TM CRUX European I GBP

Mainly large cap equity fund run by an experienced manager in Richard Pease.

  • 154.59p
    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.

  • 172.37p
    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!

  • 0.75%
    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).

  • 0.96%
    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.

  • 0.90%
    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 18 June 2021

The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equities of European companies.

Fund summary

Sector Europe Excluding UK
Structure OEIC
Launched October, 2015
Size £200m
Yield 0.90%
Charging basis
Dividends paid 28 Feb, 31 May, 31 Aug, 30 Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.96%

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Investment process

Manager research

Average monthly relative returns

  • 16/17 -0.21%
  • 17/18 -0.10%
  • 18/19 -0.24%
  • 19/20 -0.25%
  • 20/21 -0.07%

Bestinvest MRI

  • 3 years -0.19%
  • 5 years -0.17%
  • Career 0.20%
  • 3 years 27.80%
  • 5 years 28.40%
  • Career 98.00%

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

Richard Pease / James Milne

Pease began his career at Knight Frank & Rutley as a graduate trainee, before moving to the Central Board of Finance for the Church of England where he ran two funds. He moved to Windsor Investment Management in 1987 where he set up and ran the European Unit Trust. In 1989 he joined Jupiter, running the Jupiter European fund and heading up a five-strong team. He joined New Star in May 2001 and then Henderson when it acquired New Star in 2009 and was a Director of European Equities there from 2009-2015. In June 2015 Pease set up Crux, bringing his European Special Situations with him from Henderson. He holds a BA in General Arts from Durham University. Milne graduated from Magdalen College, Oxford with a double first class degree in Engineering Science. He began his career in 2002 at KPMG in London where he qualified as a chartered accountant before moving into corporate finance. In 2006 he joined New Star Asset Management and in 2009 he transferred to Henderson Global Investors when it bought New Star. He worked on the Henderson European Special Situations fund from launch in 2009 and in 2015 he moved to CRUX at the same time as the fund and Pease.

Track record

Richard Pease / James Milne has 11.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.2%. During the worst period of relative performance (from September 2016 - June 2020) there was a decline of 14% relative to the index. The worst absolute loss has been 22%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 98%.

Periods of worst performance

Absolute -22.00% (April 2011 - September 2011)
Relative -14.00% (September 2016 - June 2020)

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

3.1889% Novo-Nordisk As
3.0779% Sap Se
2.6038% Prosus N.v.
2.3354% Dsv Panalpina As
2.2791% Deutsche Borse Ag
2.2598% Sgs Sa
2.2519% Sampo Corp
2.1762% Lvmh Moet Hennessy Vuitton Se
2.1477% Vivendi
2.1447% Roche Hldg Ag
Source: Trustnet

Sector breakdown

Capital Goods 16.00%
Software 12.00%
Services 9.00%
Biotechnology/Medical 7.00%
Consumer Durables 7.00%
Food, Beverages and Tobacco 7.00%
Materials 5.00%
Money Market 4.00%
Insurance 4.00%
Retail 4.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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