Investec European A

  • 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.

  • -
    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?

  • 4.50% 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!

  • 1.50%
    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).

  • 1.61%
    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…

Fund data last updated 23 September 2009

The fund aims to achieve long term capital growth primarily through investment in equities issued by companies in the Continental Europe region. This European equity fund is run on a purely bottom-up basis, using a combination of quantitative analysis based on Investec's 4 Factor model and more detailed qualitative research. Investec brought the fund in house in January 2007 but the managers have failed to add value since then.

Fund summary

Sector Europe Excluding UK
Structure X-OEIC
Launched
Size £28m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 4.50%
Initial charge via Bestinvest 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.61%

Allocation

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Investment process

Investec believe the following drive share prices: strategy, valuation, dynamics and technicals. As such, the fund's investment strategy is based on this premise, utilising Investec's 4Factor systematic process which identifies stocks related to the above four factors. Strategy targets companies that generate shareholder value (high returns on capital); Valuation aims to identify companies trading at a discount relative to their fundamental economic prospects based on a discounted cash flow model; Dynamics favours prefers companies that are seeing upward revisions to expectations for profitability and Technicals selects companies whose share prices are already in established up-trends. The initial screen is used to reduce the fund's universe to 120-150 high scoring stocks which are then subjected to more detailed qualitative analysis. The fund is run by the 4Factor global equity team, who split research into 6 super-sectors on a global basis. Portfolio construction is the sole responsibility of the named manager. Country positions are a result of the bottom-up stock picking process and are monitored but not constrained - the team believe sector constraints are a more effective way of managing risk.

This fund lost its way when it was outsourced to Blackrock and was subsequently brought in house in January 2007. Whilst performance has picked up more recently, investors have experienced an extended period of relative underperformance and we believe there are better opportunities within the European sector. In light of this we suggest investors consider our other rated funds including Schroder European Alpha Plus, Threadneedle European Select or Blackrock European Dynamic.

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 0.00%
  • 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

Absolute 0.00% ()
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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Sector breakdown

Consumer Goods 28.00%
Services 18.00%
Financials 14.00%
Industrials 12.00%
Resources 12.00%
Technology 10.00%
Utilities 3.00%
Money Market 3.00%

Portfolio

50-70 holdings. Few stocks in the portfolio will have a market cap below EUR 1bn.

Key Investor Information

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