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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 19/07/2019
Accumulation Shares
Income Shares
229.86p
Fund Size
£130M (30/06/19)

Past performance is not a guide to future performance.

June 2019

Your Fund produced a return of +2.6% during the month compared to a return of +3.1% for the IA Flexible Investment TR.

We recently added to Spectrum’s holding in the Polar Capital Global Insurance Fund.  With the economic cycle maturing and equity markets rebounding strongly this year, we’re attracted to the Insurance Fund’s defensive characteristics.  Nick Martin, the fund’s manager, invests in good-quality specialty commercial insurance companies that sell products that are often required by law and therefore not particularly sensitive to the economic cycle.  This has held the fund in good stead, allowing it to participate in rising markets whilst protecting capital relatively well in falling markets.  The end result has been strong compounded returns over time, well in excess of the MSCI World Index.

The pricing environment for insurance companies is also improving.  This is most evident in the retrocession market (reinsurance bought by reinsurers) where, following two years of large catastrophe losses, prices are rising significantly.  Nick Martin has taken advantage of this dislocation to increase the fund’s exposure to the retrocession and catastrophe reinsurance market.  Nevertheless, the overall weighting to this area remains fairly small.  The fund is designed to be resilient to natural catastrophes and man-made disasters, focusing instead on the steadier returns earned through good underwriting in the more mainstream areas of property & casualty insurance.  With this in mind, it is encouraging that there has also been a broad increase in rates across the US commercial insurance market, which should lead to stronger earnings growth.  Although the Insurance Fund has performed well this year, its manager still believes that the market is not fully discounting these improving fundamentals.

 

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 June 2019 29/02/08
Since Launch
30/06/09
10 Years
30/06/14
5 Years
30/06/16
3 Years
30/06/18
1 Year
31/12/18
6 Months 
Spectrum Fund +134.6% +145.2% +57.5% +32.2% +7.1% +12.3%
LIBID* GBP 1 Month +9.4% +4.1% +1.8% +1.1% +0.6% +0.3%
IA Flexible (TR) +82.6% +125.2% +39.5% +28.0% +3.1% +10.6%

 * 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% +12.3%

# 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 +134.6% +82.5%
Max Drawdown* -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Months +62.5% +61.8%
Annualised Volatility +8.8% +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 10.1
Findlay Park American 7.9
Polar Capital Global Insurance 7.5
Lindsell Train Global Equity 6.2
Evenlode Income 5.3
Samarang Asian Prosperity 5.2
Stewart Asia Pacific 4.6
Yacktman US Equity 4.4
CG Portfolio Real Return 4.3
Gold Bullion Securities 4.0
Total Top 10 59.5
14 Other Holdings 33.1
Cash & Equivalent 7.4
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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