Ninety One UK Special Situations B

Contrarian value approach, investing mainly across the FTSE 350 universe.

  • 345.05p
    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.

  • 990.91p
    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!

  • 1.00%
    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).

  • 1.10%
    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.

  • 3.50%

    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 22 October 2020, fund data last updated 21 May 2007

The aim is to provide growing income combined with long term capital growth through investment in shares which offer high and sustainable dividend yields. The universe focuses on FTSE 350 stocks with typically 50%-60% held in Footsie (FTSE 100) stocks. The manager follows a "value" approach to investing, targeting out of favour stocks with a catalyst, and therefore re-rating opportunities. Thus the approach can be described as contrarian and as such expect periods of underperformance relative to the market.

Fund summary

Sector UK All Companies
Structure OEIC
Launched October, 1988
Size £458m
Yield 3.50%
Charging basis 50% Income 50% Capital
Dividends paid 30 Nov


Standard initial charge 4.50%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.10%


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Investment process

The trust's investment universe is UK equities with market capitalisations of £200m or more, though in practice almost all of the portfolio will be invested in FTSE 100 and FTSE 250 stocks. The universe is screened for stocks which have underperformed by more than 50% from their seven year relative peak - this identifies companies that are out of favour with the market. Companies highlighted by the screen are subjected to initial due diligence for valuation, balance sheet strength and structural risk, before more in-depth analysis is undertaken. The process is primarily bottom-up, which can result in significant biases to certain sectors, though portfolio construction does take account of top-down risk analysis.

Manager Alistair Mundy also manages the Temple Bar investment trust, which has a high degree of commonality with this fund. Mundy has outperformed during his tenure on both, though his distinctive style means returns can be inconsistent.

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.


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Top 10 holdings

Data accurate as at 31 July 2020

6% Travis Perkins
4.7% Grafton Group Plc
4.3% Iwg Plc
3.7% British American Tobacco
3.3% Citigroup Inc
3% Easyjet
2.9% Glaxosmithkline
2.8% Bp
2.8% Royal Dutch Shell Plc
2.7% Natwest Group Plc
Source: Trustnet

Sector breakdown

Industrials 34.00%
Consumer Goods 18.00%
Consumer Services 17.00%
Financials 14.00%
Oil & Gas 6.00%
Health Care 4.00%
Basic Materials 2.00%
Telecommunications 1.00%
Utilities 1.00%
Technology 1.00%


The portfolio holds around 70 stocks with around 35% in the top 10.


Max 10% in one stock. Max 25% in any sector. Typical gearing 0-30%. Max 10% cash.

Key Investor Information - Income


Key Investor Information - Accumulation