FINDLAY PARK AMERICAN GBP UNHEDGED

Invests in medium and large sized US companies.

  • 10207.00p Price (Inc)
  • - Price (Acc)
  • 5.00% 0.00%

    Initial charge
  • 1.00% Annual management charge
  • 1.00% Ongoing charges
  • 0.00% Yield

Fund data last updated 19 November 2019

The investment objective of the Fund is to achieve capital growth principally through investment in the securities of companies in the Americas. The Fund aims to achieve a return above the performance of the Russell 1000 Net 30% Total Return Index, which is a US mid and large cap index. It has some holdings in Canada and Latin America. The managers have an absolute return mindset and aim not to lose money in any investment. Please note that this fund is currently closed to new investments.

Fund summary

Sector North America
Structure OFFSHORE FUND
Launched May, 2015
Size £0m
Yield 0.00%
Charging basis
Dividends paid

Charges

Initial charge 5.00%
Initial charge via Bestinvest 5.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.00%

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Investment process

Findlay Park take a value driven approach using a bottom up investment style but with close reference to the top down view and regulatory framework. They look for companies with pricing power, evaluating their free cash return on investment over a long-term horizon with a close regard to their balance sheets. The fund's managers focus on absolute, as well as relative, performance with the primary goal being not to lose money in individual stocks. The Fund invests in a wide range of companies and industries which provides a good degree of diversification. No one person runs the fund, instead the managers run sleeves of money and compete for resources through an informal pitch process for stocks where each of the 7-person team puts in their best ideas. They’re all generalists and there are no hard and fast rules on which each can invest in, which can lead to overlap where more than one of them looks at the same stock.

The fund has a great track record, with the same lead portfolio managers being in place since it was launched in 1998. However the best performance was in its early years when it was a small fund and invested solely in US small cap stocks. As the fund has grown (it is now US$11bn in size) it has had to move away from investing in the small cap arena. It is now a mix of large and mid cap stocks only. They now prefer to invest in companies with a market cap range of US$10bn to US$50bn. The management team has changed too with several new hires. The CIO (founder James Findlay) is instilling more rigour into the investment process which includes whittling the number of stocks down from 170 to 100. Meanwhile performance has held up.

Manager research

Average monthly relative returns

Bestinvest MRI

14/15 15/16 16/17 17/18 18/19 3 years 5 years Career 3 years 5 years Career
0.22% -0.06% 0.06% 0.00% 0.00% 0.00% 0.00% 0.43% 0.00% 0.00% 99.80%

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

Findlay Park Team

James Findlay was at Foreign & Colonial from 1983 until 1997 when he co-founded Findlay Park. He is CEO Charles Park was at Framlington from 1990 until 1994 and then Hill Samuel from 1994 until 1997 when he co-founded Findlay Park. Anthony Kingsley was at MFS from 1997 until 2002 and previously worked with James Findlay at Foreign & Colonial from 1993 to 1997. Rupert Brandt CFA was at Foreign and Colonial from 1994 until 2006 and previously worked with James Findlay at Foreign and Colonial from 1994 to 1997. Sarah-Jane Burns was at Hendersons from 2005 until 2008. Prior to this, she worked at Gartmore. Edward McMullan worked at Hermes all his investment career before joining Findlay Park in 2008. Jon Tredgett worked at Morgan Stanley from 1999 before joining Cheyne Capital LLP in 2006. He joined Findlay Park in 2011.

Track record

Findlay Park Team has 20.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.43%. During the worst period of relative performance (from April 2006 - August 2006) there was a decline of 12% relative to the index. The worst absolute loss has been 29%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -29.00% (April 2002 - January 2003)
Relative -12.00% (April 2006 - August 2006)

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 29 February 2016

4.1% Microsoft
3.8% CR bard
3.6% Accenture
3.6% Visa
3.4% Comcast
3.3% Fiserv
2.9% Berkshire Hathaway
2.9% Danaher
2.8% Cisco
2.7% Coca-Cola
Source: Findlay Park

Constraints

Max 15% in Latin America.

Key Investor Documents

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