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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 16/03/2018
Accumulation Shares
Income Shares
Fund Size
£121M (31/01/18)

January 2018

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

Findlay Park American, one of Spectrum’s largest constituents, delivered strong results during 2017.  The fund was up 23%, ahead of the 21% gain in the Russell 1000 Index.  Whilst the index’s performance was underpinned by the popularity of technology companies such as Apple and Amazon, the fund’s returns came from a relatively broad base.  Microsoft and Adobe were top contributors to performance but so too were Thermo Fisher, a manufacturer of scientific instruments, American Express, a global payments company, and Waste Connections, a waste collections business.

Findlay Park’s performance was more striking given that the fund held approximately 15.5% in cash throughout the year.  A sizeable weighting to cash has acted as a drag to performance over the last five years, during which the fund climbed 94% versus an increase of 102% for the Russell 1000. Although some might point to this underperformance as evidence in support of passive investing, we would argue that Findlay Park has delivered impressive risk-adjusted results.  Rather than chase returns, Findlay Park’s philosophy emphasises a careful consideration of downside risks, with the portfolio dynamically evolving to reflect changing valuations and company fundamentals.  Such an approach is indicative of an investment culture that allows for patience and the making of truly long-term investment decisions.

Such attributes are often overlooked during strongly rising equity markets but remain integral to the generation of good returns over a full market cycle.

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 +115.9% +77.9% +162.1%
Max drawdown* -12.9% -33.5% -37.4%
Best Month +8.4% +7.2% +10.1%
Worst Month -5.8% -12.9% -10.6%
Positive Month +63.0% +62.2% +64.7%
Annualised Volatility +8.8% +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  7.5
Morant Wright Sakura Hedged 6.8
Findlay Park American 6.6
Polar Capital Global Insurance 5.4
Evenlode Income  5.3
Lindsell Train Global Equity  5.0
Odey Allegra Developed Mkts   5.0
Samarang Asian Prosperity  4.6
Stewart Asia Pacific 4.4
Lindsell Train Japanese Equity 4.4
Total Top 10 55.0
13 other holdings 33.6
Cash & equivalent 11.4
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
  • 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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