Ninety One Cautious Managed A

A balanced fund with typically 60/40 equity/bond split.

  • 253.31p
    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.

  • 385.26p
    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?

  • 4.50% 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).

  • 1.59%
    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 18 September 2020

Fund summary

Sector Mixed Investment 20-60% Shares
Structure OEIC
Launched March, 1998
Size £1,170m
Yield 0.00%
Charging basis Income
Dividends paid 28 Feb, 31 May, 31 Aug, 30 Nov

Charges

Standard initial charge 4.50%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.59%

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Investment process

The Fund aims to provide a combination of income and long-term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. At all times, the Fund’s equity exposure will be limited to a maximum of 60% of the portfolio value.

Manager research

Average monthly relative returns

  • 15/16 -0.21%
  • 16/17 -0.46%
  • 17/18 -0.24%
  • 18/19 0.35%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 71.90%

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

Alastair Mundy

Mundy graduated in 1988 from the City University in Actuarial Sciences. He managed money at CGU from 1991, initially in their fixed interest team, moving to equity income in 1992 where he maintained some 15% in split-cap shares in his portfolios. He joined Investec's UK Income team in August 2000 and became head of its Value team in 2002.

Track record

Alastair Mundy has 13.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +00%. During the worst period of relative performance (from June 2001 - February 2003) there was a decline of 31% relative to the index. The worst absolute loss has been 23%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is

Periods of worst performance

Absolute -23.00% (August 2001 - October 2002)
Relative -31.00% (June 2001 - February 2003)

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

2.2% Iberdrola Sa
2% Uranium Participation Corp
1.6% 3i Infrastructure Plc
1.6% Procter & Gamble Co
1.5% Mckesson Corp
1.5% Medtronic Inc
1.4% Johnson & Johnson
1.4% Samsung Electronics Co
1.3% Vinci Sa
1.3% Tokio Marine Hldgs Inc
Source: Trustnet

Sector breakdown

Financials 11.00%
High Yield Bond 10.00%
Health Care 10.00%
Industrials 9.00%
Investment Grade Corporate Bonds 9.00%
Government Bonds 8.00%
Money Market 7.00%
Consumer Staples 7.00%
Precious Metals & Stones 5.00%
Debt 4.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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