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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 22/10/2020
Accumulation Shares
Income Shares
235.40p
Fund Size
£137m (30/09/20)

Past performance is not a guide to future performance.

September 2020

Your Fund returned +0.2% during the month compared to a return of -0.4% for the IA Flexible Investment (TR).

EPE Special Opportunities is a listed private equity investment company that is one of Spectrum’s smaller holdings.  Managed by EPIC Private Equity, EPE Special Opportunities invests in small and medium-sized UK businesses.  EPE takes a concentrated approach and strives to invest in good quality businesses, bought at attractive prices, in order to maximise value through long term and active ownership.

The permanency of EPE’s capital facilitates such an approach as it means the team are never forced sellers.  They can make decisions based solely on an objective of maximising long-term value.  EPE’s structure offers greater flexibility in other ways, including the ability to own stakes in companies after a public listing.  Significant insider ownership of EPE Special Opportunities’ shares provides another advantage by creating a close alignment of interest with external shareholders.

EPE’s share price has risen +15% so far this year, underpinned by the strong performance of Luceco, a listed LED lighting business and EPE’s largest holding.  Having navigated a difficult period in 2017, when the company restated its inventory, Luceco’s business is on a firmer footing and benefiting from a strong recovery in profitability.  EPE’s other investments, including Whittard of Chelsea, have also made good operational progress over the last couple of years.  Whilst the pandemic has set some of these businesses back, they are well capitalised and should survive the crisis and subsequently thrive.  EPE also has plenty of liquidity with which to support its underlying holdings and invest in new opportunities.  Trading at a 38% discount to its last reported net asset value, we believe EPE’s shares remain compelling.

Source: Lipper, Link Fund Solutions Limited

 

Total Return 29/02/2008
Since Launch
30/09/2010
10 Years
30/09/2015
5 Years
30/09/2017
3 Years
30/09/2019
1 Year
31/03/2020
6 Months
Trojan Spectrum O Acc +146.1% +95.2% +60.2% +17.4% +2.0% +18.2%
Bank of England Base Rate +10.5% +5.0% +2.4% +1.6% +0.4% +0.1%
IA Flexible Investment TR +87.0% +81.0% +42.1% +9.7% +0.8% +16.2%
UK Retail Price Index +38.7% +30.2% +13.0% +6.6% +0.8% +0.2%
Discrete Calendar Annual Returns (%) 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Trojan Spectrum O Acc -3.0% +17.8% -3.5% +6.4% +3.5% +7.4% +5.2% +19.6% +10.4% -3.3% +16.5% +1.1%

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 Sepember 2020.

Source: Lipper, Link Fund Solutions Limited

 

Risk Analysis Since Launch (29/02/2008) Trojan Spectrum O Acc IA Flexible Investment TR
Total Return +146.1% +87.0%
Max Drawdown -19.1% -33.4%
Best Month +8.4% +7.2%
Worst Month -11.5% -12.9%
Positive Months +63.6% +61.6%
Annualised Volatility +9.6% +11.2%

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 11.9
WCM Global Equity Fund 11.0
Findlay Park American 10.6
Gold Bullion Securities 8.7
Polar Capital Global Insurance 8.0
AMP Capital Global Equity 7.2
Lindsell Train Global Equity 6.3
Evenlode Income 6.0
Samarang Asian Prosperity 5.1
CG Portfolio Real Return 3.8
Total Top 10 78.7
7 other holdings 16.4
Cash 4.9
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. 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.

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