Legg Mason IF Martin Currie US Unconstrained X

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

  • 688.30p
    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?

  • 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!

  • 0.75%
    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).

  • 0.92%
    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.

  • 0.00%
    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 22 January 2021, fund data last updated 19 July 2011

A focused stockpicking fund that invests in large cap growth stocks with some exposure to mid cap companies. The manager prefers individual stock selection over sectors and uses the in-house Dynamic Stock Matrix that aims to identify mis-priced stocks with improving fundamentals. The stock selection process is then overlain with views on economic and industry trends.

Fund summary

Sector North America
Structure OEIC
Launched June, 2015
Size £203m
Yield 0.00%
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 0.75%
Ongoing charges figure 0.92%

Allocation

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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

  • 16/17 -0.25%
  • 17/18 -0.22%
  • 18/19 0.07%
  • 19/20 0.15%
  • 20/21 0.39%

Bestinvest MRI

  • 3 years 0.20%
  • 5 years 0.03%
  • Career 0.24%
  • 3 years 77.30%
  • 5 years 66.70%
  • Career 89.60%

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 9.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.24%. 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 90%.

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.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

8% Masimo Corp
6.96% Resmed Inc
6.51% Mastercard Inc
5.64% Ansys Inc
5.49% Estee Lauder Companies Inc
5.08% Nike Inc
4.96% Mettler Toledo Intl Inc
4.9% Amazon.com Inc
4.85% Microsoft Corp
4.83% Adobe Inc
Source: Trustnet

Sector breakdown

Information Technology 38.00%
Health Care 30.00%
Consumer Discretionary 14.00%
Materials 8.00%
Consumer Staples 6.00%
Industrials 4.00%
Cash & Cash Equivalents 1.00%

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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