fund
ASI North American Equity I
Targets capital growth from a portfolio of North American equities.
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4148.29p
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.
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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?
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0.00%
Initial chargeSome 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!
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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).
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0.88%
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.
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0.10%
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…
This fund targets capital growth from a portfolio of large and mid sized North American companies - minimum market cap is US$1bn. Aberdeen favour "quality" stocks, so portfolio companies will generally feature steady growth, dependable dividends and lower than average debt.
Fund summary
| Sector | North America |
| Structure | OEIC |
| Launched | April, 2006 |
| Size | £134m |
| Yield | 0.10% |
| 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 | 0.75% |
| Ongoing charges figure | 0.88% |
Allocation
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Investment process
The fund's objective is to achieve capital growth by investing in a portfolio of North American securities. 90% of research is carried out in-house, with external research used primarily as a source of ideas. The investment process begins with a filter on quality: the team look for businesses with profitable growth prospects, the balance sheet to support expansion and that are run in the interests of all shareholders. Quality of management is also important - the team will not invest until they have met the management. Companies that have passed the quality filter are then filtered based on price. The team look at valuations based on standard financial ratios, compared to market price and compared to the valuations of similar companies. Portfolio turnover is generally low - the team will top-slice when valuations become stretched, and will sell on changes of personnel, business direction or in the competitive landscape.
Manager research
Average monthly relative returns
- 16/17 -0.40%
- 17/18 0.20%
- 18/19 -0.22%
- 19/20 0.21%
- 20/21 -0.29%
Bestinvest MRI
- 3 years -0.10%
- 5 years -0.10%
- Career -0.11%
- 3 years 44.40%
- 5 years 42.90%
- Career 46.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Aberdeen US Equities Team
Bassett joined Aberdeen in 2006 from Navigant Consulting where he worked as a management consultant providing client analysis and direction on critical business decisions. Previously, Bassett held internships at J.P. Morgan Chase and Boenning and Scattergood, a boutique investment bank. Bassett graduated with a BS in Finance from Villanova University. He is a CFA Charterholder. The US Equities team are based in Philadelphia. Other key team members include Christopher Baggini, Douglas Burtnick and Jason Kotik.
Track record
Aberdeen Us Equities Team has 15.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.11%. During the worst period of relative performance (from June 2009 - January 2021) there was a decline of 29% relative to the index. The worst absolute loss has been 24%.
Periods of worst performance
| Absolute | -24.00% (May 2007 - February 2009) |
| Relative | -29.00% (June 2009 - 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.
Allocation
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Top 10 holdings
Data accurate as at 31 July 2020
| 8.3% | Microsoft Corp |
| 6.5% | Amazon.com Inc |
| 6% | Alphabet Inc |
| 4.4% | Visa Inc |
| 3.7% | Csx Corp |
| 3.7% | Adobe Inc |
| 3.6% | Nextera Energy Inc |
| 3.6% | Fidelity National Information Services Inc |
| 3.5% | Intercontinental Exchange Inc |
| 3.4% | Comcast Cable Communications Llc |
| Source: Trustnet |
Sector breakdown
| Information Technology | 23.00% |
| Financials | 13.00% |
| Communications | 12.00% |
| Consumer Discretionary | 11.00% |
| Health Care | 11.00% |
| Industrials | 10.00% |
| Consumer Staples | 6.00% |
| Materials | 5.00% |
| Mutual Funds | 4.00% |
| Utilities | 4.00% |
Portfolio
The portfolio consists of 50-70 stocks.
Constraints
Minimum market capitalisation US$1bn. There are no formal sector limits, but the team take account of sector balance in forming the portfolio, and also try to ensure portfolio companies have varied business drivers.
Key Investor Information