BlackRock UK Dynamic

  • 0.00p
    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.

  • 0.00p
    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?

  • 5.00% 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.

  • 0.00%
    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 data last updated 06 December 2011

The fund’s objective is long term capital growth through investment in predominantly large and mid cap UK equities. Though the portfolio is fairly concentrated, the fund should be viewed more as an actively managed core holding rather than a high risk, high return fund as the 'dynamic' name implies. Bottom-up stock selection with a contrarian bent is the key driver behind performance.

Fund summary

Sector UK All Companies
Structure X-UNIT TRUST
Launched October, 2000
Size £506m
Yield 0.00%
Charging basis Income
Dividends paid 30/6, 31/12.

Charges

Standard initial charge 5.00%
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

A flexible style is adopted, the intention being to add value through stock selection in all market conditions. The portfolio is concentrated with at least 50% derived from the UK Equity Team's model list. The process begins by identifying good quality companies, based on an assessment of management, financial and industry fundamentals. The manager will subsequently seek to analyse a stock on the basis of management strategy and committed to shareholders; a developing story, a favourable industry background displaying growth, pricing power, barriers to entry, no disappointment in the short term numbers and a favourable valuation.

Historically this fund had been a popular choice amongst investors as a core UK equity fund. Up until the "credit crunch" period its investment style worked well, but more recently performance has failed to match our expectations and the fund has been placed on our sell list. Alternative funds to consider in the UK All Companies peer group include AXA Framlington UK Select Opportunities and JO Hambro CM UK Opportunities.

Manager research

Average monthly relative returns

  • 15/16 -0.09%
  • 16/17 0.10%
  • 17/18 0.66%
  • 18/19 0.26%
  • 19/20 1.11%

Bestinvest MRI

  • 3 years 0.68%
  • 5 years 0.41%
  • Career 0.28%
  • 3 years 98.20%
  • 5 years 96.70%
  • Career 97.80%

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

Nick Little

Nick Little, CFA, Director and portfolio manager, is a member of the UK Specialist Equity team within BlackRock’s Fundamental Equity Portfolio Management Group. He covers the mining and industrials sectors. Little's service with the firm dates back to 2001. He earned an MA degree, with first class honours, in economics from Pembroke College, Cambridge in 2001.

Track record

Nick Little has 8.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.28%. During the worst period of relative performance (from December 2015 - October 2016) there was a decline of 9% relative to the index. The worst absolute loss has been 21%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 98%.

Periods of worst performance

Absolute -21.00% (January 2020 - March 2020)
Relative -9.00% (December 2015 - October 2016)

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 May 2013

8.3% British American Tobacco
8.1% Hsbc Hldgs
4.8% Compass Group
4.3% Glaxosmithkline
4.3% Rolls-royce Hldgs Plc
4.3% Royal Dutch Shell
3.9% Next
3.7% Capital & Counties Properties Plc
3.6% Rio Tinto
3.5% Diageo
Source: Trustnet

Sector breakdown

Financials 27.00%
Consumer Goods 18.00%
Industrials 17.00%
Oil & Gas 12.00%
Consumer Services 12.00%
Health Care 5.00%
Basic Materials 5.00%
Telecommunications 3.00%
Money Market 1.00%

Portfolio

30-50 stocks.

Constraints

FTSE 250 stock weights must be within 5% of benchmark weightings, FTSE Small Cap within 4% - there are no limits on FTSE 100 stock weightings. A minimum of 50% of the portfolio will be held within FTSE 100 stocks.

Key Investor Information - Income

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Key Investor Information - Accumulation

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