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Spectrum Fund

The investment objective of the Spectrum Fund is to produce long-term capital growth. The Fund’s investment policy is to diversify investment predominantly in collective investment schemes, though the Fund may be invested in bonds, equities, cash and other eligible instruments from time to time. The Spectrum Fund may invest up to 100% of its assets in collective investment schemes. 

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 25/09/2017
208.30p
Accumulation Shares
Income Shares
200.98p
Fund Size
£114M

August 2017

The Fund produced a return of +1.3% during the month compared to a return of +2.5% for the MSCI World Index NR (£).

Following a period of poor performance in 2016, Odey Allegra Developed Markets, a constituent of Spectrum, has fared much better this year.  Managed by James Hanbury, the Developed Markets Fund was up +22% to the end of August, well in excess of the +8.8% posted by the MSCI World Index NR (£).

Among the key detractors from performance in 2016, Plus500 and Sports Direct have underpinned the Fund’s strong returns so far this year, rewarding Hanbury’s patient and contrarian approach.

Plus500’s shares fell sharply at the end of last year after the FCA announced that it is reviewing the way that the contract-for-difference industry is regulated.  However, Plus500’s shares have more than doubled in 2017, with the company continuing to win market share whilst delivering strong growth in both revenues and earnings.  Although regulatory risks remain a key concern, especially given the size of the holding in the portfolio, James Hanbury believes that Plus500 is attractively valued and that tighter regulation will ultimately help the company displace weaker competitors.

Sports Direct also had a difficult time of it in 2016, with operating profits impacted by a weakened sterling and increased depreciation charges.  The temptation, given Amazon’s extraordinary success, is to question the sustainability of other retailers’ business models.  However, Odey believe that Sports Direct’s travails are self-inflicted, transitory and that continued robust revenue growth highlights a company that remains as relevant today as ever.

Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Capita Asset Services

The source of performance data has been changed.  This change may have resulted in variations from previously published performance figures.

Risk Analysis Since Launch (29/02/2008)Fund IA MSCI 
Total Return +113.5% +72.2% +154.7%
Max drawdown* -12.9% -33.5% -37.4%
Best Month +8.4% +7.3% +10.2%
Worst Month -5.8% -12.9% -10.6%
Positive Month +64.0% +62.3% +64.0%
Annualised Volatility +8.9% +11.4% +14.0%

*Measures the worst investment period

Performance is calculated on a total return basis, net of fees, in sterling terms.

 

Top 10 HoldingsFund (%)
Egerton Capital Equity  7.6
Morant Wright Sakura Hedged 6.2
Findlay Park American 5.7
Evenlode Income  5.5
Odey Allegra Developed Mkts  5.3
Yacktman US Equity  5.3
Polar Capital Global Insurance 5.3
Lindsell Train Global Equity 5.0
CG Portfolio Real Return  4.8
Halley Asian Prosperity 4.5
Total Top 10 55.2
12 other holdings 37.3
Cash & equivalent 7.5
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. 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.

Find Out More

Key Facts

  • Fund Manager
    Tom Yeowart
  • Inception Date
    29/02/2008
  • Currency
    £ Sterling
  • Available Share Class
    O & I
  • ISIN (O Class)
    GB00B2990B27 (Acc)
    GB00B2996V43 (Inc)
  • Bloomberg (O Class)
    CFTSPOA_LN (Acc)
    CFTSPOI_LN (Inc)
  • Sedol (O Class)
    B2990B2 (Acc)
    B2996V4 (Inc)

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