fund
Royal London UK Mid Cap Growth M
Stockpicking fund investing primarily in mid cap stocks.
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464.90p
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.
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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?
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0.00%
Initial chargeSome 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!
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0.70%
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).
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0.73%
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.
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0.80%
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…
This funds objective seeks to achieve capital growth, principally through the investment in medium-sized UK companies represented by the FTSE 250 ex IT index - although the Manager retains the discretion to invest in some FTSE 100 or FTSE AIM / small company stocks. The manager considers himself more of a growth investor within a top down / thematic driven framework.
Fund summary
| Sector | UK All Companies |
| Structure | OEIC |
| Launched | November, 2009 |
| Size | £61m |
| Yield | 0.80% |
| Charging basis | Income |
| Dividends paid | Acc units only |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 0.70% |
| Ongoing charges figure | 0.73% |
Allocation
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Investment process
Investing primarily in FTSE Mid 250 stocks, the manager has a preference for undervalued companies were he can envisage a catalyst that will provide earnings surprise. Consensus earnings in this respect are an important consideration, as are price and earnings momentum inputs. These stocks are in turn selected within a top down / thematic framework arrived at by the manager. At least 80% of the fund will tend to be invested in core positions, whilst the balance maybe invested in more tactical ideas. Small and Large companies that fall into the portfolio are usually on the edge of the FTSE 250 index.
The manager is an experienced UK equity investor, albeit his profile is not as high as some of his peers. AUM for this dedicated portfolio are still relatively small relative to alternative mandates with similar objectives.
Manager research
Average monthly relative returns
- 16/17 0.00%
- 17/18 0.25%
- 18/19 0.25%
- 19/20 0.89%
- 20/21 0.34%
Bestinvest MRI
- 3 years 0.49%
- 5 years 0.00%
- Career 0.24%
- 3 years 94.10%
- 5 years 0.00%
- Career 96.30%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Henry Lowson
Henry joined AXA Framlington in January 2005 as a UK equity analyst. He graduated from Edinburgh University in 2004 with an MA (Hons) degree in Economics and Geography. He passed the Investment Management Certificate in April 2005 and he became a CFA Charterholder in June 2007. He became lead fund manager of the AXA Framlington UK Smaller Companies Fund in May 2012. He was also responsible for management of the AIM Inheritance Tax Portfolio Service until the sale of the Portfolio Management Team to Psigma in October 2014.
Track record
Henry Lowson has 8.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.24%. During the worst period of relative performance (from January 2016 - March 2017) there was a decline of 12% relative to the index. The worst absolute loss has been 27%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 96%.
Periods of worst performance
| Absolute | -27.00% (January 2020 - March 2020) |
| Relative | -12.00% (January 2016 - March 2017) |
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
| 3.5262% | B & M European Value Retail Sa |
| 3.28% | Genus Ord Gbp0.10 |
| 3.2761% | Integrafin Holdings Plc |
| 3.2364% | Grainger Plc |
| 3.2115% | Cranswick |
| 3.1041% | Dechra Pharmaceuticals |
| 3.0305% | Ultra Electronics Hldgs |
| 2.8763% | Telecom Plus Ord Gbp0.05 |
| 2.7802% | Fdm Group Plc |
| 2.4834% | Lancashire Hldgs |
| Source: Trustnet |
Sector breakdown
| Industrials | 29.00% |
| Financials | 25.00% |
| Consumer Services | 14.00% |
| Health Care | 10.00% |
| Consumer Goods | 10.00% |
| Technology | 7.00% |
| Telecommunications | 3.00% |
| Basic Materials | 2.00% |
Portfolio
40-60 holdings position sizes 1-3%
Constraints
at least 80% invested in mid caps.
Key Investor Information