ASI World Equity I

Large cap international equity fund which typically has a quality bias.

  • 195.22p
    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.

  • 347.45p
    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!

  • 1.00%
    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).

  • 1.15%
    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.

  • 0.20%
    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 29 April 2014

The objective of the fund is to provide long term total return from an internationally diversified portfolio of equities. This is an unconstrained portfolio of mainly large cap stocks, selected by Aberdeen’s global team exclusively from amongst those held in the group’s regional portfolios. They compare these companies across regions and sectors in order to highlight valuation anomalies, then select around 50 they believe offer the best value worldwide.

Fund summary

Sector Global
Structure OEIC
Launched November, 2007
Size £239m
Yield 0.20%
Charging basis Income
Dividends paid 30 Apr, 31 Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.15%

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Investment process

Aberdeen’s Global Equities team select stocks exclusively from a 330 strong buy list of stocks already held by Aberdeen’s regional equity teams. Portfolio companies thus share the characteristics of other Aberdeen portfolios: straightforward business models, quality management, recurring earnings and strong balance sheets. The global team compares companies on the buy list across regions and sectors to find valuation anomalies. They have access to the research of their regional analysts and largely rely on them to carry out company visits. The team takes a five year view on stocks so portfolio turnover is typically low. Stocks are sold when they become overpriced or when they are sold from regional portfolios. Bottom up stock selection and diversification guide geographical and sector weights, though the team's macroeconomic view provides what they describe as a common sense check on risks to the fund. No currency hedging is undertaken, though the managers take account of the currency positions of portfolio companies.

Manager research

Average monthly relative returns

  • 16/17 -0.17%
  • 17/18 -0.19%
  • 18/19 -0.41%
  • 19/20 -0.15%
  • 20/21 -0.10%

Bestinvest MRI

  • 3 years -0.22%
  • 5 years -0.20%
  • Career -0.07%
  • 3 years 27.10%
  • 5 years 25.10%
  • Career 71.90%

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

Aberdeen Global Equities Team

Stephen Docherty has been head of Aberdeen’s Edinburgh-based global team since 2002. He joined the company in 1994 and moved to a fund management role in the 1998 in the Fort Lauderdale office, before joining the global team in 2000. Docherty has a degree in Maths and Statistics from Aberdeen University. Bruce Stout is a senior investment manager on the global team. He joined Aberdeen via the acquisition of Murray Johnstone, a company he joined in 1987. Previous roles included investment manager on the emerging markets team. Stout has a degree in Economics from the University of Strathclyde. Other senior team members include Jamie Cumming, Stewart Methven, Samantha Fitzpatrick and Martin Connaghan.

Track record

Aberdeen Global Equities Team has 19.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.07%. During the worst period of relative performance (from October 2011 - August 2020) there was a decline of 36% relative to the index. The worst absolute loss has been 32%.

Periods of worst performance

Absolute -32.00% (May 2008 - February 2009)
Relative -36.00% (October 2011 - August 2020)

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

4.8% Microsoft Corp
4.7% Tencent Hldgs Ltd
4.2% Taiwan Semiconductor Co
4.1% Visa Inc
3.6% Alphabet Inc
3.4% Aia Group Ltd
3.1% Cme Group Inc
3.1% Autodesk Inc
3.1% Amazon.com Inc
2.7% Nestle Sa
Source: Trustnet

Sector breakdown

Information Technology 23.00%
Health Care 15.00%
Financials 15.00%
Consumer Staples 12.00%
Consumer Discretionary 11.00%
Communications 8.00%
Industrials 7.00%
Materials 6.00%
Energy 2.00%

Portfolio

40-60 stocks. Typically fully invested.

Constraints

Max 5% in any one stock. Market cap must be >US$1bn. Regional limits +/- 35% relative to benchmark, sector limits +/- 15%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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