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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 12/11/2019
Accumulation Shares
Income Shares
226.54p
Fund Size
£134M (30/09/19)

Past performance is not a guide to future performance.

September 2019

Your Fund produced a return of +0.6% during the month compared to a return of +0.8% for the IA Flexible Investment (TR).

The Spectrum Fund has a relatively small exposure to emerging markets for a number of reasons, not least due to the inherent volatility that comes with investing in less liquid markets.  Any emerging market fund manager also faces a panoply of challenges, including navigating changes to the economic and political backdrop in different countries that can have a swift and damaging impact on share prices and currencies.

Consequently, Spectrum’s emerging market exposure is via funds with managers that have a keen sense of the downside risks and do their upmost to minimise them.  A good example is Somerset Emerging Market Dividend Growth, managed by Edward Lam. 

Historically, a focus on quality has meant that although the fund has tended to lag its benchmark in strongly rising markets, it has preserved capital better during more difficult market conditions.  Disappointingly, this was not the case last year when the fund declined by            -15.5% versus a fall of -9.3% for the MSCI Emerging Markets Index.

Nevertheless, we believe 2018’s poor performance is an aberration and does not reflect a significant change in the management of the fund.  Somerset remain focused on investing in good-quality companies and constructing a portfolio that should be resilient in a range of market environments.  Moreover, following a period of strong performance this year, the portfolio’s weighting to cash has risen and there is now a greater emphasis on sustainable growth businesses.

Source: Lipper, Link Fund Solutions Limited

 

Total Return 29/02/2008 Since Launch 30/09/2009 10 Years 30/09/2014 5 Years 30/09/2016 3 Years 30/09/2018 1 Year 31/03/2019 6 Months
Spectrum O Acc +141.3% +114.4% +60.1% +25.2% +7.6% +8.9%
Bank of England Base Rate +9.6% +5.1% +2.5% +1.5% +0.8% +0.4%
IA Flexible Investment TR +85.6% +96.6% +40.5% +20.6% +3.2% +5.8%
UK Retail Price Index +38.0% +35.5% +13.2% +10.1% +2.7% +2.3%
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% +15.4%

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 September 2019.

Source: Lipper, Link Fund Solutions Limited

 

Risk Analysis Since Launch (29/02/2008) Spectrum O Acc IA Flexible Investment TR
Total Return +141.3% +85.6%
Max Drawdown -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Months +62.6% +61.9%
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 Fund %
Egerton Capital Equity 10.1
Findlay Park American 8.0
Polar Capital Global Insurance 7.9
Lindsell Train Global Equity 6.2
Evenlode Income 5.3
Samarang Asian Prosperity 5.1
Stewart Asia Pacific 4.5
Yacktman US Equity 4.4
CG Portfolio Real Return 4.3
Gold Bullion Securities 4.2
Total Top 10 60.0
14 Other Holdings 32.7
Cash & Equivalent 7.3
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