Rights & Issues IT - Capital

  • 5580.00p
    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!

  • 0.00%
    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).

  • 0.00%
    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.

  • 1.60%
    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…

The Rights & Issues Investment Trust has been succesfully managed by Simon Knott since 1984. This is a focused, deep value, UK equity fund with a significant bias to small caps. This distinctive bottom up, fundamental value approach has proved successful over all economic cycles. Knott assumes all responsibilities for fund management, research and analysis. The trust has no borrowings and zero exposure to split caps.

Fund summary

Sector UK Smaller Companies
Structure X-INVESTMENT TRUST
Launched
Size £128m
Yield 1.60%
Charging basis
Dividends paid

Charges

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Investment process

This fund is built entirely around bottom up stock analysis with the emphasis on fundamental value. The manager does not rely on third parties to generate investment ideas or provide research and analysis. Instead Knott relies on his extensive market experience to generate all ideas and he alone will undertake all analysis and company visits. The manager does not invest in bad companies that are cheap, instead he targets those he fully understands, are profitable and have significant barriers to entry. The manager will rely on balance sheet analysis (as opposed to profit /loss analysis) and turnover to identify value. The manager's experience in the city has led him to identify a number of investment criteria which he will use to narrow down his investable universe. He pursues a buy and hold strategy and will not take positions in a company that cannot satisfy a 3/4 year view. This is particularly important in the small cap arena where transaction costs can be high.

This distinctive bottom up, fundamental value approach has proved successful over all economic cycles. Knott assumes all responsibilities for fund management, research and analysis. The trust has no borrowings and zero exposure to split caps.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 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 0.00%

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

Track record

Periods of worst performance

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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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Portfolio

This is a concentrated portfolio of approx. 45-50 stocks. Historically approx. 78% of this portfolio has been invested in small cap. The portfolio is characterised by low turnover, single figure P/Es and low market BETA.

Key Investor Information

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