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 |
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Structure | UNIT TRUST |
Launched | November 2010 |
Size | £5,673m |
Yield | 1.2% |
Charging Basis | Income |
Dividends paid | 31 Jul |
Standard Initial Charge | 0% |
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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