IFSL Tilney Bestinvest Defensive Portfolio Clean

A multi-asset fund of funds with a bias to defensive assets such as bonds and absolute return funds.

  • 0.00p
    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.

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    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?

  • 5.00% 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!

  • 0.75%
    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).

  • 1.54%
    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…

The fund’s objective is to deliver modest capital growth over the longer term whilst maintaining low volatility. The portfolio currently focuses on a mix of shares, bonds, commercial property and cash-like investments. The Defensive fund is the least adventurous of our range, and may appeal to investors who want to achieve growth in excess of what can be achieved with cash, but who do not have the time to recover from short-term market volatility. However, like any investment it is possible to suffer losses and you could get back less than you invested.

Fund summary

Sector Unclassified
Structure X-OEIC
Launched November, 2013
Size £106m
Yield 0.00%
Charging basis Capital
Dividends paid 30 Apr, 31 Oct

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.54%

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Investment process

The assets of the fund are managed with exposure to one or more of the following asset classes: collective investment schemes (both regulated and unregulated, including but not restricted to certain hedge funds where investment would be consistent with the fund's investment objective and policy), investment trusts, investment companies, fixed income securities, equities, immovable property, cash, near cash and deposits. The fund may also invest in other transferable securities and money market instruments. The fund's asset allocation is set by Tilney's Asset Allocation Committee on a quarterly basis. Our team of specialist fund analysts and portfolio managers then identify what we believe to be the best funds to achieve that asset allocation, with the aim of delivering excellent client outcomes.

Manager research

Average monthly relative returns

  • 14/15 0.00%
  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -3.04%
  • 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.

Ben Seager-Scott

Seager-Scott is the Head of Multi-Asset Funds in the Central Investment Team. He joined the firm in 2011 as a senior fund analyst having previously worked at Bristol-based Whitechurch Securities. Seager-Scott is a CFA charter holder and has a PhD in Biochemistry.

Track record

The track record of Ben Seager-Scott 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 -3.00% (October 2019 - October 2019)
Relative -3.00% (October 2019 - October 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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Top 10 holdings

Data accurate as at 30 August 2019

11.1317% Goldman Sachs Funds Sterling Liquid Reserves Instl Shs
7.7108% Vontobel Twentyfour Absolute Return Credit Aqg Inc Gbp
5.5391% Muzinich Enhancedyield Short Term G Hedged Inc Gbp
5.4205% United States Of Amer Treas Notes 0.625% Nts 15/07/21 Usd100
4.9021% Ashmore Sicav
4.6411% Insight Libor Plus B Gbp
4.5284% Marshall Wace Mw Tops Ucits G Gbp
3.9138% Henderson Uk Property I Acc
3.7978% M&G Property Portfolio I Inc Gbp
3.5096% Lyxor Newcits Irl Plc
Source: Trustnet

Portfolio

The fund has a higher exposure to fixed interest and absolute return funds than the model for growth investors, although it is not restricted in its choice of asset category. Fund volatility as well as asset allocation and geographical and capitalisation split of equities relative to the Asset Model is continually monitored to ensure that there is not a wide divergence relative our internal rules. The fund's equity component is always likely to have above average exposure to small and mid cap stocks.

Key Investor Information - Income

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Key Investor Information - Accumulation

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