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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 22/03/2018
Accumulation Shares
Income Shares
Fund Size
£121M (28/02/18)

February 2018

Your Fund produced a return of -0.4% during the month compared to a return of -1.1% for the MSCI World Index NR (£).

Following a protracted period of calm in equity markets, February marked the return of higher levels of volatility.  The MSCI World Index (£) fell -9% from its high in January to its low in February.  In contrast, the Spectrum Fund declined by -5% from its high.  Although short-lived, February’s sell-off is a reminder of some of the risks facing investors.  Having benefited from an era of extremely accommodative central bank policy in the West, monetary conditions are starting to tighten.  This will likely increase the cost of capital for many companies and help to separate the wheat from the chaff.

In this environment we feel it prudent to hold cash, inflation-linked bonds with a short duration and gold, alongside Spectrum’s equity investments.  Whilst retaining our holding in gold bullion, we sold BlackRock Gold & General during the month.  Gold equities have remained highly volatile but displayed less sensitivity to a rising gold price since 2016.  In its place, we have added small holdings in BH Macro and BH Global, believing that they offer real diversification benefits to the portfolio.  Both are investment trusts that provide access to Brevan Howard’s global macro trading strategies.  Although the trusts have struggled in recent years, leading to a lowering of fees, they deliver returns that are uncorrelated to Spectrum’s other assets.  They could also benefit if we move to an environment defined by greater volatility and higher interest rates.

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

Source: Lipper, Link Fund Solutions Limited

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 +115.0% +75.0% +159.3%
Max drawdown* -12.9% -33.4% -37.4%
Best Month +8.4% +7.2% +10.1%
Worst Month -5.8% -12.9% -10.6%
Positive Month +62.5% +61.7% +64.2%
Annualised Volatility +8.8% +11.2% +13.7%

*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  7.6
Findlay Park American 6.7
Morant Wright Sakura Hedged 6.5
Polar Capital Global Insurance 5.3
Evenlode Income  5.3
Lindsell Train Global Equity  5.0
Odey Allegra Developed Mkts   4.8
Lindsell Train Japanese Equity 4.7
Samarang Asian Prosperity  4.6
Stewart Asia Pacific 4.3
Total Top 10 54.8
14 other holdings 32.6
Cash & equivalent 13.6
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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