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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 23/05/2017
205.99p
Accumulation Shares
Income Shares
199.20p
Fund Size
£111M

April 2017

The Fund produced a return of -1.0% during the month compared to a return of -1.9% for the MSCI World Index NR (£).

We recently met Greg Fisher, manager of Halley Asian Prosperity, a fund held in Spectrum.  The portfolio is largely invested in Japanese and Vietnamese equities.  Although the performance of the fund’s Japanese investments is likely to be driven by macroeconomic developments in the short term, Greg Fisher is optimistic about their longer-term prospects.  The companies he favours are inexpensive, trading on low price-to-book multiples, and are making good operational progress.  A focus on improving shareholder returns is becoming a popular part of Japanese corporate culture.  Companies are buying back more stock and growing their dividends, with plenty of scope to do more.

There remains significant value in less well covered areas of Vietnam’s equity market.  In particular, the fund’s investments in the utilities sector offer exposure to cash-generative businesses that trade on low valuations and pay substantial dividends.  Although these companies remain below the radar of most investors for now, the wider stock market is gradually becoming more accessible to foreign investors.

 

In contrast to the common complaints of many investing in developed markets, Greg Fisher feels that his opportunity set is becoming broader.  Malaysia, for example, is an increasingly productive hunting ground.  A weaker currency and a de-rating of the market has allowed the manager to introduce new holdings and top up existing investments.

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 +103.8% +65.3% +141.3%
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 +62.7% +61.8% +63.6%
Annualised Volatility +9.1% +11.6% +14.2%

*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
Morant Wright Sakura Hedged 6.2
Evenlode Income  5.6
Findlay Park American 5.6
Yacktman US Equity  5.5
Polar Capital Global Insurance 5.3
Odey Allegra Developed Mkts  5.0
CG Portfolio Real Return  4.9
Lindsell Train Global Equity 4.7
Stewart Asia Pacific Leaders 4.5
Total Top 10 54.7
13 other holdings 38.0
Cash & equivalent 7.3
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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