fund
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!
TM CRUX European Special Situations I GBP
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256.03p
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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338.17p
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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0.75%
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).
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0.88%
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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0.90%
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…
The fund aims to capture capital growth while protecting the portfolio from potential downside by investing in continental European equities. Fund managers Richard Pease and James Milne favour quality companies, defined as those able to sustain high returns over the long-term and able to weather economic cycles. They invest in companies of all sizes and the portfolio typically has a higher weighting in lesser-known small and mid-cap stocks compared to the index and the peer group. They also favour dividend-paying companies, so the fund typically pays a reasonable yield.
Fund summary
| Sector | Europe Excluding UK |
| Structure | OEIC |
| Launched | |
| Size | £954m |
| Yield | 0.90% |
| Charging basis | Capital |
| Dividends paid | 31 May, 30 Nov |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 0.88% |
Allocation
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Investment process
The fund’s investible universe is around 3,000 continental European companies. Ideas are sourced from quant screens, management meetings, company/industry/analyst reports, and peer/customer reviews. The portfolio often includes a small number of UK and US companies – these are typically identified during reviews of the global peer group. Stock selection is almost entirely bottom-up, with the managers looking for four key criteria in companies: Business Strategy - Pease targets companies able to generate a superior return on capital employed (ROCE) over a long period and able to weather economic cycles. Typically these will have pricing power and be protected by barriers to entry. Quality of management - Pease and Milne look for managers with proven track records, equity participation in the business and a realistic business plan. Sound finances - Capital intensive companies, those with high debt and those with unsustainably low tax rates are avoided. Attractive valuation - Pease describes his style as Growth at a Reasonable Price (GARP) and will avoid highly valued stocks (PE above 20), unless they pay a high dividend. Companies with no dividend are typically avoided. He also typically avoids commodity-related businesses, banks and insurance companies, those with high capex and those with regulatory risk.
Richard Pease has a long and successful track record in European investing, having generated substantial outperformance at Jupiter in the 1990s and later at New Star and Henderson. He set up boutique CRUX in 2015, taking this fund with him, and has continued his success. As well as strong relative returns his funds have also typically displayed defensive characteristics, with lower than market volatility and an element of downside protection. He benefits from the support of co-manager James Milne, who he has worked with for more than a decade. The duo also run the CRUX European fund, which is similar but has more exposure to larger companies.
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.
Allocation
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Sector breakdown
| Services | 17.00% |
| Capital Goods | 11.00% |
| Media | 10.00% |
| Biotechnology/Medical | 10.00% |
| Retail | 9.00% |
| Banks | 8.00% |
| Materials | 5.00% |
| Consumer Durables | 5.00% |
| Transport | 5.00% |
| Insurance | 4.00% |
Portfolio
40-80 stocks.