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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 26/06/2017
212.02p
Accumulation Shares
Income Shares
205.03p
Fund Size
£114M

May 2017

The Fund produced a return of +2.8% during the month compared to a return of +2.3% for the MSCI World Index NR (£).

Politics was at the forefront of investors’ minds in May.  Emmanuel Macron defeated Marine Le Pen in France, bolstering the prospects of a rejuvenated European Union, whilst the General Election on 8th June has thrown into stark relief the challenges that lie ahead for the UK.

If there is a sense of political fatigue in this country spare a thought for the people of Brazil.  Having achieved some semblance of calm following the storm of     Dilma Rousseff’s impeachment last year, her replacement as President, Michel Temer, now potentially faces the same fate.  Allegations of corruption are yet to be proved but did prompt a significant stock market correction, especially when measured in US dollar terms.

This impacted Findlay Park Latin American, a fund held by Spectrum.  Whilst it remains one of Spectrum’s best performing holdings over the last 18 months, the episode highlights the volatility inherent in many emerging markets.  It also explains why Rupert Brandt, the fund’s manager, places such emphasis on finding good-quality companies with strong management, robust corporate governance and durable growth prospects.  None of the companies in the portfolio have been embroiled in the wide-ranging corruption investigation.  Moreover, in aggregate they have grown throughout Brazil’s recession and continue to offer compelling value.

Whilst the anti-corruption campaign may create further short-term pain, it should ultimately make Brazil a more transparent place for doing business.

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 +109.5% +69.4% +147.0%
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 +63.1% +62.2% +64.0%
Annualised Volatility +9.1% +11.5% +14.2%

*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  7.5
Morant Wright Sakura Hedged 6.1
Evenlode Income  5.6
Findlay Park American 5.6
Yacktman US Equity  5.3
Polar Capital Global Insurance 5.2
Odey Allegra Developed Mkts  5.1
Lindsell Train Global Equity 4.9
CG Portfolio Real Return  4.8
Lindsell Train Japanese 4.6
Total Top 10 54.7
12 other holdings 37.8
Cash & equivalent 7.3
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
    29/02/2008
  • 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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