Ninety One Global Strategic Equity I

Global equity fund targeting companies subject to corporate events or structural change.

  • 327.42p
    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?

  • 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).

  • 0.93%
    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.

  • 0.70%

    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 14 June 2021, fund data last updated 03 August 2012

The fund targets long term capital growth by investing in equities worldwide. The manager focuses on companies undergoing internal changes (e.g. restructuring) or affected by external changes (e.g. privatisation, deregulation or demutualisation). Stocks are ranked using Investec’s 4Factor quantitative process before undergoing qualitative analysis – the entire research process is bottom-up.

Fund summary

Sector Global
Structure OEIC
Launched June, 2007
Size £422m
Yield 0.70%
Charging basis Income
Dividends paid Acc units only


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 0.93%


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Investment process

The managers believe that stock prices are affected by behavioural biases, and have identified key drivers that they believe lead investors to mis-price stocks – these include deregulation, restructuring, new technologies and privatisation. From a 4,500 stock universe the managers select the 500 stocks they believe are most impacted by these factors, then rank them using the proprietary “4Factor” quantitative process. This is based on the factors they have identified as most strongly affecting share prices: Strategy (companies that understand how to create shareholder value); Valuation (companies trading at a discount to their prospects based on cashflow); Dynamics (positive newsflow); Technicals (share price trends). Investec’s sector analysts then subject the best ideas identified to qualitative analysis to ensure the quantitative data is accurate. Finally, the fund manager constructs the portfolio – this is on a bottom up basis, i.e. with no macroeconomic input.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.49%
  • 19/20 -0.32%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.02%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 48.80%

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

Mark Breedon

Breedon received a BoA (Economics) degree in 1975 and joined Vickers da Costa the following year. He was promoted to head of European equity research before moving in 1980 to First Chicago, where he managed Institutional European portfolios. In 1986 he joined Alliance Capital where he managed mutual funds as well as developing and implementing investment strategies. He also served on Alliance Capital‘s Board of Directors in London, South Africa and Cairo. Breedon joined Investec in January 2003 and is now co-head of 4Factor Equities as well as a Financials sector specialist.

Track record

Mark Breedon has 2.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.02%. During the worst period of relative performance (from January 2003 - December 2003) there was a decline of 13% relative to the index. The worst absolute loss has been 11%.

Periods of worst performance

Absolute -11.00% (February 2004 - May 2004)
Relative -13.00% (January 2003 - December 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.


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Top 10 holdings

Data accurate as at 31 July 2020

5.4% Inc
4.9% Microsoft Corp
3.8% Samsung Electronics Co
3.6% Alphabet Inc
3% Facebook Inc
2.5% Nn Group Nv
2.4% Unitedhealth Group Inc
2.4% Sany Heavy Industry Co
2.2% Teleperformance
2.1% Tencent Hldgs Ltd
Source: Trustnet

Sector breakdown

Information Technology 25.00%
Health Care 15.00%
Consumer Discretionary 12.00%
Communications 12.00%
Financials 12.00%
Industrials 10.00%
Materials 6.00%
Consumer Staples 5.00%
Energy 2.00%
Money Market 2.00%


Between 80-100 stocks are usually held.


Investment in Emerging Markets is capped at 20%. Individual positions are limited to 10% and to +/-5% relative to MSCI World. Minimum market cap US$1bn.

Key Investor Information