fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

RWC Global Horizon R GBP

  • 24978.52p
    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?

  • 5.00% 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!

  • 0.80%
    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).

  • 1.15%
    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 22 October 2021

The fund aims to generate superior long-term capital growth (ahead of the MSCI All Countries World Index on a rolling five-year basis#) through investment in global equities. Manager Louise Keeling invests with a focus on supply-side dynamics, buying primarily large and mid-sized companies which have survived economically battered sectors and can now benefit from factors such as reduced competition. As such they are often over-looked by other investors and are trading at a deep discount to their intrinsic value. Its holdings include E-commerce giant Amazon, which dominates supply in its industry, and US supermarket Kroger. Keeling has an active, bottom-up, unconstrained investment approach. She seeks out companies with improving return on investment capital, which are cheap by valuation and have a sustainable future.

Fund summary

Sector Global
Structure OFFSHORE FUND
Launched
Size £334m
Yield 0.00%
Charging basis Income
Dividends paid Acc units.

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.80%
Ongoing charges figure 1.15%

Allocation

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Investment process

Keeling believes that mispricing of stocks occurs in downtrodden sectors of the economy. Investors become preoccupied with the short-term pain companies are experiencing and under-estimate the benefit to those surviving businesses of improving supply side dynamics. She identifies industries which have undergone significant capital withdrawals and looks for red flags such as bankruptcies, industry consolidation and significant share price falls. She then looks for out of favour and attractively priced companies – those that “no-one else wants to see”, where return on invested capital is rising as competition reduces. These companies need to be led by managers who have a strong alignment with shareholders. They must be able to grab the supply side opportunity by allocating capital well over the long term. Keeling also looks at valuation factors such as cash flow and sector competition and will only invest in companies trading at greater than a 50% discount to her estimate of intrinsic value. The fund is reasonably concentrated with the top 10 names typically holding around 35% of the portfolio and the top 40 having 85%. The remainder is the “incubator”, stocks where the outcome is more uncertain and so smaller positions are taken.

The fund is managed by seasoned global equity manager Louise Keeling who has a solid track record and a strong set of investment beliefs. She is supported by a three-strong team of global generalist analysts from diverse backgrounds with an average of ten years of experience. Keeling has benefited from the freedom given to her by RWC to design and manage the fund as she sees fit. The result is a differentiated and distinctive investment philosophy, based on the supply side of the capital cycle. All these factors have helped the fund historically outperform or keep up in a broad range of market conditions. For those investors looking for value, it is a heads you win, tails you don’t necessarily lose option.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 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

Absolute 0.00% ()
Relative 0.00% ()

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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Key Investor Information

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