Establishment Investment Trust PLC

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    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?

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    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!

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    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).

  • 1.65%
    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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    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…

To achieve long-term capital growth from a managed international portfolio of securities. The preservation of capital will be of primary importance to the investment objective.

Fund summary

Sector Investment Companies
Structure X-INVESTMENT TRUST
Launched
Size £42m
Yield 0.00%
Charging basis
Dividends paid

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.65%

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Investment process

Through its holding in BDT Japan funds, this investment trust has about 25% in Japan. The Company owns 16% (fully diluted) of the Investment Manager, BDT Invest. For the year to 31st December 2004 BDT Invest made a pre-tax profit of £389,000 (2003; £298,000) on turnover of £2.84mn (2003; £2.04mn). Growth in turnover and profitability was driven principally by an increase in funds under management from £163mn to £299mn during the period. BDT Invest has declared a maiden dividend of 30p per share, which will contribute to the Company's revenue stream in the new financial year. Using the December 2004 formula price, the investment in BDT Invest is valued on a historic price earnings ratio of 16.8x and a yield of 3.4%.

Manager research

Average monthly relative returns

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Bestinvest MRI

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  • Career 0.00%
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Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

BDT Invest

Simon Dobson worked for GT Management (recently acquired by INVESCO) for 15 years, specialising in Asian and Japanese equities. Rob Brewis and Henry Thornton worked together for 12 years, specialising in Asia and other emerging markets. They began their careers at Thornton & Co, moved to Credit Lyonnais and, prior to establishing BDT Invest with Simon Dobson, ran the emerging market desk at Colonial First State Investments.

Track record

The track record of BDT Invest in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

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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 30 April 2019

13.6759% Blackfriars Oriental Focus B Usd
4.2748% Unilever
3.5686% Taiwan Semiconductor Manufacturing
3.4957% British American Tobacco
3.3973% Samsung Electronics Co
3.2271% Housing Development Finance Corp
3.1633% Glaxosmithkline
3.0318% Land & Houses Pcl
3.0022% Tencent Hldgs Ltd
2.9279% Imperial Brands Plc
Source: Trustnet

Sector breakdown

Consumer Staples 15.00%
Consumer Discretionary 15.00%
Others 14.00%
Financials 13.00%
Technology 12.00%
Industrials 10.00%
Money Market 7.00%
Real Estate 5.00%
Communications 4.00%
Health Care 3.00%

Key Investor Information

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