fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

GuardCap Global Equity I GBP

  • 1194.00p
    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.

  • 2277.40p
    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!

  • 0.80%
    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).

  • 1.00%
    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.

  • 0.00%
    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 17 February 2020

The fund targets long-term growth by investing in global equities. The managers, Michael Boyd and Giles Warren, have worked together since 1997. While the philosophy, which emphasises quality, growth and value, has remained constant, the investment process has been intentionally honed over many years. Typically the fund will invest in high quality companies that are resilient to economic environment but grow quicker than the market.

Fund summary

Sector
Structure OFFSHORE FUND
Launched July, 2015
Size £791m
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 0.80%
Ongoing charges figure 1.00%

Allocation

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Investment process

Ideas are sourced through quantitative screening and DORA days (days out researching anything) where the team research longer-term structural trends. New ideas are then subjected to a series of tests to determine whether the company satisfies the 11 Confidence Criteria, 5 related to growth, 5 to quality and finally 1 to valuation. It typically takes 12 to 15 months to take a stock through the entire process with successful stocks added to the high confidence pool of which 20-25 are selected to form the portfolio. Much of the team’s time is devoted to monitoring the High Confidence Pool with each stock constantly re-evaluated by every team member. The fund has no constraints with regard to Country and Sector weights with the managers managing risk by diversifying across revenue streams and business drivers.

Michael Boyd began managing the strategy at Seilern Asset Management in 1996 and was joined by Giles Warren in 1997 who eventually became co-manager in 2010. In 2014 the pair left to start a new, but the same philosophy and process, at GuardCap. Historically this approach has beaten the market over time, whilst also providing low volatility returns and a degree of protection in falling markets.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.12%
  • 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.

Michael Boyd / Giles Warren

Michael Boyd joined GuardCap in 2014. Boyd has been managing fundamental equity funds for over 25 years. Prior to joining Guardian, Boyd was at Seilern Investment Management Ltd as global equity fund manager, Managing Director and shareholder. Boyd received an honours degree in economics from Heriot-Watt University, Edinburgh and qualified as an Associate of the Institute of Bankers in Scotland. Giles Warren joined GuardCap in 2014. Warren began at Seilern Investment Management Ltd. Warren graduated from Edinburgh University with an honours degree in politics and economic history.

Track record

The track record of Michael Boyd / Giles Warren 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

Absolute -4.00% (August 2019 - October 2019)
Relative -3.00% (August 2019 - September 2019)

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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Key Investor Information - Income

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Key Investor Information - Accumulation

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