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 21/01/2019
Accumulation Shares
Income Shares
207.15p
Fund Size
£115M (31/12/18)

December 2018

Your Fund returned -5.1% during the month compared to a return of -4.2% for the IA Flexible Investment TR. 

Over the course of 2018, your Fund returned -3.3% versus a decline of -6.7% for the IA Flexible Investment TR.

If 2017 was a year when equity markets rose in a smooth and serene manner, 2018 marked the return of volatility.  There were few places to hide, with significant declines posted across Asian, UK, European and Emerging Markets.  Even the US, a bastion of strength for much of the year, finished in negative territory following a tumultuous fourth quarter.  The S&P 500, for example, fell -19.3% from its October high to its December low.

Spectrum’s long-only equity fund holdings were the biggest detractors from performance during 2018, with Morant Wright Sakura, Samarang Asian Prosperity and Somerset Emerging Market Dividend Growth being particularly weak.  Nevertheless there were also a number of positive performers. 

 

Both Findlay Park American and Heptagon Yacktman US Equity ended the year in positive territory, significantly outperforming US equity markets.  Stewart Investors Asia Pacific Leaders recorded a strong return of +5.4%, while Lindsell Train Global Equity was the Spectrum Fund’s top contributor, rising by an impressive +11.1% during the year.

2018’s volatility wasn’t solely confined to equity markets and many other asset classes were also weak during the year.  Against this backdrop, it was pleasing that Spectrum’s non-equity holdings, which include CG Dollar and CG Real Return (index-linked bond funds), BH Macro and BH Global (discretionary macro funds), and Gold Bullion Securities, were also positive contributors to the Fund’s performance.  With equity markets in a febrile state, the diversification benefits that these funds offer should continue to play an important role as we move into 2019.

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 31 December 2018 29/02/08
Since Launch
31/12/08
10 Years
31/12/13
5 Years
31/12/15
3 Years
31/12/17
1 Year
30/06/18
6 Months 
Spectrum Fund +109.0% +115.5% +44.3% +27.7% -3.3% -4.6%
LIBID* GBP 1 Month +9.0% +4.4% +1.7% +0.9% +0.5% +0.3%
IA Flexible (TR) +65.1% +109.6% +27.5% +18.9% -6.7% -6.8%

 * London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2008# 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 
Spectrum Fund -3.0% +19.2% +7.8% -3.5% +6.4% +3.5% +7.4% +5.2% +19.6% +10.4% -3.3%

# 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 +109.0% +65.0%
Max Drawdown* -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Months +61.5% +60.8%
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 7.6
Findlay Park American 7.6
Polar Capital Global Insurance 6.3
Evenlode Income 5.1
Lindsell Train Global Equity 5.0
Stewart Asia Pacific 4.9
Morant Wright Sakura Hedged 4.8
CG Portfolio Real Return 4.6
Samarang Asia Prosperity 4.5
Yacktman US Equity 4.4
Total Top 10 54.8
13 Other Holdings 35.7
Cash & Equivalent 9.5
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. 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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