The absolute return sector contains a mix of funds, including those focused on the UK, Europe, global equities, bonds and alternative assets. While many share similar objectives, such as aiming to achieve positive returns in a variety of market conditions, they go about achieving this in very different ways. Each fund in the sector therefore needs to be considered on its individual merits and comparisons between funds in the sector are not always valid.
The sector has been in the spotlight recently because many funds have not lived up to expectations. Some have been more volatile than others, some have sheltered capital well, but failed to capture gains when markets have risen, others have simply performed poorly.
We continue to believe there are a select few quality funds in this sector which have the ability to achieve attractive returns over the long term while sheltering capital, and achieving lower volatility than the wider market. However, investors need to appreciate that any stock market investment involves a degree of risk and there are no guarantees.
1-5-2013
The performance of emerging markets has been fairly subdued over the past couple of years. Yet with less debt than most Western economies, rising domestic consumption and a growing middle class, they are well placed to continue growing strongly.
Given their stronger financial position, most governments in the developing world have more flexibility to stimulate growth if it becomes necessary. In China, as growth slowed in the first half of 2012, interest rates were reduced to encourage lending and investment, and infrastructure spending increased. Furthermore, as China reduces its reliance on exports and rebalances towards domestic consumption, lower value manufacturing could move to other emerging regions, boosting their economies.
Emerging markets offer a diverse range of opportunities. For more adventurous investors we believe the long-term potential for the sector could be significant.
1-5-2013
China's economic growth has slowed to its lowest level in recent years and for some, this has caused reason for concern. Putting this into context, previous double-digit growth could be viewed as unsustainable. Indeed, slowing economic growth in China still meant GDP (Gross Domestic Product) growth of around 7.8% in 2012, within the government's target of 7-8% and impressive compared with moribund Western economies.
The Chinese government remains in better financial shape than Western counterparts, meaning it has the flexibility to stimulate or slow growth when necessary. So far, interest rates have been reduced to encourage lending and investment, and infrastructure spending has increased. China does, however, have an ongoing reliance on exports and investment and remains exposed to the ups and downs of the global economic cycle. Efforts are underway to rebalance the economy towards domestic consumption and achieving this aim should be positive for the Chinese economy and many domestic businesses. Nonetheless this remains a higher risk area in which to invest.
9-4-2013
Europe has once again hit the headlines, and for all the wrong reasons. The banking collapse in Cyprus saw wealthier savers forced to bail out the banks, and raised questions as to whether a similar levy might be employed by other nations. This latest crisis saw many of the main European markets give up the gains they have enjoyed since the start of the year.
Yet Cyprus remains a very small component of the European economy, and for the time being at least, the rest of the euro zone seems relatively stable. European equities remain cheap relative to other asset classes. Europe has much work to do to restore its financial health, but the lack of confidence towards the continent over recent years has provided investors with some extremely attractive buying opportunities. Many companies in the region remain robust and have the potential to provide strong returns over the long term.
1-5-2013
Funds in the Flexible Investment sector have a wide remit and can invest up to 100% in shares or they can invest a large proportion in fixed interest securities (bonds) or cash.
1-5-2013
Many commentators currently see the bond market as overpriced and anticipate a "great rotation" from bonds into equities, especially if any inflationary pressures mount. A recent weakening in bond prices, coupled with the upturn in equity markets, could be evidence this is already underway. Yet it is unlikely to be this simple. Any economic or political shocks could see a retreat back into the perceived 'safe haven' of government bonds such as gilts and US Treasuries. Central banks also remain "buyers at any price" through quantitative easing, where newly minted money is used to buy up bonds. In this environment we believe any talk of a bond bubble is misplaced, especially for corporate bonds whose yields still typically range from 3-7%, depending on the risk. Although they are unlikely to provide much in the way of capital growth, the income they provide is still relatively attractive, especially compared to the paltry rates available on cash.
1-5-2013
Many commentators currently see the bond market as overpriced and anticipate a "great rotation" from bonds into equities, especially if any inflationary pressures mount. A recent weakening in bond prices, coupled with the upturn in equity markets, could be evidence this is already underway. Yet it is unlikely to be this simple. Any economic or political shocks could see a retreat back into the perceived 'safe haven' of government bonds such as gilts and US Treasuries. Central banks also remain "buyers at any price" through quantitative easing, where newly minted money is used to buy up bonds. In this environment we believe any talk of a bond bubble is misplaced, especially for corporate bonds whose yields still typically range from 3-7%, depending on the risk. Although they are unlikely to provide much in the way of capital growth, the income they provide is still relatively attractive, especially compared to the paltry rates available on cash.
1-5-2013
Many commentators currently see the bond market as overpriced and anticipate a "great rotation" from bonds into equities, especially if any inflationary pressures mount. A recent weakening in bond prices, coupled with the upturn in equity markets, could be evidence this is already underway. Yet it is unlikely to be this simple. Any economic or political shocks could see a retreat back into the perceived 'safe haven' of government bonds such as gilts and US Treasuries. Central banks also remain "buyers at any price" through quantitative easing, where newly minted money is used to buy up bonds. In this environment we believe any talk of a bond bubble is misplaced, especially for corporate bonds whose yields still typically range from 3-7%, depending on the risk. Although they are unlikely to provide much in the way of capital growth, the income they provide is still relatively attractive, especially compared to the paltry rates available on cash.
1-5-2013
As ever the global economy presents a mixed picture with emerging economies growing strongly, but the overly-indebted developed economies struggling to recover. Stimulus measures recently announced in Japan could finally see them returning to sustained growth after 20 years in the wilderness, and in China improvements in economic data could signal the pace of growth re-accelerating. Yet as the recent crisis in Cyprus reminds us, Europe has a long way to go before its difficulties are resolved.
This sector is something of a mixed bag with traditional international equity funds rubbing shoulders with sector-specific or thematic funds. Make sure you are comparing like-with-like.
1-5-2013
Funds in this sector invest at least 80% of their assets in fixed interest securities - i.e bonds issued by companies and governments. They will generally invest outside the UK. The sector is quite diverse and like for like comparisons between funds won't always be possible. Also bear in mind that many funds will expose the investor to currency risk, which can benefit UK investors if sterling weakens - though of course the opposite is also true.
18-2-2013
The performance of emerging markets has been fairly subdued over the past couple of years. Yet with less debt than most Western economies, rising domestic consumption and a growing middle class, they are well placed to continue growing strongly.
Given their stronger financial position, most governments in the developing world have more flexibility to stimulate growth if it becomes necessary. In China, as growth slowed in the first half of 2012, interest rates were reduced to encourage lending and investment, and infrastructure spending increased. Furthermore, as China reduces its reliance on exports and rebalances towards domestic consumption, lower value manufacturing could move to other emerging regions, boosting their economies.
Emerging markets offer a diverse range of opportunities. For more adventurous investors we believe the long-term potential for the sector could be significant.
1-5-2013
As ever the global economy presents a mixed picture with emerging economies growing strongly, but the overly-indebted developed economies struggling to recover. Stimulus measures recently announced in Japan could finally see them returning to sustained growth after 20 years in the wilderness, and in China improvements in economic data could signal the pace of growth re-accelerating. Yet as the recent crisis in Cyprus reminds us, Europe has a long way to go before its difficulties are resolved.
This sector is something of a mixed bag with traditional international equity funds rubbing shoulders with sector-specific or thematic funds. Make sure you are comparing like-with-like.
1-5-2013
Sentiment towards Japan has improved dramatically recently. Haruhiko Kuroda, the governor of the Bank of Japan, announced a huge stimulus package, including doubling its quantitative easing (QE) programme to 7 trillion yen (£46 billion) each month. The sheer scale of this round of QE is far bigger than we have seen from any other country, including in the US, and in an economy around one-third of its size.
It is hoped these measures will weaken the yen further, provide a boost for exporters, and create inflation. If they are successful it could provide a major boost for the Japanese stock market, which our analysis still shows is among the cheapest major stock markets. It could be an opportune time to consider increasing exposure.
1-5-2013
In the Mixed Investment 20-60% Shares sector funds are likely to have a higher allocation to corporate bonds than the Flexible Investment or Mixed Investment 40-85% Shares sectors, and the shares element can be between 20% and 60%.
1-5-2013
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%.
1-5-2013
The US economy continues to show signs of improvement. The stock market delivered strong returns in 2012 and has enjoyed a good start to 2013. The housing market is also getting stronger and mortgage lending is rising. Yet as Federal Reserve Chairman Ben Bernanke said in a recent speech, the US economy still has a long way before reaching an acceptable state of health.
The main fear is that the pace of recovery is slowing, borne out in April's employment figures which saw the US economy add the lowest number of new jobs in nine months, and much lower than predicted by economists. Nonetheless, the US remains home to many world-class companies and is still a hotbed of innovation with many quality companies at all levels. However, it remains a difficult market for fund managers to outperform.
1-5-2013
The US economy continues to show signs of improvement. The stock market delivered strong returns in 2012 and has enjoyed a good start to 2013. The housing market is also getting stronger and mortgage lending is rising. Yet as Federal Reserve Chairman Ben Bernanke said in a recent speech, the US economy still has a long way before reaching an acceptable state of health.
The main fear is that the pace of recovery is slowing, borne out in April's employment figures which saw the US economy add the lowest number of new jobs in nine months, and much lower than predicted by economists. Nonetheless, the US remains home to many world-class companies and is still a hotbed of innovation with many quality companies at all levels. However, it remains a difficult market for fund managers to outperform.
1-5-2013
The Offshore sector contains funds of many different types, from UK and US funds to global emerging markets and technology. It is a catch-all sector that includes funds officially domiciled outside the UK. We cannot therefore have a view on the sector as a whole. Investors should be aware however, that offshore funds do not normally fall under the UK Financial Services Compensation Scheme.
18-2-2013
HL sector comment not available at present
It is difficult to get excited about the commercial property market, although funds are still yielding in excess of 4% in many cases. No one is quite sure whether banks have started offloading excess property from their balance sheets. If they haven't, that could be a large anchor weighing on the sector for many years to come. Certain parts of the commercial property market in the UK are doing well, for example prime London property, both commercial and residential, appears to have a life of its own and has been highly resilient. However, there seems to us no need to rush into this sector at the present time.
1-5-2013
The specialist sector contains a wide array of funds, many of which provide exposure to specific themes. They could be chosen by investors looking for diversification beyond the mainstream sectors such as UK income, Europe or emerging markets.
This sector contains many funds which invest in companies more sensitive to economic growth. Given the uncertainty surrounding the outlook for economic growth globally over the past couple of years, these funds have been volatile. Those which invest in mining or resources companies, for example, have performed well when the outlook has improved and resources are expected to be in greater demand, but the opposite has been the case when the outlook worsened.
1-5-2013
Nowhere is corporate Darwinism more obvious than the technology sector. The long-term rewards are huge for the right companies. Today, Apple, Amazon and Google are amongst the world's largest and most successful companies, but many other technology companies stumble or fall by the wayside in an environment of constant innovation. This is where an adept fund manager comes in. Selecting the long-term winners can result in excellent returns, and with many technology companies still maturing and growing their dividends we believe it could be a profitable sector to invest in over the longer term.
20-2-2013
Economic data continue to paint a mixed picture for the UK economy, but there are reasons to be optimistic. Employment figures are relatively robust and the financial system appears to be slowly recovering, aided by the stimulatory conditions of low interest rates and quantitative easing. Further evidence of recovery should especially favour previously depressed, economically cyclical areas such as retail, housebuilding and banks.
The new governor of the Bank of England, Mark Carney, takes up his role in June. It is expected he will be given an additional mandate of targeting economic growth (rather than simply keeping inflation under control) which could see various measures designed to boost the UK economy. The knock-on impact of these could be a fillip to stock markets.
1-5-2013
Interest rates remain at record lows and look unlikely to rise in the short term. Meanwhile a variety of factors have pushed gilt yields down and inflation continues to erode the real value of any income received. With income increasingly scarce, it is little surprise that equity income funds have found favour with investors.
They offer the potential for a rising income over time. Fund managers seek companies paying a healthy level of dividend income and their portfolios often consist of established companies with the ability to grow revenue and profits. This could translate into higher dividends and as the level of income becomes increasingly attractive, investors could also benefit from capital growth.
We believe equity income funds can form the core of almost any portfolio. Those not immediately seeking income can elect to have dividends reinvested, compounding returns. There are several successful and well-managed funds in the equity income space and the Wealth 150 list highlights our favoured managers.
1-5-2013
Economic data continue to paint a mixed picture for the UK economy, but there are reasons to be optimistic. Employment figures are relatively robust and the financial system appears to be slowly recovering, aided by the stimulatory conditions of low interest rates and quantitative easing. Further evidence of recovery should especially favour previously depressed, economically cyclical areas such as retail, housebuilding and banks.
The new governor of the Bank of England, Mark Carney, takes up his role in June. It is expected he will be given an additional mandate of targeting economic growth (rather than simply keeping inflation under control) which could see various measures designed to boost the UK economy. The knock-on impact of these could be a fillip to stock markets.
1-5-2013
The Wealth 150 is a list of our favourite funds for new investment in the main sectors. It is the product of rigorous mathematical analysis, combined with thousands of hours of interviews with leading fund managers, to ensure we only bring the very best funds to our clients' attention.
If a fund is not within our Wealth 150 this is not necessarily a recommendation to sell. However, if you're thinking of adding to your investments we believe these are superior alternatives.
The Wealth 150 is designed for people who would like to choose their own funds. It doesn't constitute a personal recommendation. 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.

Change view: Charges and savings | Prices and yields | Discrete performance
Absolute Return funds
Our view on the Absolute Return sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Melchior ST European Absolute Return (H GBP) Accumulation |
0.00% | 0.00% | ![]() |
1.750% | 0.000% |
| Newton Real Return (Class A) Income |
4.00% | 4.00% | ![]() |
1.500% | 0.250% |
| Schroder ISF Emg Mkts Debt Absolute Return GBP Hgd Income |
5.00% | 5.00% | ![]() |
1.500% | 0.100% |
| Standard Life Inv Global Abs Return Strategies Accumulation |
4.00% | 4.00% | ![]() |
1.500% | 0.100% |
Change view: Charges and savings | Prices and yields | Discrete performance
Asia Pacific Ex Japan funds
Our view on the Asia Pacific Ex Japan sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Aberdeen Asia Pacific Accumulation |
4.25% | 4.25% | ![]() |
1.750% | 0.375% |
| Fidelity South East Asia Accumulation |
3.50% | 3.50% | ![]() |
1.500% | 0.200% |
| First State Asia Pacific Leaders Accumulation |
4.00% | 4.00% | ![]() |
1.500% | 0.150% |
| Newton Asian Income Income |
4.00% | 4.00% | ![]() |
1.500% | 0.200% |
Change view: Charges and savings | Prices and yields | Discrete performance
China/Greater China funds
Our view on the China/Greater China sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Jupiter China Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.100% |
Change view: Charges and savings | Prices and yields | Discrete performance
Europe Excluding UK funds
Our view on the Europe Excluding UK sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| IM Argonaut European Alpha Accumulation |
5.25% | 5.25% | ![]() |
1.750% | 0.375% |
| Cazenove European (Class B) Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| Henderson European Special Situations Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.100% |
| JO Hambro Continental European Income |
5.00% | 5.00% | ![]() |
1.250% | 0.125% |
| Jupiter European Income |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| Jupiter European Special Situations Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.250% |
| Neptune European Opportunities (Class A) Accumulation |
5.00% | 5.00% | ![]() |
1.750% | 0.300% |
| Schroder European Alpha Plus Accumulation |
0.00% | 0.00% | ![]() |
1.500% | 0.250% |
Change view: Charges and savings | Prices and yields | Discrete performance
Flexible Investment funds
Our view on the Flexible Investment sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Artemis Strategic Assets (Retail) Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.100% |
| CF Miton Strategic Portfolio Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.150% |
| Old Mutual Global Best Ideas Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.100% |
| Troy Trojan (Class I) Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.000% |
Change view: Charges and savings | Prices and yields | Discrete performance
GBP Corporate Bond funds
Our view on the GBP Corporate Bond sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Fidelity MoneyBuilder Income Accumulation |
0.00% | 0.00% | ![]() |
0.800% | 0.000% |
| Invesco Perpetual Corporate Bond Accumulation |
5.00% | 5.00% | ![]() |
1.000% | 0.150% |
| Jupiter Corporate Bond Income |
4.00% | 4.00% | ![]() |
1.000% | 0.150% |
| Kames Investment Grade Bond Accumulation |
4.50% | 4.50% | ![]() |
1.250% | 0.000% |
| Royal London Corporate Bond Income |
3.00% | 3.00% | ![]() |
0.900% | 0.000% |
Change view: Charges and savings | Prices and yields | Discrete performance
GBP High Yield funds
Our view on the GBP High Yield sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Kames High Yield Bond Accumulation |
4.50% | 4.50% | ![]() |
1.250% | 0.150% |
Change view: Charges and savings | Prices and yields | Discrete performance
GBP Strategic Bond funds
Our view on the GBP Strategic Bond sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Artemis High Income (Retail) Income |
5.25% | 5.25% | ![]() |
1.250% | 0.125% |
| Artemis Strategic Bond (Retail Monthly) Accumulation |
5.25% | 5.25% | ![]() |
1.000% | 0.000% |
| Invesco Perpetual Monthly Income Plus Accumulation |
5.00% | 5.00% | ![]() |
1.250% | 0.125% |
| Invesco Perpetual Tactical Bond Accumulation |
5.00% | 5.00% | ![]() |
1.250% | 0.100% |
| Investec Strategic Bond Accumulation |
3.50% | 3.50% | ![]() |
1.000% | 0.000% |
| Jupiter Strategic Bond Accumulation |
4.00% | 4.00% | ![]() |
1.250% | 0.100% |
| M&G Optimal Income (Class X) Accumulation |
0.00% | 0.00% | ![]() |
1.500% | 0.100% |
| M&G UK Inflation Linked Corporate Bond Accumulation |
3.00% | 3.00% | ![]() |
1.000% | 0.000% |
Change view: Charges and savings | Prices and yields | Discrete performance
Global funds
Our view on the Global sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| First State Global Listed Infrastructure Accumulation |
4.00% | 4.00% | ![]() |
1.500% | 0.100% |
| First State Global Resources Accumulation |
4.00% | 4.00% | ![]() |
1.500% | 0.150% |
| CF JM Finn Global Opportunities Accumulation |
5.00% | 4.75% | 1.500% | 0.100% | |
| Jupiter Ecology Income |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| Jupiter Global Managed Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.250% |
| Lindsell Train Global Equity Income |
4.50% | 4.50% | ![]() |
1.150% | 0.000% |
| M&G Global Basics (Class X) Accumulation |
0.00% | 0.00% | ![]() |
1.500% | 0.250% |
| Neptune Global Equity (Class A) Accumulation |
5.00% | 5.00% | ![]() |
1.750% | 0.300% |
| CF Odey Opus (Class A) Accumulation |
5.00% | 5.00% | ![]() |
1.750% | 0.000% |
| Rathbone Global Opportunities Accumulation |
2.50% | 2.50% | ![]() |
1.500% | 0.150% |
| Standard Life Inv Global Smaller Companies Accumulation |
4.00% | 4.00% | ![]() |
1.700% | 0.100% |
Change view: Charges and savings | Prices and yields | Discrete performance
Global Bonds funds
Our view on the Global Bonds sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Templeton Global Bond (A GBP) Income |
3.00% | 3.00% | ![]() |
1.050% | 0.000% |
| Old Mutual Global Strategic Bond Accumulation |
3.50% | 3.50% | ![]() |
1.000% | 0.150% |
Change view: Charges and savings | Prices and yields | Discrete performance
Global Emerging Markets funds
Our view on the Global Emerging Markets sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| First State Global Emerging Mkt Leaders Accumulation |
4.00% | 4.00% | ![]() |
1.500% | 0.150% |
| JPM Emerging Markets Accumulation |
4.25% | 4.25% | ![]() |
1.500% | 0.250% |
| Newton Emerging Income Accumulation |
4.00% | 4.00% | ![]() |
1.500% | 0.100% |
Change view: Charges and savings | Prices and yields | Discrete performance
Global Equity Income funds
Our view on the Global Equity Income sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| JPM Global Equity Income (GBP) Accumulation |
4.25% | 4.25% | ![]() |
1.500% | 0.100% |
| Newton Global Higher Income Accumulation |
4.00% | 4.00% | ![]() |
1.500% | 0.200% |
Change view: Charges and savings | Prices and yields | Discrete performance
Japan funds
Our view on the Japan sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| GLG Japan CoreAlpha Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.250% |
| Invesco Perpetual Japan Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| JO Hambro Japan Income |
5.00% | 5.00% | ![]() |
1.250% | 0.150% |
| Jupiter Japan Income Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.200% |
| Melchior Japan Advantage (A GBP) Accumulation |
0.00% | 0.00% | ![]() |
2.150% | 0.500% |
| Schroder Tokyo Accumulation |
0.00% | 0.00% | ![]() |
1.500% | 0.250% |
Change view: Charges and savings | Prices and yields | Discrete performance
Mixed Investment 20-60% Shares funds
Our view on the Mixed Investment 20-60% Shares sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Invesco Perpetual Distribution Accumulation |
5.00% | 5.00% | ![]() |
1.375% | 0.188% |
Change view: Charges and savings | Prices and yields | Discrete performance
Mixed Investment 40-85% Shares funds
Our view on the Mixed Investment 40-85% Shares sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| AXA Framlington Managed Balanced Accumulation |
5.25% | 5.25% | ![]() |
1.250% | 0.125% |
| Neptune Balanced Accumulation |
5.00% | 5.00% | ![]() |
1.600% | 0.250% |
| Schroder Managed Balanced (Class H) Accumulation |
0.00% | 0.00% | ![]() |
0.800% | 0.000% |
Change view: Charges and savings | Prices and yields | Discrete performance
North American Smaller Companies funds
Our view on the North American Smaller Companies sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Legg Mason US Smaller Companies Accumulation |
4.25% | 4.25% | ![]() |
1.500% | 0.250% |
Change view: Charges and savings | Prices and yields | Discrete performance
Offshore funds
Our view on the Offshore sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Old Mutual UK Dynamic Equity (A GBP) Income |
4.00% | 4.00% | ![]() |
1.500% | 0.000% |
| Royal London Sterling Extra Yield Bond (Class B) Income |
4.00% | 4.00% | ![]() |
1.250% | 0.125% |
Change view: Charges and savings | Prices and yields | Discrete performance
Pension Trusts funds
Our view on the Pension Trusts sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Invesco Perpetual UK Equity Pension (Net Class 4A) Accumulation |
5.00% | 5.00% | ![]() |
1.250% | 0.000% |
Change view: Charges and savings | Prices and yields | Discrete performance
Specialist funds
Our view on the Specialist sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Aberdeen Latin American Equity Accumulation |
4.25% | 4.25% | ![]() |
1.750% | 0.100% |
| Artemis Global Energy (Retail) Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.100% |
| BlackRock Gold & General Accumulation |
5.00% | 5.00% | ![]() |
1.750% | 0.325% |
| JPM Natural Resources Accumulation |
4.25% | 4.25% | ![]() |
1.500% | 0.250% |
| Junior Oils Trust Accumulation |
5.25% | 4.25% | 1.750% | 0.100% | |
| Jupiter India Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.100% |
| Neptune Russia & Greater Russia (Class A) Accumulation |
5.00% | 5.00% | ![]() |
1.750% | 0.150% |
| Sarasin AgriSar A Accumulation |
5.00% | 5.00% | ![]() |
1.750% | 0.100% |
| Smith & Williamson Global Gold & Resources Income |
5.00% | 5.00% | ![]() |
1.750% | 0.000% |
Change view: Charges and savings | Prices and yields | Discrete performance
Technology & Telecoms funds
Our view on the Technology & Telecoms sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| GLG Technology Equity Accumulation |
5.25% | 5.25% | ![]() |
1.750% | 0.250% |
Change view: Charges and savings | Prices and yields | Discrete performance
UK All Companies funds
Our view on the UK All Companies sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| AXA Framlington UK Select Opportunities Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.250% |
| BlackRock UK Special Situations Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| Fidelity Special Situations Accumulation |
3.50% | 3.50% | ![]() |
1.500% | 0.200% |
| Franklin UK Managers' Focus Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.150% |
| Franklin UK Mid Cap Income |
4.50% | 4.50% | ![]() |
1.500% | 0.200% |
| Jupiter UK Growth Income |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| Kames Ethical Equity Accumulation |
5.50% | 5.50% | ![]() |
1.500% | 0.200% |
| Liontrust Special Situations (Class R) Income |
5.00% | 5.00% | ![]() |
1.750% | 0.325% |
| M&G Recovery (Class X) Accumulation |
0.00% | 0.00% | ![]() |
1.500% | 0.250% |
| Old Mutual UK Mid Cap Accumulation |
4.00% | 4.00% | ![]() |
1.500% | 0.250% |
| Standard Life Inv UK Equity Unconstrained Accumulation |
4.00% | 4.00% | ![]() |
1.800% | 0.100% |
Change view: Charges and savings | Prices and yields | Discrete performance
UK Equity Income funds
Our view on the UK Equity Income sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Artemis Income (Retail) Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.125% |
| Invesco Perpetual High Income Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| Invesco Perpetual Income Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| JO Hambro UK Equity Income Accumulation |
5.00% | 5.00% | ![]() |
1.250% | 0.125% |
| Liontrust Macro Equity Income (Class R) Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.000% |
| Marlborough Multi Cap Income Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.100% |
| Neptune Income (Class A) Accumulation |
5.00% | 5.00% | ![]() |
1.600% | 0.300% |
| PSigma Income Accumulation |
5.25% | 5.25% | ![]() |
1.500% | 0.100% |
| Rathbone Income Accumulation |
2.50% | 2.50% | ![]() |
1.500% | 0.150% |
| Threadneedle UK Equity Alpha Income Income |
3.00% | 3.00% | ![]() |
1.500% | 0.000% |
| Troy Trojan Income (Class I) Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.000% |
Change view: Charges and savings | Prices and yields | Discrete performance
UK Smaller Companies funds
Our view on the UK Smaller Companies sector »
| Initial charge | Initial saving | Full saving? | Annual charge | Annual saving | |
|---|---|---|---|---|---|
| Cazenove UK Smaller Companies (Class B) Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.250% |
| Marlborough Special Situations Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.150% |
| Marlborough UK Micro-Cap Growth Accumulation |
5.00% | 5.00% | ![]() |
1.500% | 0.150% |
| Old Mutual UK Smaller Cos Accumulation |
4.00% | 4.00% | ![]() |
1.750% | 0.250% |
Change view: Charges and savings | Prices and yields | Discrete performance
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Funds managed with the aim of delivering absolute (i.e. more than zero) returns in any market conditions. Typically funds in this sector would normally expect to deliver absolute (more than zero) returns on a 12 months basis.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets in Asia Pacific equities and exclude Japanese securities.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets directly or indirectly in equities of the People's Republic of China, Hong Kong or Taiwan. Funds may invest in one or more of the countries.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets in European equities and exclude UK securities.
Definition from the Investment Management Association (IMA) - 4 April 2011.
The funds in this sector are expected to have a range of different investments. However, the fund manager has significant flexibility over what to invest in. There is no minimum or maximum requirement for investment in company shares (equities) and there is scope for funds to have a high proportion of shares.
Definition from the Investment Management Association (IMA) - 18 January 2012.
Funds which invest at least 80% of their assets in Sterling denominated (or hedged back to Sterling), BBB minus or above corporate bond securities (as measured by Standard & Poors or an equivalent external rating agency). This excludes convertibles, preference shares and permanent interest bearing shares (PIBS).
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets in Sterling denominated (or hedged back to Sterling) fixed interest securities and at least 50% of their assets in below BBB minus fixed interest securities (as measured by Standard & Poors or an equivalent external rating agency), including convertibles, preference shares and permanent interest bearing shares (PIBS).
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets in Sterling denominated (or hedged back to Sterling) fixed interest securities. This includes convertibles, preference shares and permanent interest bearing shares (PIBS). At any point in time the asset allocation of these funds could theoretically place the fund in one of the other Fixed Interest sectors. The funds will remain in this sector on these occasions since it is the Manager's stated intention to retain the right to invest across the Sterling fixed interest credit risk spectrum.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets globally in equities. Funds must be diversified by geographic region.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets in fixed interest securities. All funds which contain more than 80% fixed interest investments are to be classified under this heading regardless of the fact that they may have more than 80% in a particular geographic sector, unless that geographic area is the UK, when the fund should be classified under the relevant UK (Sterling) heading.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest 80% or more of their assets in emerging market equities as defined by the relevant FTSE or MSCI Global Emerging Markets index.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets globally in equities. Funds must be diversified by geographical region and intend to achieve a historic yield on the distributable income in excess of 110% of the MSCI World Index yield at the fund's year end.
Definition from the Investment Management Association (IMA) - 18 January 2012.
Funds which invest at least 80% of their assets in Japanese equities.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds in this sector are required to have a range of different investments. The fund must have between 20% and 60% invested in company shares (equities). At least 30% of the fund must be in fixed income investments (for example, corporate and Government bonds) and/or "cash" investments. "Cash" can include investments such as current account cash, short-term fixed income investments and certificates of deposit.
Definition from the Investment Management Association (IMA) - 18 January 2012.
Funds in this sector are required to have a range of different investments. However, there is scope for funds to have a high proportion in company shares (equities). The fund must have between 40% and 85% invested in company shares.
Definition from the Investment Management Association (IMA) - 18 January 2012.
Funds which invest at least 80% of their assets in North American equities.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest a least 80% of their assets in North American equities of companies which form the bottom 20% by market capitalisation.
Definition from the Investment Management Association (IMA) - 14 February 2012.
Funds which are only available for use in a personal pension plan or FSAVC (Free Standing Additional Voluntary Contribution) scheme.
Present arrangements for unit trust personal pension schemes require providers to set up separate personal pension unit trust under an overall tax sheltered umbrella. These funds then in turn invest in the group's equivalent mainstream trusts. Pension funds are not to be confused with "Exempt" funds which are flagged separately.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which predominantly invest in property. In order to invest "predominantly" in property, funds should either:
- Invest at least 60% of their assets directly in property; or
- Invest at least 80% of their assets in property securities; or
- When their direct property holdings fall below the 60% threshold for a period of more than six months, invest sufficient of the balance of their assets in property securities to ensure that at least 80% of the fund is invested in property, whereupon it becomes a hybrid fund.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets in technology and telecommunications sectors as defined by major index providers.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets in UK equities which have a primary objective of achieving capital growth.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% in UK equities and which intend to achieve a historic yield on the distributable income in excess of 110% of the FTSE All Share yield at the fund's year end.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds which invest at least 80% of their assets in UK equities of companies which form the bottom 10% by market capitalisation.
Definition from the Investment Management Association (IMA) - 4 April 2011.
Funds that have an investment universe that is not accommodated by the mainstream sectors.
Definition from the Investment Management Association (IMA) - 4 April 2011.









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