This site uses some unobtrusive cookies to store information on your computer. These cookies are essential, as the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links. 

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we can disable these these cookies but some features of the site may not work. By using our site you accept the terms of our Privacy Policy.

Close

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 20/04/2018
211.44p
Accumulation Shares
Income Shares
203.14p
Fund Size
£117M (31/03/18)

March 2018

Your Fund produced a return of -3.5% during the month compared to a return of -3.9% for the MSCI World Index NR (£).

During March we met Greg Fisher, manager of the Samarang Asian Prosperity Fund, a constituent of Spectrum.  Since its inception in November 2012 the fund has generated a compound annual return of 17.7%, significantly ahead of the 12.2% annualised performance of the MSCI AC Asia Pacific Index (GBP).

This performance is even more impressive given that the manager has avoided the most popular areas of the market, including companies such as Tencent and Alibaba.  Instead Greg Fisher’s value-based philosophy leads him to small and mid-sized companies that fly under the radar of larger investors.  The businesses he focuses on tend to be simple and unglamorous, with strong balance sheets and good operational momentum.

Emphasising the manager’s unconstrained approach, a large proportion of the fund is currently invested in small cap Japanese companies, including Tayca Corp, a specialty chemical business, and Encourage Technologies, a leading Japanese supplier of internal security software.  Greg Fisher has also found real value in Vietnam, especially in the country’s utilities.  In contrast to the growing regulatory pressures being faced by utilities in the UK, the industry is being privatised and deregulated in communist Vietnam.  Companies such as Pha Lai Thermal Power pay a high dividend yield which should be sustained as demand for electricity continues to grow.

The Samarang portfolio remains attractively valued.  In aggregate, the fund trades on a price-to-earnings ratio of approximately 10x, delivers a 3.6% dividend yield and invests in companies generating a return on equity of 16%.


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

Source: Lipper, Link Fund Solutions Limited

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 +107.5% +69.7% +149.1%
Max drawdown* -12.9% -33.4% -37.4%
Best Month +8.4% +7.2% +10.1%
Worst Month -5.8% -12.9% -10.6%
Positive Month +62.0% +61.2% +63.6%
Annualised Volatility +8.9% +11.2% +13.7%

*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  7.4
Findlay Park American 6.5
Morant Wright Sakura Hedged 6.4
Polar Capital Global Insurance 5.3
Evenlode Income  5.3
Lindsell Train Global Equity  5.1
Lindsell Train Japanese Equity 4.8
Odey Allegra Developed Mkts   4.8
Samarang Asian Prosperity  4.5
Stewart Asia Pacific 4.3
Total Top 10 54.4
14 other holdings 32.7
Cash & equivalent 12.9
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)

Related Literature