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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 15/06/2018
221.05p
Accumulation Shares
Income Shares
212.38p
Fund Size
£120M (30/04/18)

April 2018

Your Fund produced a return of +3.0% during the month compared to a return of +3.0% for the MSCI World Index NR (£).

We recently met Nick Martin, manager of Polar Capital Global Insurance, a fund held by Spectrum.  With little exposure to the reinsurance and catastrophe market, the fund is designed to withstand the whims of Mother Nature.  The portfolio is purposefully diversified with a focus on specialist commercial property and casualty insurers with a strong track record of profitable underwriting.  Thus whilst 2017 will likely prove a record year for catastrophe losses, the underlying book value of the fund’s holdings still grew by 10-11% on average.

An improving price environment in parts of the market may result in book value growth that could be even stronger over the next couple of years.  US tax reforms are also proving helpful, especially given the Insurance fund’s large weighting to US commercial line insurers.  Rising interest rates and higher bond yields should be another tailwind for the portfolio.  With the exception of companies such as Markel and Berkshire Hathaway, the majority of Nick Martin’s holdings are in insurers with highly liquid and conservative investment books.

Investor sentiment will wax and wane.  However, we remain confident that the Polar Capital Global Insurance Fund can continue to compound at a healthy rate over time.

 

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 +113.7% +74.7% +156.6%
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 +62.3% +61.5% +63.9%
Annualised Volatility +8.8% +11.1% +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 6.6
Morant Wright Sakura Hedged 6.6
Evenlode Income  5.4
Polar Capital Global Insurance 5.3
Lindsell Train Global Equity  5.1
Odey Allegra Developed Mkts   5.0
Lindsell Train Japanese Equity 4.8
Samarang Asian Prosperity  4.5
Stewart Asia Pacific 4.4
Total Top 10 55.1
14 other holdings 32.5
Cash & equivalent 12.4
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
    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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