Majedie UK Equity X

Core, large cap UK equity fund with a distinctive "sub-fund" management style.

  • 124.94p
    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.

  • 152.79p
    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?

  • 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).

  • 0.77%
    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.

  • 4.10%
    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 29 May 2020, fund data last updated 14 October 2015

The fund targets a total return in excess of the FTSE All-Share index over the long term by investing in a diversified portfolio of mainly UK equities. The fund is split into four sub-portfolios, each with its own manager. These include a dedicated smaller companies portfolio, though the bulk of investments are in large and mid-cap stocks including selected overseas shares. The managers work together and consider wider economic themes, but form their portfolios separately. The fund typically has a value bias.

Fund summary

Sector UK All Companies
Structure OEIC
Launched September, 2012
Size £1,643m
Yield 4.10%
Charging basis Income
Dividends paid 28 Feb, 31 Aug

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.77%

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Investment process

The fund is split into four sub-portfolios, each with its own fund manager. Three of the managers (James de Uphaugh, Chris Field and Matthew Smith) run 30-35 stock portfolios of primarily FTSE 350 stocks, though some overseas companies are also included - these each make up 30% of the fund. The other 10% of the fund is a smaller companies portfolio run by Richard Staveley. The managers work together and feed off the same analyst team but have different styles and form their portfolios separately. The process is primarily bottom-up, but the team does look at the macro picture and consider long term investment themes which the managers can incorporate in their portfolios. Ideas come from across the Majedie investment team, from database screens (a proprietary internal database covers over 400 companies) and from the macro view. The research process includes analysis of company reports and accounts, company meetings (over 400 a year) and attendance at seminars and conferences globally.

We are looking to focus our research on a more limited number of equity fund ideas and following the re-appraisal of our ‘buy’ rated funds, we have removed Majedie UK Equity from our recommended list. This fund will now be rated two stars, to reflect the withdrawal of future coverage. Our alternative, high-conviction ideas will benefit from ongoing monitoring.

Manager research

Average monthly relative returns

  • 15/16 -0.04%
  • 16/17 -0.02%
  • 17/18 -0.17%
  • 18/19 -0.57%
  • 19/20 -0.18%

Bestinvest MRI

  • 3 years -0.31%
  • 5 years -0.20%
  • Career 0.15%
  • 3 years 10.90%
  • 5 years 29.50%
  • Career 99.90%

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

Majedie Asset Management

James de Uphaugh co-founded Majedie Asset Management in 2002 and has co-managed the UK Equity Fund since inception. Chris Field co-founded Majedie Asset Management in 2002 and has co-managed the UK Equity Fund since inception. Matthew Smith joined Majedie Asset Management in April 2006 and has co-managed the UK Equity Fund since November 2010. Richard Staveley joined Majedie in 2013, having previously worked at River & Mercantile and Société Générale.

Track record

Majedie Asset Management has 17.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.15%. During the worst period of relative performance (from January 2014 - July 2019) there was a decline of 15% relative to the index. The worst absolute loss has been 29%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -29.00% (October 2007 - February 2009)
Relative -15.00% (January 2014 - July 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 January 2020

5.3843% Bp
5.315% Tesco
5.3144% Glaxosmithkline
4.8445% Royal Dutch Shell
2.9301% Electrocomponents Plc
2.7518% Bae Systems
2.6794% Associated British Foods Plc
2.6745% Legal & General Group
2.4652% Barrick Gold Corp
2.3481% Mondi Plc
Source: Trustnet

Sector breakdown

Support Services 11.00%
Oil & Gas Exploration & Production 11.00%
Food & Drug Retailers 7.00%
Pharmaceuticals 6.00%
Mineral Extraction 6.00%
Travel 6.00%
Banks 6.00%
Retailers - General 5.00%
Aerospace & Defence 4.00%
Media 4.00%

Portfolio

Around 200 positions.

Constraints

Stock weights within +/- 4% of index weight at portfolio level (+/-5% in sub-portfolios). Max tracking error 6%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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