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Spectrum Fund

The investment objective of the Spectrum Fund is to produce long-term capital growth. The Fund’s investment policy is to diversify investment predominantly in collective investment schemes, though the Fund may be invested in bonds, equities, cash and other eligible instruments from time to time. The Spectrum Fund may invest up to 100% of its assets in collective investment schemes. 

In addition to the O share class referred to on this page, I Classes are also available. Please contact us for more information.

'O' Share Class Price 26/10/2016
Accumulation Shares
Income Shares
Fund Size

September 2016

Your Fund returned +1.6% during the month compared to +1.4% for the MSCI World Index (£).

The Egerton Capital Equity Fund, managed by John Armitage, is Spectrum’s largest constituent.  A constant challenging of assumptions and a fierce competition for capital encourages a relatively high turnover within the portfolio.  However, this does not mean that Egerton is averse to buying and holding companies for the long term.  Holdings are quickly sold if operational performance falters but are often retained if underlying momentum remains robust.  Visa and Mastercard, for instance, are core holdings in the portfolio.  Both benefit from deep competitive moats and secular growth in the volume of transactions conducted on their payment networks.

An ability to grow in a low growth world is a characteristic common throughout the portfolio.  This is highlighted by the fund’s exposure to consumer technology companies, including Alphabet and Facebook.  Whilst seemingly trading on high valuations multiples, Egerton believe that the market underestimates the strength and durability of such companies’ future growth.  Egerton’s preference for companies that can prosper in the current environment is also evident in what they choose not to own.  Rather than invest in financials facing the severe headwinds of financial repression, they own companies such as S&P Global and Moody’s.  Both are capital light, cash generative businesses with pricing power that should benefit from rising bond issuance over time.

The economic backdrop remains challenging.  However, we take comfort from the fact that Egerton, as well as Spectrum’s other managers, continues to invest in good quality companies with strong long-term prospects.

Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Capita Asset Services

The source of performance data has been changed.  This change may have resulted in variations from previously published performance figures.

Risk Analysis Since Launch (29/02/2008)Fund IA MSCI 
Total Return +92.6% +53.9% +118.6%
Max drawdown* -12.9% -33.5% -37.4%
Best Month +8.4% +7.3% +10.2%
Worst Month -5.8% -12.9% -10.6%
Positive Month +62.1% +61.2% +63.1%
Annualised Volatility +9.2% +11.9% +14.5%

*Measures the worst investment period

Performance is calculated on a total return basis, net of fees, in sterling terms.


Top 10 HoldingsFund (%)
Egerton Capital Equity  6.7
Evenlode Income  5.8
Morant Wright Sakura Hedged 5.7
Findlay Park American 5.5
Yacktman US Equity  5.4
CG Portfolio Real Return  5.3
Odey Allegra Developed Mkts 5.2
Blackrock Gold & General 5.1
Polar Capital Global Insurance 5.0
Lindsell Train Japanese Equity 4.9
Total Top 10 54.6
13 other holdings 39.8
Cash & equivalent 5.6
Total 100.0
Past performance is not necessarily a guide to future performance. The value of a fund and any income from it may go down as well as up and investors may get back less than they invested. Changes in rates of exchange may cause the value of investments to go up or down. This data is provided for information only and should not be reproduced, published or disseminated in any manner. Although Troy considers the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

Find Out More

Key Facts

  • Fund Manager
    Tom Yeowart
  • Inception Date
  • Currency
    £ Sterling
  • Available Share Class
    O & I
  • ISIN (O Class)
    GB00B2990B27 (Acc)
    GB00B2996V43 (Inc)
  • Bloomberg (O Class)
    CFTSPOA_LN (Acc)
    CFTSPOI_LN (Inc)
  • Sedol (O Class)
    B2990B2 (Acc)
    B2996V4 (Inc)

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