ASI World Equity Income A

A large-cap global equity fund paying an attractive yield.

  • 55.26p
    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.

  • 130.05p
    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!

  • 1.50%
    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).

  • 1.66%
    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.

  • 3.80%
    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 18 September 2020, fund data last updated 24 February 2014

This is an unconstrained, fairly concentrated portfolio of mainly large cap international equities, targeting an above average dividend yield and capital growth. Aberdeen's global equities team run the fund with the same process they use on the Murray International investment trust, picking their favourite dividend paying stocks from the portfolios of Aberdeen’s regional teams. Like other Aberdeen funds this has a bias to quality stocks which should give it some defensive characteristics.

Fund summary

Sector Global Equity Income
Structure OEIC
Launched October, 2009
Size £39m
Yield 3.80%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.66%

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Investment process

The portfolio is selected from a buylist of stocks held by Aberdeen's regional equity teams, so companies held will share the characteristics of other Aberdeen portfolios: straightforward businesses with quality management and strong balance sheets. This 500 strong buylist is compared across regions and sectors by Aberdeen's global team to find valuation anomalies. As this is an income fund the managers also look for attractive yields and sustainable, growing dividends. 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. Top-down factors are secondary and little regard is paid to the benchmark, with stock selection and diversification guiding geographical and sector weights. No currency hedging is undertaken, though the team take account of the currency positions of portfolio companies.

Aberdeen's global equities team took over this fund in 2009 and now run it using the same process that has brought success to the Murray International investment trust. The team has significant strength and experience, and by feeding off Aberdeen’s regional teams it also benefits from their expertise and quality control. Like other Aberdeen funds it has a bias to quality stocks which, coupled with the yield requirement, should give it some defensive characteristics. The fund has historically had high weightings to emerging markets and a low weighting to the US – the latter makes up around half of the benchmark, so performance can diverge from the index.

Manager research

Average monthly relative returns

  • 15/16 -0.03%
  • 16/17 -0.25%
  • 17/18 -0.61%
  • 18/19 -0.13%
  • 19/20 -0.17%

Bestinvest MRI

  • 3 years -0.30%
  • 5 years -0.24%
  • Career -0.07%
  • 3 years 13.10%
  • 5 years 21.50%
  • Career 72.20%

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 18.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.07%. 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.

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Top 10 holdings

Data accurate as at 31 July 2020

4% Cme Group Inc
3.9% Pepsico Inc
3.9% Taiwan Semiconductor Co
3.8% Samsung Electronics Co
3.5% Sociedad Quimica Y Minera De Chile
3.5% Verizon Communications Inc
3.4% British American Tobacco
3.4% Roche Hldg Ag
3.2% Taiwan Mobile Co
3.1% Grupo Aeroportuario Del Sureste Sa
Source: Trustnet

Sector breakdown

Communications 18.00%
Consumer Staples 16.00%
Information Technology 14.00%
Materials 12.00%
Financials 11.00%
Industrials 10.00%
Health Care 9.00%
Energy 5.00%
Real Estate 4.00%
Others 2.00%

Portfolio

Consists of 40-60 stocks. Typically fully invested. Commonality with the Murray International investment trust will be high, though without the fixed interest component.

Constraints

Regional limits +/- 35% relative to benchmark, sector limits +/- 15%. Minimum market cap $1bn.

Key Investor Information - Income

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Key Investor Information - Accumulation

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