Legg Mason IF Martin Currie European Unconstrained A

Continental European equity fund with a concentrated portfolio.

  • 474.00p
    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.

  • 604.00p
    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!

  • 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).

  • 1.92%
    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.

  • 0.10%
    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 23 October 2020

The Fund’s objective is to provide an income in excess of the benchmark as well as the potential for capital appreciation.

Fund summary

Sector Europe Excluding UK
Structure OEIC
Launched June, 2015
Size £46m
Yield 0.10%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.92%

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Investment process

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 1.37%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 1.09%
  • 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.

Zehrid Osmani / Amanda Whitecross

Osmani is head of the Global Long-Term Unconstrained team and is also co-manager of Martin Currie Global Portfolio Trust. He joined Martin Currie in May 2018 from BlackRock, where he held a number of senior roles from January 2008. At BlackRock, he was a senior portfolio manager and had responsibility for managing several pan-European equity funds with a specific focus on unconstrained, high-conviction, long-term portfolios, as well as being Head of European Equities Research. Prior to this, Zehrid managed equity portfolios at Scottish Widows, and was a specialist sector analyst at Commerzbank Securities, UBS Warburg and Credit Lyonnais. Osmani began his investment career as a trainee fund manager at Scottish Investment Trust. He has a BA in Economics and Finance from University of Paris-Sorbonne and a Masters in International Finance from the University of Glasgow.

Track record

The track record of Zehrid Osmani / Amanda Whitecross 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 -12.00% (December 2019 - March 2020)
Relative -3.00% (June 2019 - September 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 31 July 2020

7.05% Asml Holding Nv
6.88% Straumann Hldg
6.75% Ferrari Nv
5.87% Kering Sa
5.57% Moncler Spa
5.57% Adidas Ag
4.91% Hexagon Ab
4.86% Eqt Ab
4.85% Atlas Copco Ab
4.85% L`Oreal
Source: Trustnet

Sector breakdown

Information Technology 27.00%
Consumer Discretionary 24.00%
Health Care 15.00%
Consumer Staples 10.00%
Industrials 10.00%
Financials 8.00%
Materials 5.00%
Cash & Cash Equivalents 2.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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