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 be open-ended or closed-ended and/or other investment funds such as investment trusts.

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 20/01/2022
Accumulation Shares
Income Shares
Fund Size
£145m (30/11/21)

Past performance is not a guide to future performance.

December 2021

Your Fund returned +0.0% during the month compared to a return of +1.5% for the IA Flexible Investment (TR).

Over the course of 2021, Spectrum returned +15.3% versus +11.5% for the IA Flexible Investment (TR).

Despite the pandemic’s continued disruptive impact to everyday life, 2021 was another strong year for developed markets.  US equities once again led the charge, highlighted by the strong absolute returns posted by Findlay Park American, which was the largest contributor to Spectrum’s performance during the year.  Baillie Gifford’s Schiehallion Fund, which invests in private companies including Stripe and Space X, was another major contributor.  We trimmed Spectrum’s investment in Schiehallion as the year wore on, taking advantage of the significant premium at which the trust trades.


For the second year running, Samarang Asian Prosperity was one of the largest detractors to Spectrum’s performance.Whilst Samarang’s absolute returns were disappointing, the fund outperformed the MSCI Asia Pacific index, benefiting from having no exposure to Chinese equities and a greater focus on countries such as Vietnam, Japan and Malaysia.  The fund’s underlying holdings are unloved and lowly valued but have solid future prospects.

Whilst the underperformance of value-oriented funds like Samarang Asian Prosperity has been difficult to stomach, the equity market rotation we are currently witnessing shows how rapidly things can change.  We intend to continue following a prudent approach, avoiding extremes and partnering with people who have strong track records of performance across different market cycles.  Thank you for your continued support and I wish you a happy and healthy new year.


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 +197.0% +125.9% +51.7% +42.1% +15.3% +6.7%
Bank of England Base Rate +10.6% +4.4% +2.0% +1.1% +0.1% +0.1%
IA Flexible Investment TR +126.9% +120.3% +42.9% +37.4% +11.5% +3.7%
UK Retail Price Index +48.7% +31.3% +17.7% +10.0% +6.4% +3.4%
Discrete Calendar Annual Returns (%) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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% +16.5% +5.8% +15.3%

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 2021.

Source: Lipper, Link Fund Solutions Limited


Risk Analysis Since Launch (29/02/2008) Spectrum O Acc IA Flexible Investment TR
Total Return +197.0% +126.9%
Max Drawdown -19.1% -33.4%
Best Month +8.4% +7.4%
Worst Month -11.5% -12.9%
Positive Months +63.3% +62.7%
Annualised Volatility +9.5% +11.0%

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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings (excluding government bonds) Fund %
Egerton Capital Equity 13.6
Findlay Park American 11.3
Polar Capital Global Insurance 10.5
WCM Global Equity 8.5
AMP Capital Global Equity 8.4
NZS Capital (Jupiter) Global Equity 8.0
Samarang Asian Prosperity 6.4
HC Snyder US All Cap Equity 4.5
Pershing Square Holdings 3.9
Schiehallion Fund 3.1
Total Top 10 78.2
6 other holdings 13.3
Cash 8.5
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