fund
Legal & General UK Select Equity A
Managed jointly by Schroders and Fidelity.
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313.50p
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?
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0.00%
Initial chargeSome 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!
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1.25%
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).
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1.67%
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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1.90%
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…
This is a large UK fund which appears to have a growth style bias. The management contract was previously outsourced to Schroder Investment Management but from 1 April 2002 management was split equally between Schroders and Fidelity. Although both houses are well known for running active portfolios, this fund appears to be passively managed and is therefore not providing value for money.
Fund summary
| Sector | UK All Companies |
| Structure | UNIT TRUST |
| Launched | January, 1996 |
| Size | £313m |
| Yield | 1.90% |
| Charging basis | Income |
| Dividends paid | Acc units only |
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 | 1.67% |
Allocation
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Investment process
The fund aims for long term capital growth by investing in a broad range of UK companies. Investments mderive from overseas operations. The investment strategy of this fund appears to be reasonably passive with the investment management contract split equally between Schroder Investment Management and Fidelity Pensions Managementay also consist of UK registered stock and Investment Trusts which invest in, and/or
Manager research
Average monthly relative returns
- 15/16 -0.17%
- 16/17 0.34%
- 17/18 -0.18%
- 18/19 -0.62%
- 19/20 0.38%
Bestinvest MRI
- 3 years -0.14%
- 5 years -0.05%
- Career -0.02%
- 3 years 43.30%
- 5 years 53.20%
- Career 75.50%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Fidelity Pensions Management & Schroders Investment Management
Track record
Fidelity Pensions Management & Schroders Investment Management has 14.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.02%. During the worst period of relative performance (from November 2016 - March 2020) there was a decline of 16% relative to the index. The worst absolute loss has been 41%.
Periods of worst performance
| Absolute | -41.00% (October 2007 - February 2009) |
| Relative | -16.00% (November 2016 - March 2020) |
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 31 January 2020
| 5.1% | Astrazeneca Plc |
| 4.9% | Bp |
| 4.2% | Royal Dutch Shell |
| 4% | Just Eat Plc |
| 3.9% | 3i Group Plc |
| 3.6% | Associated British Foods Plc |
| 3.5% | Watches Of Switzerland Group Plc |
| 3.4% | Coca-Cola H.b.comp.srbija |
| 3.3% | Aveva Group |
| 3.3% | Fevertree Drinks Plc |
| Source: Trustnet |
Sector breakdown
| Consumer Services | 25.00% |
| Industrials | 20.00% |
| Consumer Goods | 16.00% |
| Financials | 14.00% |
| Oil & Gas | 9.00% |
| Health Care | 5.00% |
| Technology | 3.00% |
| Telecommunications | 3.00% |
| Cash & Cash Equivalents | 2.00% |
| Others | 2.00% |
Portfolio
The portfolio has approximately 150 holdings.
Constraints
Formal constraints have not been disclosed, however, large active sector bets appear to be minimal.
Key Investor Information