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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 17/08/2017
213.86p
Accumulation Shares
Income Shares
206.35p
Fund Size
£114M

June 2017

The Fund produced a return of +0.1% during the month compared to a return of -0.2% for the MSCI World Index NR (£).

We recently met Ian Wright and Richard Phillips, two of the managers of Morant Wright Sakura, a fund held by Spectrum.  In keeping with equity markets elsewhere, the last few years have marked a significant divergence in the performance of so-called ‘value’ and ‘quality’ stocks.  The former have lagged and the latter have risen strongly.  Whilst this has proved beneficial for Lindsell Train Japanese Equity, Spectrum’s other core Japanese holding, it has acted as a headwind for Morant Wright.

As value managers, Morant Wright have avoided the more expensive, but strongly performing, areas of the market.  They have also trimmed the better performing stocks in the portfolio, only to see those companies become even more highly valued.  Although this has weighed on the fund’s short-term performance, the team’s disciplined application of a value approach has been central to their long-term success.

By recycling capital into new opportunities, Morant Wright have ensured that the portfolio remains attractively valued.  In aggregate, the fund trades on a price-to-book of c.0.9x (Source: Morant Wright Management Ltd).  The companies in the portfolio typically have strong balance sheets, often with net cash, and are consequently well placed should corporate Japan continue to focus on improving shareholder returns.  A recent addition to Japan’s stewardship code requires institutions to more fully disclose and explain how they have voted at a company’s AGM, hopefully encouraging them to place further pressure on management teams to act in the best interests of shareholders.

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 +109.7% +68.6% +146.4%
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 +63.4% +61.6% +63.4%
Annualised Volatility +9.0% +11.5% +14.1%

*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 6.3
Findlay Park American 5.7
Evenlode Income  5.6
Yacktman US Equity  5.3
Polar Capital Global Insurance 5.3
Odey Allegra Developed Mkts  5.1
Lindsell Train Global Equity 4.9
CG Portfolio Real Return  4.8
Halley Asian Prosperity 4.7
Total Top 10 55.2
12 other holdings 36.8
Cash & equivalent 8.0
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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