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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 16/08/2018
Accumulation Shares
Income Shares
Fund Size
£127M (30/06/18)

June 2018

Your Fund produced a return of -0.0% during the month compared to a return of -0.3% for the IA Flexible Investment TR.

We recently met Edward Lam, manager of Somerset Emerging Market Dividend Growth, a fund held by Spectrum.  Following a period of strong returns in 2016 and 2017, it has been a more difficult year for emerging market investors.  A stronger US dollar and the growing threat of a trade war have led to a withdrawal of capital from emerging markets.  Although concerned about the outlook for some countries, Edward Lam remains bullish on the prospects for many others.  The global economy has slowed but is still in robust health.  Whilst Argentina and Turkey remain vulnerable to capital outflows, a large number of emerging market economies are in a markedly better state than they were during the taper tantrum of 2013.

Somerset takes a long-term approach and is sensitive to the risks that are inherent in developing countries, where political and economic cycles can be severe and weak corporate governance can heighten the risk of a permanent impairment of investors’ capital.  Rather than chasing returns, the Somerset Emerging Market Dividend Growth Fund is purposefully diversified by geography and sector.  The portfolio holds a broad spread of businesses that Somerset believes will become stronger over time.  In their own words, they look for “businesses that can sustain above-average returns and which are run for the benefit of all shareholders, without discrimination.”

By being diversified and investing in good-quality companies, the Somerset fund has generated strong long-term returns and should be well placed if emerging markets suffer further turbulence.

Higher valuations have led to a reduction in Aurora’s weighting to UK housebuilders.  However, Phoenix believe the portfolio still offers good value.  Tesco and Lloyds, for example, have made strong operational progress but remain underappreciated in Phoenix’s view.

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 
Total Return +119.0% +77.1%
Max drawdown* -12.9% -33.4%
Best Month +8.4% +7.2%
Worst Month -5.8% -12.9%
Positive Month +62.1% +61.3%
Annualised Volatility +8.8% +11.1%

*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
Findlay Park American 7.1
Morant Wright Sakura Hedged 5.8
Odey Allegra Developed Mkts   5.7
Polar Capital Global Insurance 5.6
Evenlode Income 5.3
Lindsell Train Global Equity  4.9
Lindsell Train Japanese Equity 4.5
Stewart Asia Pacific 4.4
Samarang Asian Prosperity  4.3
Total Top 10 55.1
13 other holdings 33.4
Cash & equivalent 11.5
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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