fund
BlackRock UK Income D
A focused barbell approach to UK equity income investing, with an emphasis on large and mid cap companies.
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429.00p
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.
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1743.00p
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?
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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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4.20%
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…
The fund's objective is to produce an above average and growing income and long term capital growth, through investment in a fairly focused portfolio of large and mid cap UK equities. Managers Mark Wharrier and Adam Avigdori build the portfolio around a core of companies offering both yield and free cashflow growth. These are supplemented with selected growth companies and turnaround situations. The fund is more focused than peer group alternatives - this may lead to periods of above average volatility.
Fund summary
Sector | UK Equity Income |
Structure | UNIT TRUST |
Launched | June, 2011 |
Size | £356m |
Yield | 4.20% |
Charging basis | 33% Income 67% Capital |
Dividends paid | 31 Mar, 30 Jun, 30 Sep, 31 Dec |
Charges
Standard initial charge | 0.00% |
Initial charge via Bestinvest | 0.00% |
Additional bid/offer spread | 0.49% |
Annual management charge | 0.75% |
Ongoing charges figure | 0.88% |
Allocation
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Investment process
The portfolio is selected almost entirely from the FTSE 350 index. 70% of the portfolio will be focused on free cash flow and yield growth companies, 20% will be invested in growth companies for capital appreciation and the remaining 10% in “turnarounds” – equities that have fallen out of favour but have a strong case to restore value.
In April 2013 day to day responsibility for the fund was passed to Adam Avidgori, the number two manager on the fund since 2008. Later that year he was joined by co-manager Mark Wharrier.
Manager research
Average monthly relative returns
- 16/17 -0.51%
- 17/18 -0.18%
- 18/19 -0.08%
- 19/20 0.03%
- 20/21 0.45%
Bestinvest MRI
- 3 years 0.13%
- 5 years -0.06%
- Career 0.14%
- 3 years 89.80%
- 5 years 52.40%
- Career 94.30%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Adam Avigdori / Mark Wharrier
Avigdori is a member of BlackRock's UK Equity team in the Fundamental Equity division of BlackRock's Alpha Strategies Group. His service with the firm dates back to 2001, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Avigdori earned a BSc (Hons) in Management Sciences from UMIST in 2001.
Track record
Adam Avigdori / Mark Wharrier has 7.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.14%. During the worst period of relative performance (from November 2015 - February 2018) there was a decline of 10% relative to the index. The worst absolute loss has been 22%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 94%.
Periods of worst performance
Absolute | -22.00% (December 2019 - March 2020) |
Relative | -10.00% (November 2015 - February 2018) |
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
6.6873% | Astrazeneca Plc |
5.5536% | Reckitt Benckiser Group Plc |
5.5366% | Relx Plc |
5.3371% | Unilever |
5.1354% | Bhp Group Plc |
4.5204% | British American Tobacco |
3.4704% | Sanofi |
2.8772% | Tesco |
2.7391%3 | i Group Plc |
2.7345% | National Grid |
Source: Trustnet |
Sector breakdown
Consumer Goods | 22.00% |
Financials | 19.00% |
Consumer Services | 16.00% |
Health Care | 11.00% |
Industrials | 9.00% |
Utilities | 8.00% |
Basic Materials | 6.00% |
Oil & Gas | 4.00% |
Money Market | 3.00% |
Telecommunications | 1.00% |
Portfolio
35-45 stocks. The Fund may invest up to 20% in non-UK equities.