Threadneedle European Smaller Companies C1

Invests in small and mid-cap continental European equities.

  • 1041.55p
    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.

  • 1071.74p
    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?

  • 3.75% 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!

  • 1.50%
    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).

  • 1.67%
    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 25 November 2020, fund data last updated 17 July 2020

The fund targets capital growth by investing in a diverse portfolio of small and mid-cap continental European equities. Manager Philip Dicken has a quality growth style, favouring growing companies with high returns and competitive advantages such as brands that will enable them to sustain those returns. To find them he employs a bottom-up process, using Porter’s five forces framework to assess companies’ business models. Portfolio companies are often found in niche industrial areas, but seldom in the financials sector. Once invested Dicken typically holds stocks for a number of years.

Fund summary

Sector European Smaller Companies
Structure OEIC
Launched November, 1997
Size £447m
Yield 0.00%
Charging basis Income
Dividends paid May

Charges

Standard initial charge 3.75%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.67%

Allocation

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Investment process

Manager research

Average monthly relative returns

  • 15/16 0.30%
  • 16/17 0.64%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.90%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.39%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 99.90%

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

Philip Dicken

Dicken joined Threadneedle in January 2004 from Active Value Advisors where he has worked as a European analyst for five years. Prior to that he worked for Merrill Lynch.

Track record

Philip Dicken has 14.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.39%. During the worst period of relative performance (from July 2012 - June 2014) there was a decline of 20% relative to the index. The worst absolute loss has been 42%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -42.00% (May 2007 - November 2008)
Relative -20.00% (July 2012 - June 2014)

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 May 2020

2.9% Eurofins Scientific Se
2.9% Sartorius
2.8% Vat Group Ag
2.7% Kingspan Group
2.7% Belimo Holding Ag
2.7% Imcd Nv
2.7% Diasorin S.p.a.
2.7% Simcorp
2.6% Just Eat Takeaway.com Nv
2.6% Sig Combibloc Group Ag
Source: Trustnet

Sector breakdown

Industrials 29.00%
Health Care 19.00%
Information Technology 16.00%
Materials 10.00%
Financials 10.00%
Consumer Discretionary 7.00%
Communications 5.00%
Consumer Staples 3.00%
Cash & Cash Equivalents 1.00%
Money Market 1.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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