Cullen North American High Dividend Value Equity I GBP Hgd

  • 1776.00p
    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.

  • 2037.00p
    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?

  • 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!

  • 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).

  • 0.97%
    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.

  • 2.30%
    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 30 November 2021, fund data last updated 10 December 2014

The investment objective of the North American High Dividend Value Equity Fund is to seek long-term capital appreciation and current income by investing in dividend paying securities. Key features of the fund: low turnover; invests in large US companies (with market capitalisation above US$5bn) with global franchises; may invest up to 20% in non-US companies; a focused portfolio of c.35 stocks; the fund's dividend yield is more than 3.5%.

Fund summary

Sector North America
Structure OFFSHORE FUND
Launched
Size £377m
Yield 2.30%
Charging basis Capital
Dividends paid Mar,Jun,Sep,Dec

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.97%

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Investment process

Jim Cullen and Jenny Chang are jointly responsible for final decisions on the fund, supported by 11 investment professionals. They are value investors looking at companies trading on lower ratios than the market, with a higher yield and near term catalysts that will materially increase earnings or dividends. Their investment strategy started in 1994 and uses investment screens: market value above U$5bn; price to earnings ratio must be in the bottom quintile of the S&P500 index; price to book less than the index; debt/capital less than the index; dividend yield above 3% with the prospect of dividend growth; low dividend pay-out ratios. Their “meta stock” in-house investment tool monitors share price momentum and helps identify under and over owned stocks. They use their own in-house research and have high conviction in their investments, holding only 25 to 35 stocks. They engage with company CEOs to encourage dividend payment over share buybacks. Sell signals include changing company or sector fundamentals; PE rising to the top market quintile; dividend falling below 2%. There is no currency hedging at the portfolio level but hedged share classes are available

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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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Relative 0.00% ()

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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Portfolio

As at 30/09/14: 37 holdings

Key Investor Information - Income

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Key Investor Information - Accumulation

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