Beale

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    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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    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!

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    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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    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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    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…

Fund summary

Sector General Retailers
Structure X-LISTED EQUITY
Launched March, 1995
Size £4m
Yield 0.00%
Charging basis
Dividends paid

Charges

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Investment process

The two views: Beale is "a pile of shite", according to Richard Ratner, of Seymour Pierce. It has an inefficient property portfolio with stores in pretty poor condition. Beale has a sound balnace sheet and has "no serious" institutioanl investor. But it is a well managed business and has recruited a new buyer, Barry Newton of its brokers Rowan Dartington. It has a number of department stores - from Kendal to Yeovil and even acquired 3-4 new stores quite recently. It targets the "blue rinse" market, is mid range. It has completed sale and leasebacks on its property. Minor refurb only is going on in its stores. The Beale family owns c40% of the shares but the shares are in many hands. The next biggest stake is held by Lawdene, a department store group owned by CI resident Mr Thompson. Apparently Thompson will not allow Beale powers to enable share buy backs. There are no institutional shareholder. The only likely bid interest would revolve round Lawdene but Thompson is virtually a recluse so there are no clues from that quarter. His own shops trade under the name Hoopers with outlets in Wilmslow, Bradford, Torquay and Tunbridge Wells. Beale is run by salarymen - no family member is in executive positions. A former Colonel in the British Army is chief exec. The FD is ex Hanson. A new highly experienced buyer was recruited recently. There is one latent asset (source: RD) - the group's own credit card business. (not sure that would be an asset - most CC operators have got specialists to do the work.) Trading in its Bournemouth store has suffered from out of town retail parks taking custom but the fight back is on. Conclusion: It cut its divi but because of the share price fall the yield is above 4%. Expensive rating on fundamentals, Awaiting desknote from RD.

Manager research

Average monthly relative returns

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Bestinvest MRI

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

Track record

Periods of worst performance

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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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Key Investor Information

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