of the small cap universe. The team carry out all their own research on companies, which includes analysis of financial statements and meeting with company management. Hargreave controls all final investment decisions.

Live feed

Bid price(inc) (148.00p) 1,158.39p
Accum units 1,158.39p
Fund commentary 13/04/12
Fund data updated on 05/02/16

Asset allocation

Allocation Proportion(%)
Equity 95
High yield bonds 0
Quality bonds 0
Property 4
Commodities 0
Hedge 0
Fund cash 1

Equity Geographic

Allocation Proportion(%)
UK 97
Europe 0
North America 1
Japan 1
Pacific 1
Other Equity 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 0
Mid Caps 29
Small Caps 71

Top 10 holdings

As at: 30/11/2015
4.277%Jd Sports Fashion Plc
3.6368%Fevertree Drinks Plc
2.876%Hutchison China Meditech
2.5302%Restore Plc
2.446%Cvs Group Plc
2.3248%Energy Assets Group Plc
2.2144%Brooks Macdonald Group
2.192%Card Factory Plc
2.1256%Dart Group Plc
2.1178%Robert Walters
Source: Trustnet

Sector breakdown

Industrials 32%
Consumer Services 22%
Financials 16%
Technology 10%
Health Care 8%
Consumer Goods 6%
Basic Materials 2%
Cash & Cash Equivalents 2%
Oil & Gas 1%
Utilities 1%

Portfolio details

Number of positions >200. Around one-third of the portfolio is kept within liquid issues. The portfolio may also carry a strong bias to AiM listed companies. Cash and property may be used as a defensive measure.

Constraints

Position sizes are typically below 2%, never more than 3%. The focus is on companies with a market cap of >£100m.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
11/12 12/13 13/14 14/15 15/16   3 years 5 years Career 3 years 5 years Career
0.71% -0.69% -0.17% 0.26% 0.57%   0.22% 0.13% 0.91% 84.10% 86.20% 100.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Giles Hargreave

Manager. Hargreave was born in Preston, Lancashire in 1948 and is chairman of Hargreave Hale Ltd. He began his career in investments after leaving Cambridge University in 1969, joining James Capel as an analyst. He joined Management Agency and Music as a private fund manager in 1974, before forming his own investment management business, Hargreave Investment Management, in 1986. In 1988 he merged Hargreave Investment Management with Hargreave Hale & Co, a provincial stockbroking firm controlled by other members of his family.

Track record

Giles Hargreave has 17.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.91%. During the worst period of relative performance (from March 2000 - May 2000) there was a decline of 19% relative to the index. The worst absolute loss has been 47%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -47% (May 2007 - November 2008)
Relative -19% (March 2000 - May 2000)

Sector record since July 1998 (18 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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