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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 28/04/2017
203.79p
Accumulation Shares
Income Shares
197.08p
Fund Size
£111M

March 2017

The Fund produced a return of +1.2% during the month compared to a return of +0.6% for the MSCI World Index NR (£).

During March we met Jason Subotky, co-manager of Yacktman US Equity, a fund held by Spectrum.  As US equity valuations have risen, Yacktman has found it more difficult to find compelling opportunities.  Rather than lower their standards, the team continue to follow a disciplined and valuation-sensitive process.  This has resulted in the fund having a high weighting to cash over the last few years.  Whilst this has acted as a drag on performance it is symptomatic of Yacktman’s long-term approach.  The fund has not consistently outperformed the S&P500 each and every year but has added considerable value over time, earning much of its outperformance at certain points in the market cycle.  For instance, the team posted strong relative returns in both 2008 and 2009.

Underlying Yacktman’s conservatism is a belief that investors are currently being asked to pay more for less.  Valuations have expanded at a time when many companies are struggling to cope with disruptive new technologies and stagnant revenue growth.  It has become increasingly important to be selective.  Yacktman invest with conviction in a select number of companies which they believe have sound long-term prospects, including Pepsico, Twenty-First Century Fox and Procter & Gamble.

As US equities become ever more expensive we take comfort in Yacktman’s disciplined, patient and selective approach.

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 +105.8% +65.8% +146.0%
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 +63.3% +62.4% +64.2%
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  7.3
Morant Wright Sakura Hedged 6.2
Findlay Park American 5.7
Yacktman US Equity  5.6
Evenlode Income  5.6
Polar Capital Global Insurance 5.4
CG Portfolio Real Return  5.1
Odey Allegra Developed Mkts  4.9
Lindsell Train Global Equity 4.6
Stewart Asia Pacific Leaders 4.6
Total Top 10 55.0
13 other holdings 38.1
Cash & equivalent 6.9
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)

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