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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 14/02/2020
Accumulation Shares
Income Shares
Fund Size
£137M (31/12/19)

Past performance is not a guide to future performance.

December 2019

Your Fund produced a return of +1.2% during the month compared to a return of +1.8% for the IA Flexible Investment (TR). 

Over the course of 2019, your Fund returned +16.5% versus +15.5% for the IA Flexible Investment (TR).

While 2018 brought declines across most asset classes, 2019 saw the return of greater ebullience.  This improved sentiment was evident in Spectrum’s portfolio, where every holding generated a positive return in 2019.  Whilst this included Spectrum’s gold and inflation-linked bond holdings, the main drivers of return were Spectrum’s long-only equity fund investments.  Standout performers included Egerton Capital Equity, which was up +28%, EI Sturdza Strategic Europe Quality, +29%, and Aurora Investment Trust, +32% in 2019.Much of Aurora’s positive performance for the year came in the fourth quarter, with UK domestic stocks benefiting from the election result and greater certainty around Brexit. 

Other notable performers included Polar Capital Insurance and Evenlode Income, which rose 23% and 24% respectively.  In contrast, Brown Advisory Latin American and Stewart Asia Pacific Leaders were relative laggards, both rising +4% in sterling terms during the year.

Spectrum remains well placed going into the new decade.  We own a collection of outstanding long-only equity funds, which should do well if equity markets remain strong.  We also have a number of non-equity holdings that should help diversify the portfolio if we encounter any turbulence, as well as giving us the flexibility to add to our equity fund holdings when opportunities arise.

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 +144.2% +117.3% +52.6% +23.0% +13.4% -0.2%
Bank of England Base Rate +10.3% +5.2% +2.6% +1.7% +0.8% +0.4%
IA Flexible Investment TR +89.7% +100.1% +36.7% +18.3% +11.1% +0.8%
UK Retail Price Index +38.1% +34.0% +14.3% +9.9% +3.1% +0.8%
Discrete Calendar Annual Returns (%) 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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% +0.3%

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 31 January 2020.

Source: Lipper, Link Fund Solutions Limited


Risk Analysis Since Launch (29/02/2008) Spectrum O Acc IA Flexible Investment TR
Total Return +144.2% +89.7%
Max Drawdown -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Months +62.9% +61.5%
Annualised Volatility +8.8% +10.7%

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 10.2
Findlay Park American 7.8
Polar Capital Global Insurance 7.4
Lindsell Train Global Equity 5.8
Evenlode Income 5.2
Samarang Asian Prosperity 4.9
Gold Bullion Securities 4.7
Stewart Asia Pacific 4.3
Yacktman US Equity 4.3
CG Portfolio Real Return 3.9
Total Top 10 58.5
13 other holdings 30.7
Cash & Equivalent 10.8
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