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The fund targets capital growth by investing predominantly in the companies of the FTSE Mid 250 Index and in the 50 largest companies by market capitalisation listed on the FTSE Small Cap Index. Neptune feel that medium sized companies are under-analysed, presenting opportunities for active investors to add value.

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

Fund summary

Sector UK All Companies
Structure OEIC
Launched December, 2008
Size £707m
Yield 0.3%
Charging basis Income
Dividends paid Acc units only


Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.60%
Ongoing charges figure 1.67%


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

Fund manager Mark Martin is relatively inexperienced but has made a strong start to his career on this fund. The strong performance of FTSE 250 stocks relative to the rest of the UK market in recent years has provided him with a tailwind, but his relative numbers are also attractive.


Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1
Allocation Proportion(%)
UK 100
Europe 0
North America 0
Japan 0
Pacific 0
Other Equity 0
Allocation Proportion(%)
Large Caps 0
Mid Caps 17
Small Caps 83

View all performance data for this fund

Investment process

The investment universe is the FTSE Mid 250 index and the 50 largest companies in the FTSE Small Cap index. Companies entering the FTSE 100 index are phased out rather than sold automatically. Analysis at Neptune is split into three simultaneous, parallel, research areas: economic regions, global sectors, and individual companies. The UK based team are split by sector globally, with individual company analysis tending to focus on sectors they believe will benefit from current economic circumstances. The manager uses the global research as a filtering process, and also uses Neptune's proprietary quantitative model as a stock screen. Individual stock research incorporates a company profile and an analysis of industry trends. The manager looks at a company's competitive position, management and strategy. In constructing the portfolio the manager balances investments between three different silos: recovery plays, structural growth stories and turnarounds. At least 20% must be invested in each silo.

Live feed

Bid price(inc) 422.40p
Accum units 422.40p
Fund commentary
Fund data updated on 08/10/15

Asset allocation

Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1

Equity Geographic

Allocation Proportion(%)
UK 100
Europe 0
North America 0
Japan 0
Pacific 0
Other Equity 0

Equity Capitalisation

Allocation Propor
Large Caps 0
Mid Caps 17
Small Caps 83

Top 10 holdings

As at: 31/07/2015
6.2373%Mears Group
5.0901%Vectura Group
4.6016%De La Rue
3.985%Consort Medical Plc
3.945%Imagination Technologies Group
3.9382%Dechra Pharmaceuticals
3.8023%Pz Cussons
Source: Trustnet

Sector breakdown

Industrials 27%
Health Care 21%
Consumer Discretionary 17%
Consumer Staples 13%
Information Technology 10%
Telecommunications Utilities 5%
Financials 2%
Utilities 2%
Money Market 1%
Materials 1%

Portfolio details

Typical position size 2-4%.


Max initial position 5%, max position 10%. Typical max 30% in one sector. Up to 20% cash may be held.
There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.

Average monthly relative returns Bestinvest MRI
10/11 11/12 12/13 13/14 14/15   3 years 5 years Career 3 years 5 years Career
0.85% 1.23% -0.39% 0.35% 0.62%   0.19% 0.53% 0.26% 79.10% 99.30% 95.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Mark Martin

Manager. Martin joined Neptune in February 2008 as an investment analyst and is now a fund manager. Together with Felix Wintle and Thomas Barber, he is responsible for global research on the healthcare sector. Martin graduated from Oxford University in Classics in 2002 and went on to qualify as a solicitor at Allen & Overy Private Equity group.

Track record

Mark Martin has 6.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.26%. During the worst period of relative performance (from January 2009 - December 2010) there was a decline of 12% relative to the index. The worst absolute loss has been 10%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 95%.

Periods of worst performance
Absolute -10% (January 2009 - February 2009)
Relative -12% (January 2009 - December 2010)

Other funds managed

  Start Date

Sector record since January 2009 (7 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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