BNY Mellon UK Opportunities

Concentrated fund of best ideas that pays no attention to the benchmark.

  • 281.53p
    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.

  • -
    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).

  • 1.62%
    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.

  • 1.10%
    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 28 October 2020, fund data last updated 19 November 2004

This fund is managed on a stock by stock basis with no restraint from the benchmark. The manager makes full use of Newton's Global Thematic outlook and their large team of analysts. By nature the portfolio is concentrated, representing the best ideas of the UK desk.

Fund summary

Sector UK All Companies
Structure OEIC
Launched February, 2002
Size £259m
Yield 1.10%
Charging basis Income
Dividends paid 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 1.62%

Allocation

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Investment process

The objective of the fund is to maximise long term-capital growth from a concentrated portfolio primarily invested within securities of UK companies. The product does not have any company size or economic sector bias and is managed on a total return basis. The fund is designed to be at the more aggressive end of the product range offering, falling into the new category of funds that pay little or no attention to benchmark weights. Short term bets are not considered, but stocks will be sold when valuation targets are exceeded. Companies with strong cash-flow characteristics are preferred. Newton are unusual in that they make use of the ability to invest up to 20% of the fund outside the core area, this means that overseas stocks that fit the thematic profile and are considered better value than the home grown variety will be held.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 -0.50%
  • 17/18 -0.04%
  • 18/19 0.32%
  • 19/20 0.32%

Bestinvest MRI

  • 3 years 0.20%
  • 5 years 0.00%
  • Career 0.04%
  • 3 years 98.10%
  • 5 years 0.00%
  • Career 87.90%

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

Christopher Metcalfe

Metcalfe was born in 1960 and has a degree in Modern History as well as an MBA from Manchester Business School. His investment career commenced in 1985 at Henderson Adminstration Group, where he ultimately became Head of UK Equities. He joined Schroders in 1994, becoming a UK Equity fund manager for a number of their largest client portfolios, head of the Core UK Equity Team and an Executive Director. In 2006 he joined Newton as a Director in the UK Equity Team.

Track record

Christopher Metcalfe has 11.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.04%. During the worst period of relative performance (from February 2009 - January 2018) there was a decline of 28% relative to the index. The worst absolute loss has been 26%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 88%.

Periods of worst performance

Absolute -26.00% (December 2007 - March 2009)
Relative -28.00% (February 2009 - January 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.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

7.31% Diageo
5.41% Glaxosmithkline
4.95% Relx Nv
4.5% London Stock Exchange Group
4.47% Smith & Nephew Plc
4.31% Anglo American
4.23% Unilever
4.2% Reckitt Benckiser Group Plc
3.62% Prudential Plc
3.42% Smiths Group
Source: Trustnet

Sector breakdown

Industrials 20.00%
Consumer Goods 20.00%
Consumer Services 14.00%
Financials 13.00%
Health Care 12.00%
Technology 10.00%
Oil & Gas 4.00%
Basic Materials 4.00%
Money Market 2.00%

Portfolio

30-50 stocks with a minimum 1% holding taken on purchase. The fund will tend to have a bias towards mid caps.

Constraints

The fund is only constrained by the IA Unit Trust rules.

Key Investor Information

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