fund
UBS US Growth C
Invests in US equities with growth characteristics.
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236.00p
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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0.75%
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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0.85%
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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0.00%
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…
This fund targets long-term capital growth primarily through investment in US equities with growth characteristics. It invests in a concentrated portfolio of large US companies, split between Elite growth (companies in a “hyper” growth phase) and Classic growth (lower, steadier growth companies that have become undervalued). Some cyclical growth stories may also be included. The manager Lawrence Kemp resigned in November 2012 and we suspended the rating pending assessment of the incoming managers.
Fund summary
| Sector | North America |
| Structure | OEIC |
| Launched | August, 2012 |
| Size | £411m |
| Yield | 0.00% |
| 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 | 0.75% |
| Ongoing charges figure | 0.85% |
Allocation
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Investment process
The initial universe is US-listed companies above $2.5bn in size and those in the Russell 1000 Growth index. The manager prefers companies with sustainable growth characteristics and superior return on invested capital. The portfolio has 3 parts: •Elite growth – companies with above average returns on capital and growth rates that may be undervalued by the market as they appear expensive using traditional valuation metrics. •Classic growth – mature, well researched companies that are typically fairly priced but can become undervalued during market volatility. •Cyclicals – companies achieving high growth due to the stage of the economic cycle (typically not more than 10% of the portfolio). Key to the investment process is intensive company research which concludes with specific upside and downside price targets for each stock – these are based on the analysts’ best and worst case scenarios for each company. The manager selects stocks based on maximum upside and minimal downside risk, whilst taking into account diversification targets. He has rigorous buy and sell disciplines which means that holdings are actively traded: trimming and adding to positions as stock prices move up and down within his target range.
Manager research
Average monthly relative returns
- 16/17 -0.09%
- 17/18 0.67%
- 18/19 0.48%
- 19/20 0.49%
- 20/21 0.29%
Bestinvest MRI
- 3 years 0.42%
- 5 years 0.37%
- Career 0.23%
- 3 years 90.30%
- 5 years 93.90%
- Career 91.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Peter Bye
Bye is a Portfolio Manager and Senior Investment Analyst on the US Large Cap Growth Equity team. In addition to his portfolio management responsibilities, he is responsible for analysis and stock selection in the health care and consumer discretionary sectors. Bye joined UBS Global Asset Management in 2010 after twelve years in equity research on the sell side covering health care sectors at Cowen & Co., Citigroup, Wachovia and most recently at Jefferies and Co. where he was mentioned as one of the Best on the Street in the 2010 Wall Street Journal survey. Prior to his equity research career, Bye worked in the quantitative research department at Putnam Investments in Boston, analysing portfolio strategies, risk, security modelling, and performance attribution among the companies taxable fixed income groups. He has a History & Science degree from Harvard University.
Track record
Peter Bye has 8.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.23%. During the worst period of relative performance (from February 2014 - December 2016) there was a decline of 14% relative to the index. The worst absolute loss has been 16%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 91%.
Periods of worst performance
| Absolute | -16.00% (September 2018 - December 2018) |
| Relative | -14.00% (February 2014 - December 2016) |
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 August 2019
| 9.8% | Microsoft Corp |
| 6.7% | Alphabet Inc. Class A |
| 6.6% | Amazon.com Inc |
| 5.1% | Apple Inc |
| 5.1% | Visa Inc |
| 3.4% | Salesforce.com Inc |
| 2.8% | Nike Inc |
| 2.5% | Dollar General Corp |
| 2.3% | Autodesk Inc |
| 2.3% | Union Pacific Corp |
| Source: Trustnet |
Sector breakdown
| Information Technology | 37.00% |
| Consumer Discretionary | 23.00% |
| Communications | 14.00% |
| Health Care | 11.00% |
| Industrials | 7.00% |
| Financials | 2.00% |
| Materials | 2.00% |
| Others | 2.00% |
| Consumer Staples | 2.00% |
| Real Estate | 1.00% |
Portfolio
35-55 stocks. As at 19/06/12: 47 holdings; average market cap US$84bn; 2-year forward PE 15x; 1-year EPS growth 17.5%.
Constraints
Max stock weights: the greater of 8% or 3% over the benchmark; Sector weights +/- 15% vs benchmark. Max 5% in cash.
Key Investor Information