ASI American Equity Unconstrained P1

Invests mainly in mid and large cap US equities.

  • 179.90p
    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!

  • 0.75%
    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).

  • 0.91%
    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.

  • 0.30%

    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

The main objective of the fund is to provide capital appreciation. It is intended that income will not be a prime consideration. To achieve its objective, the strategy of the fund will be to invest mainly in equities and equity type investments of companies listed on a US or Canadian Stock exchange or which, in the opinion of the ACD, carry on a substantial part of their operations in the USA or Canada.

Fund summary

Sector North America
Structure OEIC
Launched May, 2012
Size £59m
Yield 0.30%
Charging basis Income
Dividends paid Acc units only


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.91%


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Investment process

Manager research

Average monthly relative returns

  • 16/17 -0.11%
  • 17/18 -0.53%
  • 18/19 -0.47%
  • 19/20 0.28%
  • 20/21 -0.31%

Bestinvest MRI

  • 3 years -0.17%
  • 5 years -0.23%
  • Career -0.10%
  • 3 years 31.20%
  • 5 years 16.10%
  • Career 46.00%

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

Jeff Morris

Morris is a Vice President in Standard Life’s Boston office where his main focus is the analysis of the financial services sector for US companies. He began his career with Invesco Funds Group in 1991 as Fund Accountant before becoming Equity Assistant and then Analyst in 1994. In 1995 he was appointed Portfolio Manager – Vice President and went on to be responsible for various Invesco Funds before joining Standard Life Investments in June 2004.

Track record

Jeff Morris has 14.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.1%. During the worst period of relative performance (from June 2008 - January 2021) there was a decline of 24% relative to the index. The worst absolute loss has been 32%.

Periods of worst performance

Absolute -32.00% (May 2007 - February 2009)
Relative -24.00% (June 2008 - January 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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Top 10 holdings

Data accurate as at 30 June 2020

8.7% Microsoft Corp
6.6% Inc
6.4% Alphabet Inc
3.9% Mastercard Inc
3.4% Abbvie Inc
3.3% United Healthcare Ltd
2.9% Boston Scientific Corp
2.8% T-Mobile Us Inc
2.8% Mondelez International Inc A
2.8% Restaurant Brands Intl Inc
Source: Trustnet

Sector breakdown

Information Technology 25.00%
Health Care 16.00%
Consumer Discretionary 14.00%
Communications 11.00%
Financials 9.00%
Consumer Staples 8.00%
Industrials 7.00%
Money Market 6.00%
Utilities 3.00%
Energy 2.00%

Key Investor Information