The fund was launched in April 2011. It follows a disciplined value investing strategy, seeking to deliver superior investment returns to the wider equities market (MSCI World) over the long term. 

The fund:
  • Focuses on strong companies with above-average returns on capital over a business cycle

  • Follows a highly disciplined value investing approach to buy these businesses when out of favour and trading at a significant discount to their intrinsic value.

  • Offers diversified exposure across industries and geographies, through a portfolio of 40 to 70 stocks.

Latest commentary - September 2018

Equities fell initially as trade tensions and a further round of retaliatory sanctions loomed.  The US choose to implement a staggered timetable of tariffs with $200bn of targeted goods to be taxed initially at just 10%, before rising to 25% in 2019.  With the worst scenario having been avoided - at least for now - markets recovered to post a modest gain. A measured Chinese riposte with Beijing ruling out a devaluation saw investors choose to focus on relatively resilient economic data. Japan saw strong GDP in Q2 and the first signs of wage inflation in 20 years.
As expected, the Fed raised its benchmark rate by 25bps with short rates now surpassing inflation for the first time in this cycle.  Mario Draghi signalled the Eurozone has seen a relatively vigorous rebound in inflation, though this was significantly upstaged by Italy’s proposed populist budget with a deficit at 2.4%. This conflicted with the EU’s deficit trajectory plan.  The UK was unable to make progress in Brexit talks.
The Fund modestly underperformed global equities as negative stock selection in Consumer Discretionary and Consumer Staples offset positive selection in Financials and Energy.  Results within the Consumer Discretionary sector were mixed as the Fund’s top performing holding, Viacom, recovered ground with speculation that a merger with CBS could be reprised.  MS&AD was strong, benefitting from improved Japanese corporate sentiment on a bilateral trade deal and a strong domestic economy, whilst Express Scripts closed the gap to its offer from Cigna.
Detractors included WPP, which sold off on results showing a modest reduction in its margin, and SJM Holdings as Macau gaming revenues were hit by trade concerns as well as Typhoon Mangkhut.  Wells Fargo fell as news claimed regulators had rejected a mis-selling remediation plan, suggesting Wells has yet to put its regulatory issues fully behind it.  During the month we added to Intesa SanPaolo, SJM Holdings, Wells Fargo, Western Digital and Anadarko. We took profits in Signet Jewelers, Medtronic, Oracle and Hewlett Packard.

Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. A table with five years performance is available in the fund factsheets below.

Fund disclaimer

The fund has holdings which are denominated in currencies other than sterling and may be affected by movements in exchange rates. Consequently the value of an investment may rise or fall in line with the exchange rates.

Fund factsheets
Monthly snapshot.
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Fund supplements
Regulatory documents.
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Fund KIIDs
Key investor information.
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Quarterly newsletters
Fund and market updates.
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The value of investments and any income from them can fall and you may get back less than you invested.