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Spectrum Fund

The investment objective of the Spectrum Fund is to seek to achieve capital growth over the longer term (5-7 years).

The Fund is a fund of funds and its investment policy is to invest at least 70% of the fund’s assets globally in collective investment schemes, which may invest in underlying assets. Any comparisons against indices are for illustrative purposes only.

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 13/12/2019
Accumulation Shares
Income Shares
Fund Size
£135M (30/11/19)

Past performance is not a guide to future performance.

November 2019

Your Fund produced a return of +1.7% during the month compared to a return of +1.8% for the IA Flexible Investment (TR).

During November we met the team at Findlay Park, manager of Findlay Park American, Spectrum’s second largest holding.  The American fund’s performance over the last couple of years offers a microcosm for understanding Findlay Park’s longer-term success, which is built on a foundation of keeping up relatively well in strongly rising markets and outperforming during more difficult market conditions.  For example, the American fund is up +24% in 2019, slightly lagging the performance of the Russell 1000 and S&P500, but posted a positive return in 2018, placing it ahead of both benchmark indices over two years.  Going further back, the fund has outperformed in 26 of the 27 quarters that the market has been down since Findlay Park was established in 1998.

Findlay Park’s results are due to an approach that seeks to understand the downside risks of each investment.  The team pay close attention to business, financial, and valuation risks, preferring to invest in capital-light businesses, with stable and predictable cash flows and strong balance sheets, that trade on reasonable valuations.  They also consider a company’s culture, as well as the environmental, social, and governance (ESG) risks they face.  This involves having ‘culture meetings’ with companies, where Findlay Park meet a broad array of employees - not just senior management - as well as actively engaging with companies on a range of subjects, such as Coca-Cola’s goal to reduce the impact of its plastic packaging on the environment.

By focusing on the downside risks, Findlay Park have a portfolio of good-quality companies that we believe should be able to sustain attractive risk-adjusted returns in the future.

Source: Lipper, Link Fund Solutions Limited


Total Return 29/02/2008
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months
Spectrum O Acc +140.5% +116.0% +54.9% +25.0% +9.2% +5.2%
Bank of England Base Rate +10.2% +5.1% +2.5% +1.6% +0.8% +0.4%
IA Flexible Investment TR +87.2% +98.9% +37.1% +20.9% +8.7% +5.7%
UK Retail Price Index +37.4% +34.1% +13.0% +9.4% +2.0% +0.4%
Discrete Calendar Annual Returns (%) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Spectrum O Acc -3.0% +19.2% +17.8% -3.5% +6.4% +3.5% +7.4% +5.2% +19.6% +10.4% -3.3% +15.1%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (29/02/2008) to 30 November 2019.

Source: Lipper, Link Fund Solutions Limited


Risk Analysis Since Launch (29/02/2008) Spectrum O Acc IA Flexible Investment TR
Total Return +140.5% +87.2%
Max Drawdown -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Months +62.4% +61.7%
Annualised Volatility +8.8% +10.8%

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

Maximum Drawdown measures the worst investment period

Annualised Volatility is measured by standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings (excluding government bonds) Fund %
Egerton Capital Equity 10.3
Findlay Park American 8.0
Polar Capital Global Insurance 7.6
Lindsell Train Global Equity 5.8
Evenlode Income 5.2
Samarang Asian Prosperity 5.1
Gold Bullion Securities 4.7
Stewart Asia Pacific 4.4
Yacktman US Equity 4.3
CG Portfolio Real Return 4.0
Total Top 10 59.4
14 other holdings 32.5
Cash & Equivalent 8.1
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. 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.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest