Concentrated multi-cap UK equity portfolio targeting companies with a durable competitive advantage.
Prices as at 01 Jul 2022.
Fund commentary last updated 08 Oct 2021.
Past performance is not an indication of future performance.
Capital at risk.
|Sector||UK All Companies|
|Dividends paid||31 Jul|
|Standard Initial Charge||0%|
|Initial Charge Via BestInvest||0%|
|Additional Bid/Offer Spread||0.91%|
|Annual Management Charge||0.75%|
|Ongoing Charges Figure||0.82%|
The investment process focuses on companies that offer “Economic Advantage” - competitive strengths that allow them to sustain a higher than average level of profitability for longer than expected. The managers believe Economic Advantage is most durable in businesses with three categories of intangible assets: (1) Intellectual property; (2) Strong distribution channels; (3) Significant recurring business. Companies with durable Economic Advantage are also screened for the market’s appreciation of their potential earnings growth – the managers believe under-appreciated companies have the strongest potential for share price growth. This results in a portfolio of more dependable companies with less cyclicality. The investment style is not solely defensive - more cyclical stocks can be included, but banks, miners and retailers tend not to be represented. The fund is a dual priced unit trust so new investors will incur a small bid-offer spread on purchase.
Past performance is not a guide to future performance. View full risk warning