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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 24/05/2019
Accumulation Shares
Income Shares
219.12p
Fund Size
£122M (30/04/19)

Past performance is not a guide to future performance.

April 2019

Your Fund produced a return of +3.6% during the month compared to a return of +2.9% for the IA Flexible Investment TR.

During April we met CG Asset Management, managers of CG Real Return and CG Dollar, two funds held in Spectrum.  Both funds invest in inflation-linked bonds, with CG Dollar focused on US Treasury Inflation-Protected Securities (TIPS) and CG Real Return having a broader geographical mandate.

Despite having greater flexibility, CG Real Return currently has a 75% weighting to US TIPS, with the balance of the portfolio invested in Germany, Sweden, Canada, Denmark and Australia.  This in part reflects a narrowing of the investable universe over time, as well as CG’s emphasis on avoiding the risk of a sovereign defaulting.  For instance, the effective nationalisation of Japan’s bond market has created an illiquid and unattractive market, whilst the team no longer invest in France due to its weak economy and inability to set its own monetary policy.

A high weighting to the US also reflects the more attractive real yields on offer than elsewhere, as well as the fact that inflation expectations remain fairly subdued.  Despite the Federal Reserve targeting an inflation rate of 2%, the breakeven inflation rate for 10 year TIPS is around 1.9%.  At the end of last year, CG took advantage of lower prices to extend the duration of their TIPS holding.  Although prices have rebounded this year, the Federal Reserve’s more dovish tone gives CG the confidence to maintain higher levels of duration.  As does a belief that real interest rates are unlikely to move much higher in this cycle due to the sheer quantum of debt in the world.

Source: Lipper, Link Fund Solutions Limited

The source for performance data has been changed. This change may have resulted in variations from previously published performance figures. These variations are deemed to be immaterial both individually and cumulatively.

Total Return to 30 April 2019 29/02/08
Since Launch
30/04/09
10 Years
30/04/14
5 Years
30/04/16
3 Years
30/04/18
1 Year
31/10/18
6 Months 
Spectrum Fund +129.3% +140.3% +59.3% +34.7% +7.3% +6.9%
LIBID* GBP 1 Month +9.3% +4.1% +1.8% +1.0% +0.6% +0.3%
IA Flexible (TR) +80.5% +127.0% +40.0% +29.8% +3.3% +5.6%

 * London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2008# 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018  2019 YTD 
Spectrum Fund -3.0% +19.2% +7.8% -3.5% +6.4% +3.5% +7.4% +5.2% +19.6% +10.4% -3.3% +9.7%

# From launch (29/02/08)

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) Spectrum Fund
O Acc
IA Flexible
(TR)
Total Return +129.3% +80.5%
Max Drawdown* -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Months +62.7% +61.9%
Annualised Volatility +8.9% +10.9%

*Measures the worst investment period

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

Top 10 Holdings Fund %
Egerton Capital Equity 10.2
Findlay Park American 7.8
Polar Capital Global Insurance 6.8
Lindsell Train Global Equity 6.1
Evenlode Income 5.3
Samarang Asian Prosperity 5.2
Stewart Asia Pacific 4.6
Yacktman US Equity 4.4
CG Portfolio Real Return 4.2
Odey Allegra 3.8
Total Top 10 58.4
14 Other Holdings 34.9
Cash & Equivalent 6.7
Total  100.0

Asset allocation and holdings subject to change.

 

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. Returns may increase or decrease as a result of currency fluctuations​. 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.

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