Marlborough European Multi-Cap A

Continental European equity fund with a high weighting to small caps.

  • 537.75p
    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?

  • 5.25% 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!

  • 1.50%
    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).

  • 1.65%
    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.

  • 1.10%
    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 18 September 2020

The objective of the Fund is to obtain capital growth by investing predominantly in transferable securities of European listed and/or European domiciled companies (excluding the UK). The fund invests in companies of all sizes as the name suggests, but typically has a high weighting to small caps.

Fund summary

Sector Europe Excluding UK
Structure UNIT TRUST
Launched May, 1986
Size £225m
Yield 1.10%
Charging basis Income
Dividends paid 10 Nov

Charges

Standard initial charge 5.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.65%

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Investment process

Manager research

Average monthly relative returns

  • 15/16 -0.55%
  • 16/17 0.08%
  • 17/18 0.50%
  • 18/19 0.66%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.20%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 34.50%

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

David Walton

Walton graduated from St John's College, Cambridge University with a BA Hons in Economics and worked for M & G Investment Management in London before joining Baillie Gifford in September 2000. He moved to Marlborough Fund Managers in October 2013.

Track record

David Walton has 10 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.2%. During the worst period of relative performance (from May 2001 - November 2007) there was a decline of 40% relative to the index. The worst absolute loss has been 52%.

Periods of worst performance

Absolute -52.00% (May 2001 - February 2003)
Relative -40.00% (May 2001 - November 2007)

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 July 2020

4.8632% Sesa Spa
3.6218% Enea Ab
3.5027% Harvia Plc
2.814% Microwave Vision
2.7058% Fjordkraftholding Asa
2.6593% H & H Intl As
2.3512% Nordic Waterproofing Hldg As
2.2903% Nn Group Nv
2.2256% Cpl Resources
2.2202% Roche Hldg Ag
Source: Trustnet

Key Investor Information

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