Managed since December 2014 by the same manager and with the MSCI North America Index as a benchmark, the fund invests in attractive US companies with sustainable dividend yields.

The fund:
  • Is managed by a highly experienced and top performing value manager

  • Adopts a disciplined value style with a distinctive quality overlay

  • Offers lower risk than the broad market with low correlations to other US funds

April 2020 - Latest commentary


US markets advanced by a very strong 13% in April 2020, taking its cue from the crash of one of its worst months in history in March due to the virus outbreak. Volatility remained high but receded from record levels.

The value style again underperformed the markets slightly in April, and the differential with growth was 4% (11% vs. 15%). The 10-year treasury yield remained flat at 60bps. Commodities fell by 5% on average. Gold however climbed by around 6%.

Consumer Discretionary, Technology, Healthcare and Communication Services led the markets’ move higher. Yield-friendly Utilities and Real Estate bucked the trend, but still ended positive.

The fund outperformed its style by around 1% in April, and as such finished slightly behind the broader markets.

Exiting April the fund was offering a price-to-earnings ratio level of 9.3 vs.19.5 for the market or a 55% discount. A historic level of more than a 50% discount to the markets on earnings valuation, with a price-to-earnings ratio of 7.7vs.17.5 for the markets. On cash flow and book basis the discount was even higher at 60%, while on a sales basis the discount was at a record 70%. This was coupled with a leverage ratio of two-thirds that of the market.

The dividend yield was at 4.1%, for a market differential of 190bps. Active share remained around 96%.

Previous months’ commentaries are contained within the fund factsheets.

Fund factsheets
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Fund disclaimer

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.

The fund invests geographically in a narrow range, there is an increased risk of volatility which may result in frequent rises and falls in the Fund's share price.

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