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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 23/03/2017
204.49p
Accumulation Shares
Income Shares
197.81p
Fund Size
£110M

February 2017

The Fund produced a return of +2.4% during the month compared to a return of +3.9% for the MSCI World Index NR (£).

Equity markets remained eerily calm in February.  The S&P500 didn’t move by more than 1% in either direction in the first two months and hasn’t seen a decline exceeding that amount since October 2016.  The VIX index, a gauge of volatility, was also subdued.

Rather than trying to second guess the reasons for such stability, we prefer to focus on active fund managers that invest in companies with strong long-term prospects. One example is Jonathan Asante, manager of Stewart Investors Global Emerging Markets Best Ideas, a fund held by Spectrum.  Jonathan invests in good quality companies that generate a significant portion of their revenues in emerging markets. The companies he favours typically have durable franchises and are overseen by those he considers to be capable and forward-thinking stewards of shareholders’ capital. 

In general, the valuations of such companies remain elevated. However, with only ten underlying holdings, the fund is nimble and can take advantage of select opportunities as they arise. Banco Bradesco, one of Brazil’s foremost private banks, was bought at the nadir of investor sentiment in 2015 and sold after a strong re-rating in 2016.  More recently, the fund has invested in Wipro, a leading Indian IT services company, and Vitasoy International, a Hong Kong-listed purveyor of plant-based food and drinks, both at attractive prices.  With over 15% of the portfolio held in cash, the fund is well placed should the market’s calm exterior prove to be temporary.

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 +103.3% +64.0% +144.6%
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 +63.0% +62.0% +63.9%
Annualised Volatility +9.1% +11.7% +14.3%

*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  7.2
Morant Wright Sakura Hedged 6.2
Findlay Park American 5.7
Yacktman US Equity  5.6
Evenlode Income  5.6
Polar Capital Global Insurance 5.4
CG Portfolio Real Return  5.1
Odey Allegra Developed Mkts  4.8
Blackrock Gold & General 4.6
Lindsell Train Global Equity 4.5
Total Top 10 54.7
13 other holdings 37.9
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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