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 19/03/2019
Accumulation Shares
Income Shares
Fund Size
£120M (28/02/19)

February 2019

Your Fund produced a return of +2.1% during the month compared to a return of +1.4% for the IA Flexible Investment TR.

HAL Trust, a Dutch-listed holding company, has been a constituent of the Spectrum Fund since 2011.  HAL’s investments are diverse, ranging from stakes in quoted companies such as Vopak and Boskalis, to real estate in Seattle, and private businesses, including Coolblue, a Dutch ecommerce company.

The disparate nature of its underlying holdings, as well as an ability to invest in both public and private markets, highlights the flexibility of HAL’s investment approach.  This freedom has served shareholders well, with HAL having an enviable track record dating back to the 1980s.


One of HAL’s most attractive characteristics is its long-term focus and ability to ignore short-term market pressures.  HAL’s patience and discipline has allowed it to build businesses such as GrandVision, an optical retailer, as well as invest opportunistically in companies like SBM Offshore, serving the offshore energy industry, during times of stress.

Having trimmed our investment in 2015, when HAL was trading at a premium to its net asset value, we have recently bought the stock back at a discount.  Although HAL has investments in a number of economically sensitive businesses, it also has a significant amount of dry powder, leaving it well placed to take advantage of further volatility.

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 28 February 2019 29/02/08
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months 
Spectrum Fund +119.8% +142.4% +53.1% +33.3% +2.2% -2.4%
LIBID* GBP 1 Month +9.1% +4.2% +1.7% +1.0% +0.5% +0.3%
IA Flexible (TR) +73.2% +139.7% +33.2% +28.0% -1.0% -4.1%

 * 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% +5.2%

# 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
Total Return +119.8% +73.2%
Max Drawdown* -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Months +62.1% +61.4%
Annualised Volatility +8.9% +11.0%

*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 9.8
Findlay Park American 7.7
Polar Capital Global Insurance 6.8
Lindsell Train Global Equity 5.8
Samarang Asian Prosperity 5.3
Evenlode Income 5.1
Stewart Asia Pacific 4.6
Yacktman US Equity 4.4
CG Portfolio Real Return 4.2
Gold Bullion Securities 3.9
Total Top 10 57.6
13 Other Holdings 33.5
Cash & Equivalent 8.9
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.

How to Invest