Investec GSF Global Energy A USD

  • 14235.61p Price (Inc)
  • - Price (Acc)
  • 0.00% Initial charge
  • 1.25% Annual management charge
  • 1.87% Ongoing charges
  • 0.80% Yield

Prices as at 06 December 2019

An actively managed portfolio of stocks involved in the exploration, production and distribution of oil and gas and other energy sources. Investments are made primarily into large and mid cap stocks. The fund is jointly managed by a team who were previously joint heads of energy research at Goldman Sachs. The reference benchmark is the MSCI World Energy Index.

Fund summary

Sector
Structure OFFSHORE FUND
Launched January, 1985
Size £297m
Yield 0.80%
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 1.25%
Ongoing charges figure 1.87%

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Investment process

At anyone time approximately 70% of the portfolio will consist of core ideas, the balance trading opportunities. Stocks are weighted according to conviction and liquidity. The team conduct all fundamental company research in house, and they have developed a company commodity indicator, which identifies the potential for share price change implied by changes in underlying energy based commodity prices. The fund has a rough 50/50% weighting to Oil and Gas with the managers increasing exposure to whichever of the two they have the greatest conviction in or where they find the best ideas.

This is one of the few retail fund available to UK investors that provides direct exposure to oil and gas companies. The managers are experienced and have the considerable resources of Investec behind them. The fund is a more cautious way to play the sector, the managers are not looking to invest in small exploration plays but large and mid cap stocks that they believe are undervalued.

Manager research

Average monthly relative returns

  • 14/15 -1.71%
  • 15/16 -0.26%
  • 16/17 -0.51%
  • 17/18 -0.53%
  • 18/19 0.45%

Bestinvest MRI

  • 3 years -0.19%
  • 5 years -0.51%
  • Career -0.40%
  • 3 years 35.60%
  • 5 years 9.90%
  • Career 11.30%

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

Bradley George

Bradley is the Head of Commodities & Resources at Investec Asset Management having been appointed to this role in 2006. He joined Investec Asset Management in London, after spending seven years at Goldman Sachs where he worked as an Executive Director in the Commodity Division, involved in selling the GSCI (Goldman Sachs Commodity Index) to investors and commodity derivative hedging products to resource corporates. Prior to this he worked in the Goldman Sachs Investment Banking Division on Natural Resources M&A transactions in both London and South Africa. Previously he spent three years at KPMG in the Financial Services Division, Treasury Advisory Group, offering clients consultancy advice on financial derivatives risk management. Bradley graduated from the University of Cape Town with an Honours degree in Business Science in 1994. He completed his Post Graduate Diploma in Accounting (PGDA) from the University of Cape Town in 1995. In 1998 he was awarded the Chartered Accountant designation CA (SA).

Track record

Bradley George has 7.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.4%. During the worst period of relative performance (from October 2013 - November 2018) there was a decline of 36% relative to the index. The worst absolute loss has been 45%.

Periods of worst performance

Absolute -45.00% (June 2014 - January 2016)
Relative -36.00% (October 2013 - November 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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Portfolio

30-40 holdings weighted according to level of conviction and liquidity. Generally the minimum weighting in each stock is 2%, max 10%. Maximum exposures relative to index: stocks 1.5-2x; by sub sector 1.5-2x.

Key Investor Information

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