HSBC FTSE All-Share Index R

A low cost UK Equity fund, tracking the FTSE All-Share index.

  • 337.10p Price (Inc)
  • 607.40p Price (Acc)
  • 0.00% Initial charge
  • 0.25% Annual management charge
  • 0.27% Ongoing charges
  • 4.40% Yield

Prices as at 10 December 2019, fund data last updated 12 October 2012

This fund targets long term capital growth by matching the performance of the FTSE All-Share Index. This index comprises over 600 of the largest UK equities which together make up around 97% of the UK equity market by value. The fund pursues a policy known as "partial replication", holding all of the larger companies in the index but only a representative sample of the smaller stocks.

Fund summary

Sector UK All Companies
Structure OEIC
Launched March, 1990
Size £1,781m
Yield 4.40%
Charging basis Income
Dividends paid 15 Jan, 15 Jul

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.25%
Ongoing charges figure 0.27%

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Investment process

The FTSE All-Share is made up of the FTSE 100, the FTSE 250 and FTSE Small Cap indices - over 600 companies in total. To track its performance the fund manager uses a technique called "partial replication", holding all of the shares in the FTSE 100 and FTSE 250 excluding the investment companies, but only a representative sample of the smaller companies. By using "stratified sampling" he aims to replicate the general makeup of the FTSE Small Cap index and hence give similar performance characteristics, but to avoid the dealing costs involved in holding all of the smaller companies. The fund invests in the physical securities of the index - this avoids the counterparty risk associated with index tracking products that use derivatives. However, the manager does use futures (a type of derivative) to manage cashflows. Futures provide liquid exposure to the whole of the index - by buying and selling futures the manager can regulate market exposure in response to inflows and outflows without the costs involved in trading all of the shares in the portfolio. The fund is managed on a purely technical basis.

The fund provides a simple, low cost and flexible way of investing in the UK stockmarket by tracking the FTSE All-Share Index. The index gives investors substantial diversification including some international exposure, though it can be concentrated by company size - the multinationals of the FTSE 100 make up around 85% of the index. By using a tracker fund investors remove the possibility of underperformance, though conversely they miss out on the benefits of a successful active manager.

Manager research

Average monthly relative returns

  • 14/15 -0.30%
  • 15/16 -0.15%
  • 16/17 -0.26%
  • 17/18 0.60%
  • 18/19 0.01%

Bestinvest MRI

  • 3 years 0.12%
  • 5 years -0.02%
  • Career -0.08%
  • 3 years 73.60%
  • 5 years 50.00%
  • Career 36.70%

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

HSBC Global Asset Management

Bijan Seghatchian is presently Fund Manager of Passive Equity Funds at HSBC Global Asset Management, having managed equity index funds since January 2009. He was previously an Operations / Business Development Manager from 2007, and was with the HSBC Global Asset Management Group IT since February 1995. Seghatchian holds a BSc in Psychology /Philosophy from Bristol University, an MSc in Systems & Technology from City University and a Post Graduate Certificate in Economics from London University.

Track record

Hsbc Global Asset Management has 20.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.08%. During the worst period of relative performance (from December 2000 - January 2018) there was a decline of 30% relative to the index. The worst absolute loss has been 45%.

Periods of worst performance

Absolute -45.00% (October 2007 - November 2008)
Relative -30.00% (December 2000 - January 2018)

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 31 July 2019

8.73% Royal Dutch Shell
5.5% Hsbc Hldgs
4.5% Bp
3.84% Astrazeneca Plc
3.45% Glaxosmithkline
3.33% Diageo
2.79% British American Tobacco
2.24% Unilever
2.14% Rio Tinto
1.83% Prudential Plc
Source: Trustnet

Sector breakdown

Financials 24.00%
Consumer Goods 14.00%
Oil & Gas 14.00%
Consumer Services 11.00%
Industrials 11.00%
Health Care 9.00%
Basic Materials 8.00%
Money Market 3.00%
Telecommunications 3.00%
Utilities 2.00%

Portfolio

The fund holds around 450 of the 600+ stocks in the FTSE All Share Index.

Key Investor Information - Income

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Key Investor Information - Accumulation

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