Legg Mason IF Martin Currie North America A

A stock picking approach, investing in large cap growth stocks.

  • 484.80p Price (Inc)
  • - Price (Acc)
  • 5.00% 0.00% Initial charge
  • 1.50% Annual management charge
  • 1.71% Ongoing charges
  • 0.10% Yield

Prices as at 06 December 2019, fund data last updated 19 July 2011

The objective of the fund is to produce capital growth by investment in the USA and Canada. The portfolio will consist chiefly of transferable securities, nonetheless, the investment manager may also invest in units in collective investment schemes, derivatives and forward transactions, market instruments, deposits, bonds, convertible bonds, nil and partly paid securities, cash and near cash as deemed economically appropriate, to meet the fund's objective.

Fund summary

Sector North America
Structure OEIC
Launched June, 2015
Size £157m
Yield 0.10%
Charging basis Income
Dividends paid Acc units only

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 1.71%

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Investment process

In June 2012 we downgraded this fund to a 1 star (sell rating) following poor performance. We removed the sell rating in 2013 following the departure of the manager and the appointment of Penny Kyle as sole manager - Kyle was previously co-manager from 2012.

Manager research

Average monthly relative returns

  • 14/15 -0.08%
  • 15/16 -0.64%
  • 16/17 -0.13%
  • 17/18 0.31%
  • 18/19 -0.04%

Bestinvest MRI

  • 3 years 0.05%
  • 5 years -0.12%
  • Career 0.23%
  • 3 years 69.90%
  • 5 years 41.70%
  • Career 88.10%

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

Penny Kyle

Kyle is an investment director in the North America team at Martin Currie. She joined Martin Currie in 2012 from a leading sovereign wealth fund, where she was head of US equities. Before this, Kyle was head of North American equities at Morley Fund Management. Prior to that, she was at American Express Asset Management, where she worked closely with the regional investment teams and was personally responsible for North American stock research. Earlier, Kyle was head of US equities at Groupama Asset Management. She began her investment career in 1993 at Govett Asset Management.

Track record

Penny Kyle has 8.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.23%. During the worst period of relative performance (from October 2013 - October 2017) there was a decline of 15% relative to the index. The worst absolute loss has been 47%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 88%.

Periods of worst performance

Absolute -47.00% (August 2000 - September 2002)
Relative -15.00% (October 2013 - October 2017)

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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Top 10 holdings

Data accurate as at 31 August 2019

4.45% Automatic Data Processing Inc
4.44% Starbucks Corp
4.19% Visa Inc
3.77% Aon Plc
3.76% Microsoft Corp
3.45% Mastercard Inc
3.31% Resmed Inc
3.31% Agilent Technologies Inc
3.15% Amazon.com Inc
3.14% Zoetis Inc
Source: Trustnet

Sector breakdown

Information Technology 32.00%
Health Care 19.00%
Consumer Discretionary 12.00%
Financials 8.00%
Industrials 7.00%
Consumer Staples 5.00%
Materials 5.00%
Communications 4.00%
Energy 3.00%
Cash & Cash Equivalents 3.00%

Portfolio

The fund will always feature around 40 holdings.

Constraints

The manager will take active stock positions of between 1% (min) and 3% (max) relative the MSCI North American Index. Sector positions are +/- 10% of the Index.

Key Investor Information

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