fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

AMP Capital Global Companies B GBP

A concentrated portfolio of global equities.

  • 150.90p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.25%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.40%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.00%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 07 May 2021, fund data last updated 26 April 2021

The fund’s primary objective is Wealth Creation over the long term (5+ years), through generating a compound rate of return of above 10% per annum, whilst exhibiting a lower capital loss than the broader market. The investment philosophy is built around the concept that a market inefficiency exists between long-term fundamentals (cash flows) and short-term share prices, which manager Simon Steele believes he can take advantage of with a long-term mindset. Steele and his team seek out businesses with a competitive advantage; management teams that allocate capital wisely; and that possess runways for sustainable growth. Unlike much of its peer group, the fund has some China exposure.

Fund summary

Sector Global
Structure OFFSHORE FUND
Launched October, 2018
Size £485m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.25%
Ongoing charges figure 0.40%

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Investment process

The team use screens to reduce their investable universe of c. 3000 companies down to a smaller universe of 200 that meet their financial criteria using backward-looking quant screens. AMP then conduct 20-25 initial reviews and 10-15 deep dives over the year. Deep dives will include multiple interviews with company management and a range of industry experts. During this process, the team will particularly focus on intangible long-term drivers of wealth creation such as culture, innovation, pricing power, network effects, barriers to entry / exit and governance, amongst others. For each company being assessed a Bull, Base, and Bear scenario of the stock in terms of cash return on invested capital is set to assess the range of uncertainty (risk). The team aim for a portfolio of 25-35 companies and want to ensure that they allocate risk as productively as possible and steer the portfolio towards stocks offering the most attractive long-term risk-adjusted returns. The fund also aims for a portfolio of companies which exhibit ‘multiple ways of winning’ through exposure to a variety of competitive advantages, capital allocation models, and growth exposures, i.e. a series of low correlation bets. This serves to minimise company-specific risk.

Simon Steele was given carte blanche by AMP to set up a team and run a global equity fund as he would want his own money to be run for the long term. The team have what we believe to be an excellent philosophy and process, run as a meritocracy, in their own words, “only constrained by their philosophy.” Although the fund has a stretching return objective, its performance since inception (albeit a short track record) has been exceptional, well outpacing its benchmark, whilst taking less risk.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.74%
  • 20/21 0.37%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.63%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 96.50%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Simon Steele

Simon Steele (London), Head of Global Equities from June 2016. Mr Steele’s investment career spans 25 years’ with much of it dedicated to the management of UK and Global equity portfolios across a wide range of mandates. Prior to that he has worked at Fuji-Lord Abbett, the Royal Bank of Scotland, CCLA and Sarasin & Partners. His previous position at Sarasin & Partners involved managing the Global Equity High Yield, Global Dividend and International Income funds aggregating a total of £1.4bn assets. Mr Steele is a Chartered Member of the Institute for Securities and Investment.

Track record

Simon Steele has 2.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.63%. During the worst period of relative performance (from October 2020 - March 2021) there was a decline of 7% 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 97%.

Periods of worst performance

Absolute -10.00% (July 2019 - March 2020)
Relative -7.00% (October 2020 - March 2021)

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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Key Investor Information

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