ARDEVORA GLOBAL EQUITY C

Capital growth from global equities

  • 302.51p Price (Inc)
  • - Price (Acc)
  • 0.00% 0.00%

    Initial charge
  • 1.00% Annual management charge
  • 1.19% Ongoing charges
  • 0.00% Yield

Fund data last updated 14 November 2019

This fund primarily offers long-only exposure to global equities but also allows the managers to implement select short positions in an effort to generate positive returns from stocks they dislike. It aims to achieve capital growth over the long term by investing in a diversified portfolio of value and growth companies with a market capitalisation / free float in excess of $1bn. The process is bottom-up and is based on cognitive psychology.

Fund summary

Sector Global
Structure OFFSHORE FUND
Launched July, 2011
Size £709m
Yield 0.00%
Charging basis Income
Dividends paid

Charges

Initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.19%

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Investment process

The fund strategy, also known as equity extension strategy, can make invested capital work harder and typically without increasing net market exposure (the percentage of portfolio assets exposed to general market risk). The fund’s long positions will typically account for 150% of the fund’s net assets, while the short book will typically represent 50%, with the overall market exposure typically being managed to around 100% of the fund’s net assets. Controlling for market risk, the strategy allows the managers to add value through stock picking. The fund will typically invest in both value and growth companies with a market capitalisation / free float in excess of $1bn. The investment style is pragmatic and is structurally underweight mega caps (based on equal weighting of all portfolio constituents) and financials (based on quality screens). The process is grounded in cognitive psychology and recognises that the key players in investment markets have biases which affect their behaviour and lead to poor judgements. The portfolio is diversified and will include c.175 - 275 companies.

Manager Jeremy Lang previously spent 13 years at Liontrust AM working alongside co-manager William Pattisson before they departed to set up Ardevora Asset Management in 2010. The fund is managed on a team basis, and the four fund managers - Jeremy Lang & William Pattisson, Ben Fitchew & Gianluca Monaco - pair off. Benchmarked against the MSCI All Countries World Index, the fund allocates capital to both developed and emerging markets.

Manager research

Average monthly relative returns

Bestinvest MRI

14/15 15/16 16/17 17/18 18/19 3 years 5 years Career 3 years 5 years Career
-0.56% 0.11% 0.35% 0.72% -0.25% 0.28% 0.08% 0.16% 50.00% 50.00% 96.90%

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

Jeremy Lang

Lang founded Ardevora in 2010 after leaving Liontrust in 2009, which he joined in 1995. Prior to this he was at James Capel Fund Managers from 1986 to 1991 and left to take up sailing full-time. Lang has a First Class degree in Economics and Econometrics from University of York and has a Masters in Economics of Finance and Investment from University of Exeter.

Track record

Jeremy Lang has 12.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.16%. During the worst period of relative performance (from June 2008 - November 2008) there was a decline of 18% relative to the index. The worst absolute loss has been 42%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance

Absolute -42.00% (October 2007 - February 2009)
Relative -18.00% (June 2008 - November 2008)

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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Portfolio

- Circa 175 - 275 holdings - Equally weighted positions - No tracking error targets

Constraints

- +/- 5% on a regional basis

Key Investor Documents

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