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The Wealth 150+

The Wealth 150+ is our selection of the best actively managed and tracker funds available to UK investors. We believe these funds offer the ultimate combination of first-class performance potential and low management charges.

The Wealth 150 is a broader list of funds we believe have excellent long-term prospects. We consider them superior to other options in the sector, but they don't have quite the same combination of 'best-in-class' performance potential and low charges as Wealth 150+ funds.

Why choose the Wealth 150+?

  • A strong track record of selecting the best funds in each sector
  • Unparalleled resources and access to fund managers
  • Ongoing monitoring and we provide you with regular, detailed updates
  • Some of the lowest ongoing fund charges available anywhere
If you have any doubts as to the suitability of an investment for your circumstances, please contact us for advice. The value of investments can fall as well as rise so you could get back less than you invest.

Key: Wealth 150 Wealth 150+ Wealth 150+ Trackers


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The Wealth 150+ is designed for people who would like to choose their own funds. It doesn't constitute a personal recommendation.
In some cases the ongoing saving is provided by our loyalty bonus. This is a rebate on the annual charge which is tax-free in an ISA or SIPP but may be subject to tax in a Fund & Share Account. See the factsheet for more details.
Past performance is not a guide to the future. Performance data provided by FE.
Past performance is not a guide to the future. Data provided by FE.

Asia Pacific & Emerging Markets

Our view on the sector

Corporate & Government Bonds

Our view on the sector
Fund name Net initial charge Annual charge Actions
Ongoing charge (OCF/TER) Ongoing saving Net ongoing charge
Active funds
Artemis Strategic Bond (Class I Monthly) (Acc) Wealth 150+ 0.00% 0.58% 0.09% i 0.49%
Artemis Strategic Bond (Class I Quarterly) (Acc) Wealth 150+ 0.00% 0.58% 0.09% i 0.49%
Fidelity MoneyBuilder Income (Class Y) (Acc) Wealth 150+ 0.00% 0.57% 0.10% i 0.47%
Invesco Perpetual Tactical Bond (Class X) (Acc) Wealth 150+ 0.00% 0.75% 0.12% i 0.63%
M&G Global Macro Bond (Class I) (Acc) Wealth 150+ 0.00% 0.80% 0.25% i 0.55%
Morgan Stanley Sterling Corporate Bond (Class F) (Acc) Wealth 150+ 0.00% 0.37% 0.15% i 0.22%
Royal London Sterling Extra Yield Bond (Class Y) (Inc) Wealth 150+ 0.00% 0.84% 0.43% i 0.41%
Artemis High Income (Class I Monthly) (Inc) Wealth 150 0.00% 0.69% 0.09% i 0.60%
Artemis High Income (Class I Quarterly) (Inc) Wealth 150 0.00% 0.69% 0.09% i 0.60%
Invesco Perpetual Corporate Bond (Class Y) (Acc) Wealth 150 0.00% 0.66% 0.05% i 0.61%
Jupiter Strategic Bond (Class I) (Acc) Wealth 150 0.00% 0.73% 0.00% 0.73%
Kames Investment Grade Bond Class B (Acc) Wealth 150 0.00% 0.79% 0.00% 0.79%
M&G Optimal Income (Class I) (Acc) Wealth 150 0.00% 0.91% 0.05% i 0.86%
M&G Strategic Corporate Bond (Class I) (Acc) Wealth 150 0.00% 0.66% 0.05% i 0.61%
M&G UK Inflation Linked Corporate Bond (Class I) (Acc) Wealth 150 0.00% 0.66% 0.05% i 0.61%
View more Wealth 150 funds ▼
Tracker funds
BlackRock Corporate Bond Tracker (H) (Acc) Core tracker 0.00% 0.17% 0.05% i 0.12%
Legal & General All Stocks Gilt Index Trust (C) (Acc) Core tracker 0.00% 0.15% 0.05% i 0.10%
Legal & General All Stocks Index Linked Gilt (C) (Acc) Core tracker 0.00% 0.15% 0.05% i 0.10%
Legal & General Global Inflation Lnk Bond Indx (C) (Acc) Core tracker 0.00% 0.27% 0.10% i 0.17%

Europe

Our view on the sector

Flexible, Mixed & Targeted Absolute Return

Our view on the sector

Global

Our view on the sector

Japan

Our view on the sector

North America

Our view on the sector

Specialist

Our view on the sector

UK All Companies

Our view on the sector
Fund name Net initial charge Annual charge Actions
Ongoing charge (OCF/TER) Ongoing saving Net ongoing charge
Active funds
AXA WF Framlington UK (Class L) (Acc) Wealth 150+ 0.00% 0.73% 0.14% i 0.59%
CF Lindsell Train UK Equity (Class D) (Acc) Wealth 150+ 0.00% 0.75% 0.20% i 0.55%
Franklin UK Managers' Focus (S) (Acc) Wealth 150+ 0.00% 0.84% 0.20% i 0.64%
Franklin UK Mid Cap (S) (Acc) Wealth 150+ 0.00% 0.82% 0.20% i 0.62%
Rathbone Income (Class S) (Acc) Wealth 150+ 0.00% 0.80% 0.26% i 0.54%
River & Mercantile UK Dynamic Equity B (Acc) Wealth 150+ 0.00% 0.85% 0.20% i 0.65%
TM Sanditon UK (Acc) Wealth 150+ 0.00% 0.87% 0.27% i 0.60%
AXA Framlington UK Select Opportunities (Class ZI) (Acc) Wealth 150 0.00% 0.83% 0.00% 0.83%
Fidelity Special Situations (Class W) (Acc) Wealth 150 0.00% 0.94% 0.00% 0.94%
Jupiter UK Growth (Class I) (Acc) Wealth 150 0.00% 1.02% 0.00% 1.02%
Kames Ethical Equity (Class B) (Acc) Wealth 150 0.00% 0.79% 0.00% 0.79%
Liontrust Special Situations (Class I) (Inc) Wealth 150 0.00% 0.88% 0.00% 0.88%
M&G Recovery (Class I) (Acc) Wealth 150 0.00% 0.91% 0.10% i 0.81%
Majedie UK Equity (X) (Acc) Wealth 150 0.00% 0.77% 0.00% 0.77%
Old Mutual UK Alpha (Class U1) (Acc) Wealth 150 0.00% 0.85% 0.145% i 0.705%
Old Mutual UK Dynamic Equity (R GBP) (Inc) Wealth 150 0.00% 1.10% 0.34% i 0.76%
Old Mutual UK Mid Cap (Class R) (Acc) Wealth 150 0.00% 0.85% 0.075% i 0.775%
Standard Life Inv UK Equity Unconstrained (I) (Acc) Wealth 150 0.00% 1.15% 0.25% i 0.90%
View more Wealth 150 funds ▼
Tracker funds
HSBC FTSE 250 Index (Class S) (Acc) Core tracker 0.00% 0.18% 0.10% i 0.08%
Legal & General UK 100 Index (Class C) (Acc) Core tracker 0.00% 0.10% 0.04% i 0.06%
Legal & General UK Index (Class C) (Acc) Core tracker 0.00% 0.10% 0.04% i 0.06%

UK Income

Our view on the sector

UK Smaller Companies

Our view on the sector
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June 2016

It has been a turbulent year for those investing in Asian and emerging stock markets. Fear over slowing growth in China has sent markets sharply lower at various points. Currency weakness in some economies and political unrest in the Middle East has also led to heightened volatility. Weakening demand for commodities has proven painful for resource-rich economies such as Brazil, which has been damaged further still by several high-profile corruption scandals and a president suspended from office to face an impeachment trial.

It is no wonder investors have felt unnerved amid the political and economic uncertainties. Emerging market and Asian equities have therefore been hit hard over the past year, although a bounce in commodity prices and investor sentiment have played their part in supporting broader emerging markets more recently.

While the region will continue to face shorter-term difficulties, we believe it is vital investors do not lose sight of the bigger picture. The long-term outlook remains robust, underpinned by favourable demographics, rising domestic consumption and an increasingly wealthy middle class. Stock markets across the region also look lowly-valued which spells opportunity for long-term investors, in our view.

June 2016

Funds in these sectors blend a range of equities and bonds, and some hold alternative investments which can offer shelter during falling markets. They encompass a wide variety of strategies from the cautious to the more adventurous.

Funds in the Flexible Investment sector can invest up to 100% in shares or invest a large proportion in bonds or cash. Funds in the Mixed Investment 40-85% Shares sector invest in both bonds and shares, but the allocation to shares must be between 40% and 85%. In the Mixed Investment 20-60% Shares sector funds are likely to have a higher allocation to corporate bonds than the two sectors mentioned previously, and the shares element can be between 20% and 60%. The Mixed Investment 0-35% Shares sector is home to funds that can only hold up to 35% in shares, and are therefore likely to hold the largest weighting in bonds.

The Targeted Absolute Return sector differs in that funds can actively use strategies to try and minimise the impact of falling stock markets, though they can and do fall in value. This means they can perform quite differently from more traditional funds.

June 2016

Demand for income-producing assets has remained high in a low-interest-rate world and fixed-interest investments have, broadly speaking, delivered positive returns over the past six months.

There has been some volatility across bond markets though. Higher risk high-yield bonds in particular suffered as investors grappled with the prospects of rising defaults by energy/ commodity-related companies. However, commodity prices have since rebounded somewhat, which provided some respite for these companies.

UK government bonds (gilts) have also had periods in the sun, most notably when economic and corporate prospects have been under question. Gilts tend to be seen as a safe-haven in times of turbulence.

There are some uncertainties on the horizon – notably the EU referendum – and this could cause further short-term volatility. However, we expect the relatively benign environment for bonds to continue. Expectations for an interest rate rise in the UK continue to be pushed back and inflation remains low.

In this environment we continue to favour ‘strategic’ bond funds, where the managers have a high degree of flexibility to seek returns from across the fixed-interest universe and potentially provide some shelter in turbulent times.

June 2016

Europe has certainly had its fair share of problems in recent years. The Greek debt crisis hit the headlines again last summer, while European markets have since been unable to escape fears over slowing growth in China, falling commodity prices, and increasing regulatory pressures on its banking system. As the continent has staggered from one debt crisis to the next, many investors have overlooked the region as an investment destination.

In our view, it is important to distinguish between the prospects for economies and the prospects for companies. For many of Europe’s leading firms, much of their earnings are generated from their exposure to global markets. Investing in Europe therefore also means gaining exposure to truly international businesses, some of which are exposed to faster-growing regions of the world.

Europe may continue to face problems for some time to come. In our view, there are a number of successful managers in this sector that have proven investors can still be rewarded even when the economic backdrop is far from bright. Our favourites feature on the Wealth 150.

Wealth 150 - Our favourite funds in each sector

June 2016

Funds in these sectors blend a range of equities and bonds, and some can hold alternative investments which can offer shelter during falling markets. They encompass a wide variety of strategies from the cautious to the more adventurous.

Funds in the Flexible Investment sector can invest up to 100% in shares or invest a large proportion in bonds or cash. Funds in the Mixed Investment 40-85% Shares sector invest in both bonds and shares, but the allocation to shares must be between 40% and 85%. In the Mixed Investment 20-60% Shares sector funds are likely to have a higher allocation to corporate bonds than the two sectors mentioned previously, and the shares element can be between 20% and 60%. The Mixed Investment 0-35% Shares sector is home to funds that can only hold up to 35% in shares, and are therefore likely to hold the largest weighting in bonds.

The Targeted Absolute Return sector differs in that funds can actively use strategies to try and minimise the impact of falling stock markets. This means they can perform quite differently from more traditional funds.

June 2016

The past year has witnessed rising concern over slowing growth in China, the fall and subsequent partial rebound in commodity prices, uncertainty over worldwide interest rates, and low growth across the globe. This catalogue of events has added to longer-term political issues across Eastern Europe and the Middle East to cause volatility in global stock markets.

While global stock markets as a whole performed poorly over the year, there were a few exceptions. The US stock market for example recovered from the volatility of 2015, finishing the past 12 months with positive returns, although a weaker dollar muted returns for UK investors. Elsewhere, the Asia Pacific region suffered as slowing growth in China sent markets sharply lower at various points throughout 2015. However funds with high exposure to the region, particularly those focused on smaller companies, have benefited from a strong rebound in share prices since February.

Volatile markets can provide long-term investors with the opportunity to purchase investments at discounted prices. The global universe of investable companies is vast, providing no shortage of opportunities for skilled stock pickers to exploit. Funds in this sector can also provide valuable diversification, offering exposure to a range of different sectors, regions and currencies.

June 2016

Japan’s economy remains under pressure. Efforts to stimulate growth and boost inflation continue, with a huge quantitative easing experiment underway and negative interest rates designed to encourage lending and spending rather than hoarding cash.

Japan’s proximity to China and the rest of Asia hasn’t helped. Slower economic growth in China has affected sentiment towards the whole region and stock markets have been volatile over the past year. Japan’s Topix Index has fallen significantly over the past twelve months, although the yen’s strength against sterling has meant broadly flat returns for UK-based investors.

After rebounding from post-financial crisis lows the Japanese stock market is not as attractively valued as it was, according to our analysis, but it is still valued below its long-term average. We believe that for long-term, patient investors able to tolerate the inevitable short-term ups and downs, there could be a case for maintaining some exposure to Japan.

June 2016

The S&P 500 closed at a low of 676.5 on 9 Companies March 2009 and has since rebounded to stand over 2,000 at the time of writing. After such a strong run we believe investors should tread carefully and that, on valuation grounds at least, other developed markets may offer better opportunities.

That said, the US is the world’s largest economy as well as its largest stock market. The country is home to many global businesses which dominate their field and overall the US accounts for around half the global stock market. In our view most diversified portfolios should contain at least some exposure to the US market. However, it is one of the most heavily researched markets in the world. Share prices are extraordinarily quick to react to new information and this efficiency means it is difficult, although not impossible, for active fund managers to consistently unearth overlooked opportunities or gain an edge over fellow investors.

When seeking exposure to larger US companies we feel a low-cost passively managed fund could be considered. We continue to seek US fund managers with the potential to perform well over the long term, but currently believe there are more opportunities for active fund managers to add value among higher risk smaller and medium-sized companies. This is therefore where our Wealth 150 exposure is currently concentrated.

June 2016

The specialist sector contains funds which are generally used to provide diversification beyond the mainstream sectors and to provide exposure to specific industries or countries.

June 2016

It has been a volatile year for the UK stock market, which has not been immune from concerns over sluggish global economic growth. Last summer, slowing growth in China hit commodity and mining stocks, dragging UK share prices down with it. That said, many UK funds outperformed the broader market over the same time, highlighting the ability of active managers to outperform through judicious stock picking and sector allocation.

Managers with a bias towards small and medium-sized businesses, which outperformed their larger counterparts, tended to fare well over the period, as did those focused on some of the more defensive areas of the market, such as consumer goods. On the other hand, funds investing in the resource-related sectors suffered given the poor performance of these industries. These sectors have however seen a recent bounce, although this is over a very short timeframe.

The UK All Companies sector is blessed with a number of talented and high-quality fund managers, but the decision of which ones to choose can be difficult. We have scoured the market to identify those we believe have the greatest potential to excel over the long term and our favourites feature on the Wealth 150.

June 2016

Most equity income funds focus on high-yielding larger companies in the FTSE 100, 20% of which comprises oil, gas and commodity companies - all areas which suffered through 2015 due to the collapse in the oil price and slowing growth in China. Many equity income managers avoided companies in these sectors over concerns about the sustainability of income payments. As such, most UK Equity Income funds missed out on these sectors’ rebound in February this year.

Smaller companies outperformed their larger counterparts over the past year, and managers who were biased to this area have generally performed well. The shares of companies paying attractive dividends have also performed better than their lower-yielding counterparts. With interest rates having now spent more than seven years at 0.5%, and a rise not looking likely until 2017, we expect the popularity of income funds to continue.

Investor demand for companies which offer an attractive dividend has helped to drive share prices higher. However, as share prices rise, yields fall. Fund managers are therefore beginning to find it harder to uncover attractively valued shares producing an income in excess of the FTSE All Share. This means it is more important than ever to invest in funds with exceptional managers able to stand out from the crowd.

June 2016

It has been a turbulent year for the UK stock market, which has fallen 6.6% in the year to 1 June 2016. Against this backdrop, the performance of smaller companies (-2.3%) is relatively strong.

Smaller companies usually suffer more than their larger counterparts in periods of uncertainty due to their higher-risk nature and they tend to be more volatile than their larger counterparts. However over the past year the reverse has been true, although this should not be seen as guide to future returns.

A large portion of the FTSE 100 comprises oil, gas and commodity companies - all areas which have experienced a torrid time over the past year. Many of these companies also have a high level of global exposure and the market has therefore reacted strongly to worldwide news such as the slowdown in China. In contrast, small and medium-sized companies tend to be more domestically focused, with performance more closely linked to the UK economy. UK funds with a bias towards smaller businesses have therefore tended to outperform those with a larger company focus.

Taxable loyalty bonuses within the Fund & Share Account

HMRC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held in nominee accounts, such as our Fund & Share Account, should be subject to income tax. Loyalty bonuses paid on funds in ISAs and SIPPs are unaffected, and they remain tax-free.

We believe all loyalty bonuses are tax-free and we are challenging HMRC's interpretation. However, while we make this challenge we are paying loyalty bonuses within the Vantage Fund & Share Account net of an amount equivalent to the basic rate tax. If we are successful in our challenge we will return this money to clients. If we are unsuccessful we will use the money to pay over any amounts due to HMRC.

If loyalty bonuses are taxable then the value of our ongoing saving to you could be reduced, depending on the rate of tax you pay. The below table gives an indication of how this may affect you.

In this case, the ongoing saving is 0.06%, of which 0.06% is paid by loyalty bonus. The tax that could be payable on this loyalty bonus, and therefore the value of this saving to you, is shown below.

Non-taxpayer Basic rate taxpayer Higher rate taxpayer Additional rate taxpayer
Ongoing saving from HL: 0.06% 0.06% 0.06% 0.06%
Loyalty bonus: 0.06% 0.06% 0.06% 0.06%
Tax on loyalty bonus: 0.00% 0.012% 0.024% 0.027%
Value of ongoing saving to you: 0.06% 0.048% 0.036% 0.033%

Tax rules can change and benefits depend on individual circumstances. Please remember loyalty bonuses received on funds held in the Vantage ISA or Vantage SIPP are exempt from tax.

Also, loyalty bonuses received by overseas investors, companies and charities are not required to be paid with the deduction of tax. Therefore, if you are an overseas investor, or you represent a company or charity please let us know if you would like your loyalty bonuses paid without the deduction of an amount equivalent to the basic rate tax.