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How have our favourite funds performed?

Important - The value of investments can fall as well as rise, so you could get back less than you invest, especially over the short term. The information shown is not personal advice, if you are unsure of the suitability of an investment for your circumstances please contact us for personal advice. Once held in a SIPP money is not usually accessible until age 55 (rising to 57 in 2028).


The Wealth 150 and Wealth 150+ contain funds which our research team believe give investors the best chance to achieve index-beating returns.

Our fund choices are the result of meticulous quantitative research, combined with thousands of hours of meeting face-to-face with fund managers to gain a deep understanding of their investment philosophy.

We believe the highest-calibre fund managers share a specific set of skills and attributes. We seek those with a long, demonstrable track record of adding value by skill rather than a few lucky decisions. More about how we choose funds.

Wealth 150 performance

Long-term outperformance

We launched the Wealth 150 in November 2003 to highlight our favourite funds in each main sector for new investments. The Wealth 150+ launched in 2014 to highlight the funds within the Wealth 150 that we believe offer the ultimate combination of first-class long-term performance potential and low management charges.

We are proud of the performance of our fund choices to date. They have on average outperformed their most appropriate benchmark indices by 6.47%, and sector averages by 12.04%, although not every fund has outperformed. Remember, past performance is not a guide to future returns.

See how our choices have performed

Source: Internal, 30/11/2003 to 31/07/2017. Please remember past performance is not a guide to future returns. How have we calculated these figures?


Save 23% on fund charges

We’ve negotiated an average saving of 23% on the ongoing charge of Wealth 150+ funds, so our clients investing in them pay on average just 0.61% p.a. When added to our platform charge of up to 0.45% p.a. to hold funds in Vantage, this means you are paying a little over 1% on average to invest in those we consider the best funds in the market, with the UK’s number 1 investment supermarket. View our platform charges.

Largest savings on Wealth 150+ funds Ongoing charge (OCF/TER) Ongoing saving Net ongoing charge

Aberdeen Latin America

1.27% 0.40% i 0.87%

EdenTree Higher Income

0.79% 0.35% i 0.44%

JPM Emerging Markets

1.18% 0.50% i 0.68%

Jupiter India

1.07% 0.38% i 0.69%

Royal London Sterling Extra Yield Bond

0.83% 0.43% i 0.40%

Funds are listed in alphabetical order. Information correct as at 31 July 2017


Guidance from our research team

Our research team is committed to finding the best funds. It also provides regular updates to keep you informed about their performance and prospects. That way, you always know how your funds are performing, and can decide if you need to make any changes to your portfolio.

Meet the team

Our favourite funds laid bare

Below we show how our choices in each sector have fared against their most appropriate benchmark index, sector average and the average tracker fund in the sector (where available), so you can see for yourself how our fund selections have performed. Remember past performance isn’t a reliable indicator of future returns, and individual fund performance will vary.

To calculate these figures we have looked at the performance of all our fund selections (excluding the Wealth 150 tracker funds) in each sector, past and present, and compared each fund’s performance against their most appropriate benchmark index, sector average, and the average tracker fund in the sector, for the time they were on the Wealth 150. We then take an average for each sector and the Wealth 150 as whole.

Asia Pacific & Emerging Markets


  • Asia Pacific Excluding Japan

    From exciting emerging economies such as China, Thailand and Malaysia to the developed economies of Singapore, South Korea and Australia, there is no shortage of opportunity across the diverse Asia Pacific region. That said, we have found few fund managers capable of sustaining impressive long-term performance. Over time we have narrowed down our favourite funds to just one or two exceptional managers and these have been responsible for much of our success in this area. Our selections have delivered superior performance, on average, than the alternatives available within the sector and the average tracker fund. Please remember the higher-risk nature of these markets means performance can be volatile.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • China / Greater China

    China is the quintessential emerging market, characterised by rapid growth and industrialisation. Despite the long-term potential we have found relatively few fund managers with an ability to add value over the long term and there are currently no funds in this sector on the Wealth 150+. Our favoured fund in this area closed to new investment a few years ago to prevent the fund becoming too large and affecting performance potential. We currently believe a broad Asia or emerging markets fund is the best way to gain exposure to China. Please remember the higher-risk nature of these markets means performance can be volatile.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 31/12/2003 - 30/11/2014.


  • Global Emerging Markets

    Global emerging markets offer a wealth of opportunities, but also plenty of opportunities for fund managers to get it wrong. Over time our analysis has identified several superb emerging markets fund managers. Please remember the higher-risk nature of these markets means performance can be volatile. Unfortunately, those who get it right tend to attract a lot of investors and some of our favourite funds have closed to new investors to prevent them becoming too big to manage effectively.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • Japan

    Japan is a curious market, where the political and economic environment often dominates the investment landscape. In reality though Japan is home to a lot of world-leading companies and our approach of aiming to identify fund managers who focus on company, rather than economic, prospects has worked well. Our long-standing favourite fund managers have generally performed well and helped our Wealth 150 selections to deliver better performance on average than the alternatives available within the sector, the average tracker fund, and the Japanese stock market.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


Sectors with largest
outperformance against their indices

Remember, past performance isn’t a reliable indicator of future returns. Sectors are listed in alphabetical order. Source: Internal, 30/11/2003 to 31/07/2017.

Corporate & Government Bonds


  • GBP Corporate Bond

    Corporate bonds have performed well over recent years as income-hungry investors have been in search of better yields than those available on cash deposit. We have tended to have a range of funds on the Wealth 150, from those managed with a more conservative outlook, to those where the manager is willing to take more risk in search of higher returns. Overall, our selections have performed well, particularly when compared against the alternatives available in the sector.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • GBP High Yield

    The performance of the high-yield bond market has been driven by the lowest-rated (and highest-risk) bonds over the long term. Many fund managers, arguably taking a sensible approach, have underinvested in this area, and it is difficult to identify managers that have performed better than the broad high-yield index over the long term. That said, it has been possible to find managers who delivered good returns and our Wealth 150+ selections have performed better than peers on average over the long term. Yields remain at a historically-low level and we don’t currently believe investors are sufficiently rewarded for the risks they are taking, so there are no high yield bond funds on the Wealth 150 at present.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/08/2014.


  • GBP Strategic Bond

    Strategic bond fund managers have a lot of flexibility to invest in different types of bonds. They can invest in government and corporate bonds, seek opportunities overseas, and seek to shelter the portfolio from tough market conditions. This means there is a lot of scope to do well, but also to get it wrong. On the whole our Wealth 150 fund managers have done well. We prefer those with a long track record of successfully using the flexibility available to them.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • Global Bonds

    Many global bond funds simply offer exposure to government bonds across the world along with the associated currency risk that comes from investments in overseas assets. However, these fund managers have a lot of flexibility to invest in all types of bonds globally, and we prefer those who use this flexibility in search of good long-term returns. Our current selection in this sector, for example, invests in government bonds and corporate bonds globally, as well as higher-risk emerging market debt.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2008 - 29/02/2016, 31/07/2016 - 31/07/2017.

    See Wealth 150+ funds in this sector


Most popular sectors
with our clients

Sectors are listed in alphabetical order.

Europe


  • Europe Excluding UK

    Europe often gets a raw deal from an investment perspective; it’s all too easy to focus on the region’s political and economic problems. The continent is home to lots of fantastic companies though, and we have been able to identify a number of talented fund managers in this area over the years. Their performance is reflected in the success of the Wealth 150, with our fund choices having delivered index-beating returns on average, as well as superior performance to other options in the sector and the average tracker fund.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • European Smaller Companies

    We have only relatively recently added our first European Smaller Companies fund to the Wealth 150. We are encouraged by the initial results. Smaller companies don’t receive the same attention from investors as their larger counterparts. This means talented and patient stock pickers can uncover plenty of opportunities, and we are generally fans of investing in smaller companies, although they are higher risk.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 31/03/2015 - 31/07/2017.

    See Wealth 150+ funds in this sector


Flexible, Mixed & Targeted Absolute Return


  • Flexible Investment

    Funds in this sector can be managed using markedly different approaches. Some take a more cautious approach to try and shelter capital, while others invest in a higher risk way in order to boost performance potential. Our Wealth 150 selections have traditionally been the former type of fund and this is why they have lagged behind the IA sector overall, and is also why some funds have lagged their benchmark index. We have not selected these funds because we expected them to outperform the sector, but for their potential to perform differently to more traditional funds, especially when financial markets go through a tough patch. We continue to believe our current selections have the potential to deliver good long-term total returns.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2006 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • Mixed Investment 0-35% Shares

    Funds in this sector are typically more cautiously invested, with a maximum of 35% invested in shares. We have found those that invest towards the upper end of this limit tend to deliver the best returns over the long term. We find it difficult to identify exceptional fund managers in this sector and at present we have no funds on the Wealth 150+.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/10/2005.


  • Mixed Investment 20-60% Shares

    With the scope to invest between 20-60% of their fund in shares, there is the potential for fund managers in this sector to take quite different approaches. The funds with a higher exposure to shares have tended to perform best over time. While our fund selections have not outperformed their appropriate benchmark indices over time, they have delivered better returns on average than the IA sector.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/10/2013, 31/01/2015 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • Mixed Investment 40-85% Shares

    Fund managers in this sector have a lot of flexibility to invest significantly in share, bonds, or a mixture of the two. They can also invest in other assets, such as cash. The funds with a higher exposure to shares have tended to perform best over time. While our fund selections have not outperformed their appropriate benchmark indices over time, they have delivered better returns on average than the IA sector.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/04/2005 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • Targeted Absolute Return

    This 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. Within this sector we have a preference for ‘total return’ funds. Total Return funds tend to seek positive returns over the medium-to-long-term, often looking to capture some stock market upside while also offering some relative downside protection. Many aim to achieve their objective by investing in a combination of assets including shares; bonds; cash; commodities; and currencies. We have not selected these funds because we expected them to outperform the sector, but for their potential to perform differently to more traditional funds, especially when financial markets go through a tough patch. We continue to believe our current selections have the potential to deliver good long-term total returns.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 31/12/2007 - 31/07/2017.

    See Wealth 150+ funds in this sector


Global


  • Global

    The global sector contains a large variety of funds, including a number of more eclectic funds that focus on specific sectors or industries rather than trying to outperform the wider market. The US accounts for well over half of the global stock market, and has performed well in recent years. However this means that many global funds which focus on other areas have underperformed. Historically the Wealth 150 has contained a number of these more sector themed funds, which has held back overall returns, although it currently only contains funds with a true global mandate. The global stock market is a tough benchmark to beat and overall we are pleased that our selections have performed well when compared against the alternatives available in the sector.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • Global Equity Income

    In this sector performance has been influenced by a couple of funds that did not live up to our expectations. They were removed from the Wealth 150 following a disappointing period of performance. Our remaining choice has been too cautiously invested in recent years, at a time when global stock markets have performed well and investors have been rewarded for a more adventurous approach. We continue to believe the fund manager will add value over the long-term and our performance in this sector will improve.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/08/2006, 28/02/2007 - 31/12/2015, 31/12/2016 - 31/07/2017.

    See Wealth 150+ funds in this sector


North America


  • North America

    The US stock market is the largest and most heavily researched in the world. New information tends to be reflected in share prices very quickly, making it tough for fund managers to gain an edge over other investors. This is one of the main reasons why active fund managers find it difficult to deliver better returns than the US stock market, in our view. We therefore currently prefer a low-cost tracker fund for exposure to larger US companies.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 28/02/2013.


  • North American Smaller Companies

    Unlike their larger counterparts smaller companies are not extensively researched by the majority of investors, but please remember smaller companies are higher risk. We feel there are more opportunities for active fund managers to perform well in this part of the market, and this is where our Wealth 150+ exposure is concentrated. Our current selection has had a disappointing spell of performance, however we are confident the fund manager can deliver over the long term.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/01/2010, 29/02/2012 - 31/07/2017.

    See Wealth 150+ funds in this sector


Specialist


  • Specialist

    The IA Specialist Sector contains an eclectic mix of funds, from those focused on healthcare and bioscience; to mining, resources, and frontier markets such as Africa. It’s a bit of a catch-all for funds that don’t fit neatly into other sectors. Therefore, to compare funds against the sector average isn’t hugely relevant. Funds need to be compared against an appropriate benchmark index and when looked at on this basis our Wealth 150 selections have performed well.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • Technology & Telecoms

    The performance of our selections in this sector has been disappointing overall, with one fund particularly poor. Following the removal of the last technology fund from the Wealth 150 we have continued to seek high-calibre fund managers, but we are increasingly of the opinion that the structure of the market, which is dominated by technology giants such as Facebook and Amazon, makes it difficult for fund managers to add significant value.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/01/2015.


  • Property

    The two historic selections made within the IA Property sector have been excluded from this performance analysis. The IA Property sector contains a mixture of ‘bricks and mortar’ and equity-based property funds and the average of these two sets is not very meaningful as a way to measure the ability of managers of either bricks and mortar or property equity funds. The default indices, most notably the IPD UK All Properties Monthly index assumes no taxes are involved (most notably the 7% stamp duty on major property purchases) so no fund ever gets close to this index on a net basis – but this does not necessarily reflect poor fund management. There are no tracker funds available that aim to track the IPD index. We have not had a property fund on the Wealth 150 since February 2013. If our property selections were included in the full Wealth 150 analysis, our favourite funds would have outperformed their most appropriate indices by 6.30% on average, their IA peer groups by 11.95% on average and the average trackers funds by 12.52% on average.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/09/2005 - 30/11/2008, 31/10/2009 to 28/02/2013.


UK


  • UK All Companies

    We have always been able to find talented fund managers in the UK and the performance of our Wealth 150 selections overall reflects this. We tend to prefer fund managers with as much flexibility as possible. This includes the ability to invest across the entire UK stock market, in large, medium-sized and smaller companies; backing their ideas with high conviction; and be incentivised in a way that encourages them to focus on delivering excellent returns. We believe these qualities are more likely to result in good long-term performance.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • UK Equity Income

    The UK Equity Income sector is home to some of the UK’s best fund managers, in our view. We have backed some exceptional fund managers in this sector for many years, and this has helped the Wealth 150 outperform on average. We have tended to favour fund managers who aim to balance delivering a high income now, with the aim to grow both the income and capital over the long term.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


  • UK Smaller Companies

    The UK Smaller Companies sector is where we find some of the industry’s best stock pickers. The universe of smaller companies in the UK is large, but for experienced fund managers willing to put the effort in the rewards are there for the taking. Finding these fund managers and sticking with them over the long term has been key to our success in this sector, but please remember smaller companies are higher risk than their larger counterparts.

    Remember, past performance isn’t a reliable indicator of future returns. Source: Internal, 30/11/2003 - 31/07/2017.

    See Wealth 150+ funds in this sector


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Meet the team

Our dedicated research team are here to provide the best information to help you choose the right funds for your portfolio.

Lee oversees our entire fund research department. He joined HL in 1995, and has been responsible for our Multi-Manager fund range since 2001. He became a member of the board in 2006.

Lee Gardhouse

Chief Investment Officer

Mark is one of the most highly regarded investment commentators in Britain, and his views regularly appear in the national press. He has been on the board of Hargreaves Lansdown for almost 20 years.

Mark Dampier

Head of Research

Ellen has a degree in Economics, holds the Investment Management Certificate and has been an instrumental member of the Investment department since 2004. Ellen assisted in developing the unique software we use to analyse funds, and specialises in the UK sectors.

Ellen Powley

Senior Fund Manager

David holds a degree in Statistics, Computing, Operational Research and Economics, an MSc in Financial Economics, and several professional qualifications. David joined the team in 2008 and leads the analysis of funds within bond and mixed asset sectors.

David Smith

Senior Fund Manager

Roger has a degree in Management and Statistics, holds the Investment Management Certificate and is a Chartered Alternative Investment Analyst (CAIA) charter holder. Roger is our overseas equity specialist, covering markets including Asia and Europe.

Roger Clark

Senior Fund Manager

Richard joined Hargreaves Lansdown after completing a law degree, and holds extensive investment qualifications, including the Investment Management Certificate. He is responsible for overseeing the team producing fund research for our clients.

Richard Troue

Head of Investment Analysis

Kate completed a year in industry with us during university and returned in 2010 when she completed her business degree. She also holds the Investment Management Certificate. Kate is one of our specialists for Asia, Emerging Markets and Europe.

Kate Marshall

Senior Investment Analyst

Heather joined Hargreaves Lansdown in 2011 after completing a business studies degree, and holds the Investment Management Certificate. She specialises in researching UK Smaller Companies, UK Equity Income and Global funds.

Heather Ferguson

Investment Analyst

Dominic is our newest investment analyst. He joined Hargreaves Lansdown in 2014 after studying Economics at university, and has since gained the Investment Management Certificate.

Dominic Rowles

Investment Analyst

Matt has a first class degree in economics and joined us in 2012. He also holds the Investment Management Certificate. He leads our quantitative analyst team and covers passive funds and exchange traded products.

Matthew Gregg

Head of Quantitative Analysis

Neil joined Hargreaves Lansdown in 2014 after graduating with an Economics degree, initially working on the Investment Helpdesk before joining the Investment team. He is a CFA Level II candidate, and holds the Investment Management Certificate.

Neil Woodfine

Quantitative Analyst

Harrison joined Hargreaves Lansdown in 2015, starting on the Pensions Helpdesk before joining the Investment Team. He holds a degree in Economics from Durham University, and has passed Level II of the CFA Program.

Harrison Bullock

Quantitative Analyst

Other ways we can help

Start investing today

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Richard Troue

Head of Investment Analysis

Three favourite funds from our most successful sectors

We have a great track record of picking outperforming funds in the Europe excluding UK, UK All Companies and UK Smaller Companies sectors. Below Richard Troue, our Head of Investment Analysis, has chosen one of our current favourite managers from each. He also suggests an option for clients who prefer to leave the fund choices to our experts.

Past performance is not a guide to future performance. The value of investments will fall as well as rise, so investors could get back less than they invest.


Investment idea

River & Mercantile UK Dynamic Equity

Our choice for dynamic growth opportunities covering the breadth of the UK market

Philip Rodrigs is a relatively new addition to the Wealth 150+ and this fund is a good example of our research and analysis in action. We followed his career for a number of years and watched him prove himself as an adept fund manager with good stock picking skills, particularly among higher risk smaller companies. After he joined River & Mercantile we felt there was the opportunity for him to extend his focus to invest in medium-sized and larger companies, building on the experience gained at a previous firm, and the River & Mercantile UK Dynamic Equity Fund was born.

This fund allows Philip Rodrigs to cherry-pick the best investment opportunities wherever they lie across the UK market. This unconstrained approach allows him to invest in small businesses he believes have exceptional potential and hold on to them as they grow into the FTSE 100 giants of tomorrow. Please note this is a relatively concentrated portfolio, which means each holding can have a significant impact on returns, although it does increase risk. The manager can also use derivatives to enhance performance potential, but this adds further risk.

The manager's focus on high-quality companies at below-average valuations has helped him produce exceptional returns for his investors. Throughout his career good stock selection has added significant value and he has consistently outperformed his peers. We believe he is a manager who could feature on the Wealth 150+ for many years to come.

Annual % growth July 12-13 July 13-14 July 14-15 July 15-16 July 16-17
River and Mercantile UK Dynamic Equity 31.3 16 6.9 2.3 23.7
Sector average 28 6.6 8.7 1.2 16.6

Past performance is not a guide to future returns. Source: Lipper IM, 31/07/2012 to 31/07/2017.

Fund information

Investment goal: Growth
Net initial charge: 0.00%
Ongoing charge (OCF/TER): 0.84% p.a.
Ongoing saving from HL: 0.20% p.a.
Net ongoing charge: 0.64% p.a.
Vantage Service Charge: 0.45% p.a.
Maximum overall charge 1.09% p.a.

In some cases the ongoing savings are provided by our loyalty bonus. Loyalty bonuses are tax-free in an ISA or SIPP. However, they may be subject to tax in a Fund & Share Account which would, in effect, reduce their value and increase the net ongoing charge.

View Key Investor Information Document

View our charges

Invest in River & Mercantile UK Dynamic Equity

Invest now


Investment idea

Marlborough UK Micro Cap Growth

Offers exposure to the high growth potential of smaller companies, run by one of the most experienced managers in the UK

Large companies might grab the headlines and own the brands many of us are familiar with, but the smaller company arena is the jewel in the UK’s crown, in our view. If the economy is a big machine, these dynamic and innovative businesses are the vital cogs that keep it running smoothly. They create jobs, new products and services, and they can adapt quickly to take advantage of new opportunities.

For the uninitiated, the smaller company universe can be a minefield though. There are hundreds of companies with variable prospects and high-quality research is often scarce. This is why we believe an experienced fund manager, willing to roll up their sleeves and scour the market for the best prospects, is vital.

Few come with more experience than Giles Hargreave, with a career spanning four decades. Along with his team at Hargreave Hale he advises the Marlborough UK Micro Cap Growth Fund. This fund invests in some of the smallest listed companies in the UK market. At a glance his philosophy seems remarkably simple – to invest in companies with the potential to rise significantly in value. However, to do this he conducts detailed research to understand what they do and how they make money. At times the shape of the portfolio is also influenced by the manager's 'feel' for the market, driven by his wider economic views.

It is an approach that has worked well over the long term, and performance has been exceptional. Smaller companies are higher risk than their larger counterparts though and performance can be volatile.

Annual % growth July 12-13 July 13-14 July 14-15 July 15-16 July 16-17
Marlborough UK Micro-Cap Growth 24.6 31.4 10.9 4.1 37.4
Sector average 32.4 14.2 13.1 -0.9 30.8

Past performance is not a guide to future returns. Source: Lipper IM, 31/07/2012 to 31/07/2017.

Fund information

Investment goal: Growth
Net initial charge: 0.00%
Ongoing charge (OCF/TER): 0.80% p.a.
Ongoing saving from HL: 0.05% p.a.
Net ongoing charge: 0.75% p.a.
Vantage Service Charge: 0.45% p.a.
Maximum overall charge: 1.20% p.a.

In some cases the ongoing savings are provided by our loyalty bonus. Loyalty bonuses are tax-free in an ISA or SIPP. However, they may be subject to tax in a Fund & Share Account which would, in effect, reduce their value and increase the net ongoing charge.

View Key Investor Information Document

View our charges

Invest in Marlborough UK Micro Cap Growth

Invest now


Investment idea

FP CRUX European Special Situations

Europe is home to many world-leading businesses, and this fund is a great way to get exposure

Europe flies below the radar of many UK investors. I suspect this might be because it is too far away for us to really feel familiar with European companies. At the same time it is not far enough away to offer the same excitement as investing in exotic and higher-risk emerging markets.

I think Europe is worth a second look though. The continent is home to plenty of world-leading businesses and brands, from retailers and clothing companies, to car manufacturers and engineers. The political and economic environment is starting to stabilise again, and the stock market is still valued below its long-term average, despite having performed well.

Above all, there are some exceptional fund managers with long track records of success in Europe. One of our favourites is Richard Pease, manager of the FP CRUX European Special Situations Fund. His track record spans almost 30 years – we first met him in 1988 and have followed his career closely.

He looks for businesses in niche or specialised sectors, with high barriers to entry for competitors. These businesses tend to benefit from pricing power, which means demand for their products or services is less likely to be affected even if their costs, and subsequently prices, rise. It is a strategy he has used to great effect for many years and maintains to this day. Please note this is a relatively concentrated portfolio, which means each holding can have a significant impact on returns, although it does increase risk. The manager can also invest in smaller companies which are riskier than their large counterparts.

Historically, his focus on high-quality businesses at attractive valuations means the fund has captured most of the upside of a rising market yet provided some shelter in falling markets. This has added up to exceptional long-term performance, although it is not guaranteed to be repeated.

Annual % growth July 12-13 July 13-14 July 14-15 July 15-16 July 16-17
FP CRUX European Special Situations 39.5 0.7 12.9 20.9 20.9
Sector average 36.1 3.3 10.6 8.6 23.6

Past performance is not a guide to future returns. Source: Lipper IM, 31/07/2012 to 31/07/2017.

Fund information

Investment goal: Growth
Net initial charge: 0.00%
Ongoing charge (OCF/TER): 0.87% p.a.
Ongoing saving from HL: 0.14% p.a.
Net ongoing charge: 0.73% p.a.
Vantage Service Charge: 0.45% p.a.
Maximum overall charge: 1.18% p.a.

In some cases the ongoing savings are provided by our loyalty bonus. Loyalty bonuses are tax-free in an ISA or SIPP. However, they may be subject to tax in a Fund & Share Account which would, in effect, reduce their value and increase the net ongoing charge.

View Key Investor Information Document

View our charges

Invest in FP CRUX European Special Situations

Invest now


Investment idea

Leave it to our experts - HL Multi-Manager Special Situations

A one-stop-shop with many of our favourite funds, managed by our team of experts.

We put the Wealth 150 together for investors who want help selecting funds. For those who prefer to leave the fund selection to others, and who simply want to invest with a collection of exceptional fund managers, we have the HL Multi-Manager Special Situations Fund.

The research and analysis that goes into identifying talented fund managers is exactly the same for the Wealth 150 and our Multi-Manager funds, although please note our Multi-Manager funds do not form part of the Wealth 150. The main difference is that with a Multi-Manager approach you also benefit from our portfolio construction expertise. This extra layer of management does mean our Multi-Manager funds typically have higher charges than traditional funds, but it also means our clients can hand over the day-to-day decisions to our experts.

In the case of HL Multi-Manager Special Situations, Roger Clark and Lee Gardhouse select their favourite fund managers, regardless of where they invest. In addition to holding the three funds mentioned above there is also exposure to our favourite funds investing across the globe. This includes funds investing in Asia & emerging markets, and smaller companies, which are higher risk. We often say it is the purest expression of our research, given the flexible remit to achieve long-term growth by combining what we believe are the very best funds available.

Please note this fund is managed by our sister company Hargreaves Lansdown Fund Managers.

Fund information

Investment goal: Growth
Net initial charge: 0.00%
Ongoing charge (OCF/TER): 1.52% p.a.
Ongoing saving from HL: 0.00% p.a.
Net ongoing charge: 1.52% p.a.
Vantage Service Charge: 0.45% p.a.
Maximum overall charge: 1.97% p.a.

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Lee Gardhouse

Chief Investment Officer

Lee oversees our entire fund research department. He joined HL in 1995, and has been responsible for our Multi-Manager fund range since 2001. He became a member of the board in 2006.

Mark Dampier

Head of Research

Mark is one of the most highly regarded investment commentators in Britain, and his views regularly appear in the national press. He has been on the board of Hargreaves Lansdown for almost 20 years.

David Smith

Senior Fund Manager

David holds a degree in Statistics, Computing, Operational Research and Economics, an MSc in Financial Economics, and several professional qualifications. David was brought onto the team in 2008 and leads the analysis of funds within bond and mixed asset sectors.

Roger Clark

Senior Fund Manager

Roger has a degree in Management and Statistics, holds the Investment Management Certificate and is a Chartered Alternative Investment Analyst (CAIA) charter holder. Roger is our overseas equity specialist, with comprehensive knowledge of markets including Asia and Europe.

Ellen Powley

Senior Fund Manager

Ellen has a degree in Economics, holds the Investment Management Certificate and has been an instrumental member of the Investment department since 2004. Ellen assisted in developing the unique software we use to analyse funds, and specialises in the UK sectors.

Richard Troue

Head of Investment Analysis

Richard joined Hargreaves Lansdown in 2011 after completing a law degree, and holds extensive investment qualifications, including the Investment Management Certificate. He is responsible for overseeing the team producing fund research for our clients.

Kate Marshall

Investment Analyst

Kate completed a year in industry with us during university and returned in 2010 when she completed her business degree. She also holds the Investment Management Certificate. Kate is one of our specialists for Asia, Emerging Markets and Europe.

Heather Ferguson

Investment Analyst

Heather joined Hargreaves Lansdown in 2011 after completing a business studies degree, and holds the Investment Management Certificate. She specialises in researching UK Smaller Companies, UK Equity Income and Global funds.

Dominic Rowles

Investment Analyst

Dominic is our newest investment analyst. He joined Hargreaves Lansdown in 2014 after studying Economics at university, and has since gained the Investment Management Certificate.

Matthew Gregg

Head of Quantitative Analysis

Matt has a first class degree in economics and joined us in 2012. He also holds the Investment Management Certificate. He leads our quantitative analyst team and covers passive funds and exchange traded products.

Neil Woodfine

Quantitative Analyst

Neil joined Hargreaves Lansdown in 2014 after graduating with an Economics degree, initially working on the Investment Helpdesk before joining the Investment team. He is a CFA Level II candidate, and holds the Investment Management Certificate.

Harrison Bullock

Quantitative Analyst

Harrison joined Hargreaves Lansdown in 2015, starting on the Pensions Helpdesk before joining the Investment Team. He holds a degree in Economics from Durham University, and has passed Level II of the CFA Program.

Overview

We have looked at the performance of all our fund selections (excluding the Wealth 150 tracker funds) in each sector, past and present, and compared each fund’s performance against their most appropriate benchmark index, sector average, and the average tracker fund in the sector, for the time they were on the Wealth 150. We then take an average for each sector and the Wealth 150 as whole.

The average tracker fund performance has been calculated based on Lipper IM return data. In some IA sectors there is no tracker fund available, or tracker funds have not been available since 2003 (when we launched the Wealth 150). For these sectors we have only included performance relative to the benchmark index and sector average.


    • We consider all funds that have ever been on the Wealth 150 and the period(s) they were on the list for.
    • For the length of time the fund featured on the Wealth 150 we then calculate four figures:
      • Fund return
      • HL-Assigned Index return
      • IA Sector Peer Group return
      • Tracker return - The Tracker return is a calculation of the average passive fund performance within a sector. This is based on data from Lipper IM and is an equal-weighted average each month (so if there are two passive funds, they contribute 50-50 to the month return, but if there were 10 funds, they would each contribute 10%). There are three IA sectors where tracker fund returns are not available for the whole period since the Wealth 150 launched in November 2003 (Global Emerging Markets, UK Equity Income, and Mixed Investment 20-60%). For other IA sectors there is no tracker fund data available.
    • We have included and added back to the fund returns, where applicable, loyalty bonuses from July 2006.
    • The Index, Peer Group, and Tracker returns are subtracted from the fund return to give us a figure of outperformance/underperformance per fund.
    • We then take the average across each sector of the performance figures.
    • The two historic Wealth 150 selections made within the IA Property sector have been excluded from the comparison, since we believe it is not possible to apply a fair benchmark in this sector.

  • A stock market index is a measurement of the value a particular stock market, or section of it, calculated using the average price of the stocks on it. They are used by investors to compare the return on that (section of the) market. In many cases a ‘weighted average’ is used, meaning the size of the company is taken into account when calculating its contribution to the value of the index. For example the FTSE 100 is an index consisting of the 100 largest companies on the London Stock Exchange, and the larger companies have a greater effect on its value than the smaller ones.


  • The Investment Association (IA) categorises funds with similar aims into different sectors. This is typically based upon asset allocation, geographic focus, and/or other factors such as the investment managers approach. Comparing funds against the sector average can help investors understand the relative performance of their holdings.


  • Source for all performance figures: Lipper for Investment Management, Bloomberg, Internal. Fund performance figures are total return, no initial charges, net distributions reinvested, except Offshore funds which are total return, no initial charges, gross distributions reinvested.


Performance has been calculated by looking at the performance of all our fund selections in the Wealth 150 and Wealth 150+, past and present, (excluding the Wealth 150 tracker funds) and comparing their performance against their benchmark index or sector average, for the time they were on the Wealth 150. We then average the relative returns achieved by all funds.