EdenTree Amity European A

Invests in companies making a positive contribution to society and the environment.

  • 265.90p
    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?

  • 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).

  • 1.62%
    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.

  • 1.20%
    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…

Prices as at 23 November 2020, fund data last updated 02 January 2020

The fund’s aim is to achieve long-term capital growth with a reasonable level of income, through a diversified portfolio of continental European companies which make a positive contribution to society and/ or the environment. Manager Chris Hiorns targets companies meeting Edentree’s nine pillars of responsible investing, and also screens out companies considered harmful. A separate SRI (Socially Responsible Investment) team and an independent panel review the portfolio to ensure it adheres to these criteria. Hiorns has a value style, looking to invest cheaply into businesses with identifiable and sustainable competitive advantages.

Fund summary

Sector Europe Excluding UK
Structure OEIC
Launched September, 1999
Size £73m
Yield 1.20%
Charging basis Income
Dividends paid 30 Apr, 31 Aug

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 1.62%

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Investment process

EdenTree has a four-pillared approach to responsible investing - research, screening, engagement and voting. The separate SRI team uses both positive and negative screens, including the use of Sustainal itics for company data. Negative “Avoiding Harm” - using a 10% of turnover threshold the following areas are excluded: alcohol, gambling, pornography, tobacco, weapons, intensive farming, animal testing for cosmetic or household products, oppressive regimes. Positive - looking for good corporate citizens and the manager uses “Nine Pillars” of Responsible Investing - Business Ethics (tax, product quality, company conduct), Community (apprenticeships, training, relationships and welfare of where they operate), Corporate Governance, Labour (diversity, equal opportunities, health & safety), Environmental management (recycling, energy efficiency, pollution control, sustainable products), Human Rights (+ land rights), Education (human development), Health (access to medicine, wellbeing), Urban Regeneration (affordable housing, green building). Portfolio construction and financial analysis is the responsibility of the fund manager. Hiorns targets businesses that are out of favour but intrinsically sound, and where a change in circumstance or economic conditions will bring about a recovery both in company fundamentals and improved investor sentiment, thus leading to superior returns.

EdenTree is a boutique that specialises in socially responsible investing and has won a number of awards, highlighting its expertise in this area of the market. "Profits with Principles" is the firm's key mantra. Manager Chris Hiorns has been in charge of the fund for more than a decade and has delivered attractive returns over that time, especially as his value style has been out of favour for much of his tenure and particularly so in recent years. Hiorns favours higher quality companies which has led to a more defensive performance profile, with the fund often providing a degree of protection from falling markets but lagging when markets rise.

Manager research

Average monthly relative returns

  • 15/16 0.09%
  • 16/17 0.16%
  • 17/18 -0.21%
  • 18/19 -0.47%
  • 19/20 -0.17%

Bestinvest MRI

  • 3 years -0.28%
  • 5 years -0.12%
  • Career 0.04%
  • 3 years 17.60%
  • 5 years 38.60%
  • Career 86.20%

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

Chris Hiorns

Hiorns has worked at EdenTree since 1996 having gained an MSc in Economics from University College London. He started as a graduate trainee and worked as an Investment Analyst before being appointed as Fund Manager of the Amity European Fund in 2007. He has been a CFA Charterholder since 2004.

Track record

Chris Hiorns has 12.6 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 June 2017 - March 2020) there was a decline of 14% relative to the index. The worst absolute loss has been 30%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 86%.

Periods of worst performance

Absolute -30.00% (May 2008 - February 2009)
Relative -14.00% (June 2017 - March 2020)

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

3.2836% Saint-Gobain (Compagnie De)
3.0131% Draegerwerk Kgaa Non-Vtg Prf Npv
2.7313% Enel Spa
2.7254% Prysmian Spa
2.7167% Schneider Electric Se
2.7002% Smurfit Kappa Group Plc
2.6703% Envea
2.6605% Sanofi
2.6051% Koninklijke Philips Nv
2.5957% Roche Hldg Ag
Source: Trustnet

Sector breakdown

Industrials 29.00%
Financials 18.00%
Health Care 16.00%
Telecommunications 8.00%
Consumer Services 7.00%
Consumer Goods 6.00%
Utilities 6.00%
Basic Materials 5.00%
Others 5.00%

Portfolio

50-70 stock portfolio.

Constraints

Max 5% per stock. Sustainable investment policies excluded approx. 1/3 of universe.

Key Investor Information

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