Legal & General UK Select Equity A

Managed jointly by Schroders and Fidelity.

  • 366.90p
    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?

  • 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!

  • 1.25%
    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).

  • 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.

  • 2.20%
    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…

Prices as at 13 December 2019, fund data last updated 01 February 2002

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 £369m
Yield 2.20%
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

  • 14/15 0.10%
  • 15/16 0.08%
  • 16/17 -0.02%
  • 17/18 -0.24%
  • 18/19 -0.48%

Bestinvest MRI

  • 3 years -0.25%
  • 5 years -0.11%
  • Career -0.06%
  • 3 years 19.80%
  • 5 years 39.00%
  • Career 71.90%

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 14.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.06%. During the worst period of relative performance (from August 2005 - November 2011) there was a decline of 11% relative to the index. The worst absolute loss has been 41%.

Periods of worst performance

Absolute -41.00% (October 2007 - February 2009)
Relative -11.00% (August 2005 - November 2011)

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 July 2019

5.7% Bp
4.4% Royal Bank Of Scotland Group Plc
3.5% 3i Group Plc
3.5% Just Eat Plc
3.5% Next
3.5% Royal Dutch Shell
3.3% Barclays Plc
3.3% Fevertree Drinks Plc
3.2% Associated British Foods
3.2% Rio Tinto
Source: Trustnet

Sector breakdown

Consumer Services 27.00%
Industrials 19.00%
Financials 15.00%
Consumer Goods 13.00%
Oil & Gas 9.00%
Technology 6.00%
Health Care 5.00%
Basic Materials 3.00%
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

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