Veritas Global Focus A GBP

A focused portfolio of global companies with a value bias.

  • 4884.00p
    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.

  • -
    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!

  • 1.00%
    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.

  • 0.10%
    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 May 2020

The fund is designed for long term investors who wish to build capital over a number of years through investment in a focused portfolio of global companies. Investing for absolute returns, over rolling five year time periods the fund aims to achieve returns of OECD G7 inflation plus 6% per annum and to exceed the MSCI World Index. The manager is benchmark agnostic with regional and sector exposures determined primarily by bottom up stock selection.

Fund summary

Sector Global
Structure OFFSHORE FUND
Launched July, 2001
Size £2,533m
Yield 0.10%
Charging basis Capital
Dividends paid n/a

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.15%

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Investment process

This fund launched on 31 July 2001 and targets capital growth from a concentrated portfolio of equities. The fund invests worldwide, but will focus primarily on developed markets. Experienced manager Andrew Headley focuses on identifying and analysing high quality companies with sustainable competitive advantages. The manager employs a number of methods to identify such companies, one of which is the use of themes which allows to narrow down the universe of companies for further analysis. The manager is benchmark agnostic and will hold a focused portfolio of circa 30-40 companies.

This fund launched on 31 July 2001 and targets capital growth from a concentrated portfolio of equities. The fund invests worldwide, but will focus primarily on developed markets. Experienced manager Andrew Headley focuses on identifying and analysing quality companies with sustainable competitive advantages. The bulk of the fund’s outperformance has been delivered in more modestly rising or declining markets.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 -0.03%
  • 17/18 -0.40%
  • 18/19 0.31%
  • 19/20 0.36%

Bestinvest MRI

  • 3 years 0.09%
  • 5 years 0.00%
  • Career 0.15%
  • 3 years 76.40%
  • 5 years 0.00%
  • Career 95.70%

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

Andrew Headley

Headley joined Veritas in 2003 and is a Director, Fund Manager and Head of Research and Global. He was previously an Analyst and Portfolio Manager at WP Stewart from 2001 to 2003 and an Analyst and Portfolio Manager at Newton Investment Management from 1996 to 2001. He was also a Tax Consultant at Price Waterhouse from 1993 to 1996. Education: Chartered Accountant, BSc, ASIP.

Track record

Andrew Headley has 11.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.15%. During the worst period of relative performance (from February 2009 - March 2018) there was a decline of 15% relative to the index. The worst absolute loss has been 21%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 96%.

Periods of worst performance

Absolute -21.00% (December 2007 - October 2008)
Relative -15.00% (February 2009 - March 2018)

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

Aena 1.3
Airbus 3.3
Alphabet 3.5
American Express 3.5
Baxalta 2.9
Baxter International 2.6
Capita 4.8
COPASA 0.6
Cochlear Ltd 2.3
Comcast 5.2

Portfolio

30-40 companies. Manager is benchmark agnostic.

Key Investor Information

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