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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 18/09/2019
Accumulation Shares
Income Shares
228.92p
Fund Size
£133M (31/08/19)

Past performance is not a guide to future performance.

August 2019

Your Fund produced a return of -1.9% during the month compared to a return of -2.1% for the IA Flexible Investment (TR).

We recently met Rupert Brandt, fund manager of Brown Advisory Latin American, a constituent of the Spectrum Fund.  Equity investing in Latin America can be a rollercoaster ride.  Unfortunately, sudden lurches lower have been more common than exhilarating moves higher over the last few years, contributing to Brown Advisory Latin American’s disappointing performance.

Despite this volatility, we have retained a small holding in the fund for a number of reasons.  Whilst many developed markets are richly valued, Latin American equities look inexpensive.  This is especially the case in Brazil, where both equities and the currency have fallen substantially since 2011. 

Having been through a deep recession, Brazil is now showing signs of recovery.  Inflation has moderated and Brazil’s interest rate is currently at a historic low of 6%.  The government is also making progress towards passing important reforms that will improve the country’s fiscal position.  With approximately 60% of the fund’s capital invested in Brazil, Brown Advisory Latin American should benefit from these improving trends.

There are other reasons to be optimistic.  Peru’s economy, for instance, is growing strongly, underpinning good returns in portfolio holdings such as InRetail, a diversified retailer.  Equity markets in the region as a whole will likely remain volatile, but an investment approach based on good-quality domestically focused growth businesses should serve investors well as Latin America’s economies continue to mature.

Source: Lipper, Link Fund Solutions Limited

 

Total Return 29/02/2008 Since Launch 31/08/2009 10 Years 31/08/2014 5 Years 31/08/2016 3 Years 31/08/2018 1 Year 28/02/2019 6 Months
Spectrum O Acc +139.9% +126.9% +57.1% +26.6% +6.6% +9.2%
Bank of England Base Rate +9.6% +5.1% +2.5% +1.4% +0.8% +0.4%
IA Flexible Investment TR +84.2% +104.9% +37.9% +20.7% +2.0% +6.3%
UK Retail Price Index +36.9% +35.0% +12.6% +9.5% +1.9% +1.6%
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% +14.8%

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 31 August 2019.

Source: Lipper, Link Fund Solutions Limited

 

Risk Analysis Since Launch (29/02/2008) Spectrum O Acc IA Flexible Investment TR
Total Return +139.9% +84.2%
Max Drawdown -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Months +62.3% +61.6%
Annualised Volatility +8.9% +10.9%

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 Fund %
Egerton Capital Equity 10.1
Findlay Park American 8.2
Polar Capital Global Insurance 7.7
Lindsell Train Global Equity 6.3
Evenlode Income 5.3
Samarang Asian Prosperity 5.1
Stewart Asia Pacific 4.5
CG Portfolio Real Return 4.4
Yacktman US Equity 4.4
Gold Bullion Securities 4.4
Total Top 10 60.3
14 Other Holdings 32.5
Cash & Equivalent 7.2
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.

How to Invest

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

How to Invest