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

  • 1448.10p
    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.

  • 2766.80p
    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).

  • 0.90%
    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.

  • 0.10%
    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 22 October 2021

The fund seeks to produce long-term, excess returns against the MSCI World Index over rolling five-year periods. Lead managers Michael Boyd and Giles Warren invest in large-cap companies which they believe will produce double-digit, sustained long-term growth in earnings and cashflow even during tough economic times. Current holdings include Google owner Alphabet and sportswear giant Nike. The managers favour having a concentrated portfolio of between 20 and 25 stocks and look to hold them for between 5 and 10 years as they grow in both profit and value. They take an entirely bottom-up approach to investing, diligently researching a company’s fundamentals, including cashflow generation and the dynamism of its management teams.

Fund summary

Sector Global
Structure OFFSHORE FUND
Launched
Size £1,706m
Yield 0.10%
Charging basis Income
Dividends paid 30 Apr

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.80%
Ongoing charges figure 0.90%

Allocation

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Investment process

Boyd and Warren believe markets are too short-term focussed and fail to attribute sufficient value to the longer-term earnings and cash flows of sustainably growing companies. In contrast their fund looks to emphasise long-term thinking, forecasting and longer holding periods. The bottom-up investment process looks at whether companies meet their 10 Point Confidence Criteria. These include a proven track record of growth through hard economic times, businesses which are mature and not in a “sexy growth” phase, sector tailwinds, high returns on invested capital, little or no debt and business diversification. They also calculate a fair value for the companies based on factors such as cash flow and Price to Earnings ratio. The team relies on their inherent, expert knowledge to find companies which could fit the criteria as well as using quantitative screens. They meet 100 companies a year and have a DORA (days out researching anything) scheme, where the team steps out of the office and takes time to look at and discuss emerging trends. Through this process a High Confidence Pool of up to 50 companies is created. Portfolio investment decisions are made by Boyd and Warren jointly, only selecting stocks from the Pool.

Experienced lead managers Michael Boyd and Giles Warren have a long and impressive track record, with their investment process being honed and refined over the last quarter of a century. Their philosophy, although not revolutionary, is clearly defined, nuanced and well-articulated, focusing on quality, sustainable growth and value. The four-strong team, including analysts, drives a robust, collaborative and deep research process. This ensures that only the best investment ideas are produced and has led historically to exceptional results for clients through various market cycles. The fund is more likely to struggle at times when value stocks are in vogue, but it remains a core option for investors seeking large-cap exposure.

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

Stocks are mainly US based but with a good allocation to Europe.

Key Investor Information - Income

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Key Investor Information - Accumulation

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