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HL Multi-Manager Balanced Managed Trust Class A - Accumulation (GBP)

Sell:243.35p Buy:243.35p Change: 1.32p (0.55%)
Prices as at 24 June 2022
Sell:243.35p
Buy:243.35p
Change: 1.32p (0.55%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 24 June 2022
Sell:243.35p
Buy:243.35p
Change: 1.32p (0.55%)
Prices as at 24 June 2022
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund has a holding in LF Equity Income (formerly the Woodford Equity Income Fund), which is currently being wound up. This fund continues to trade as normal.

This fund has a holding in HL plc through its underlying funds. This is outside HLFM's control.

The HL Multi-Manager Balanced Managed Trust offers investors globally diversified, core exposure to some of the finest fund managers across the equity, fixed interest and total return universe.

Our multi-manager range allows investors to delegate a portion of the responsibility for their portfolio to us. The HL MM Balanced Managed Trust provides investors with one-stop-shop exposure to equity, bond and total return funds.

Our view on the sector

The Mixed and Flexible Investment sectors could be the answer for investors who want to leave the asset allocation decisions to an expert. Funds in these sectors invest a certain amount of their portfolio in shares, from 0% to 35% in the case of the Mixed Investment 0-35% Shares Sector, 20% to 60% for the Mixed Investment 20-60% Shares Sector, 40% to 85% for the Mixed Investment 40-85% Shares Sector, and 0% to 100% for the Flexible Investment Sector. Any proportion of the fund not invested in shares can be invested in bonds, cash, currencies, commodities or property. Funds within these sectors can be very different from each other so they'll perform differently too. Each should be looked at on its own merits, taking account of your investment objectives and the amount of risk you want to take.

Performance Analysis

The Trust aims to achieve capital growth over the long-term and to exceed the returns of its peer group, the IA Mixed Investment 40-85% Shares sector.

The fund has exceeded the returns of its peer group since its inception in 2001. Low exposure to fixed interest, and in particular less exposure to government bonds, proved detrimental to performance during the global financial crisis of 2008. This same positioning aided performance through the 2009 recovery as corporate bonds and equities rebounded strongly.

From late 2012, the fund has benefited from exposure to Japanese and European equities which have performed well. The Trust's relatively high weighting towards equities has also been beneficial to performance as equities have outperformed corporate and government bonds over the past few years.

Investment Philosophy

Roger Clark and David Smith seek to identify the best equity, fixed interest and total return fund managers available and combine them into a single, balanced and diversified offering.

Through a combination of detailed quantitative and qualitative analysis, Roger Clark and David Smith identify managers with proven track records. Within the bond portion of the fund, they seek managers able to take advantage of bond market inefficiencies to produce above average returns. For equity exposure, they favour managers able to add value through shrewd stock picking.

Process and Portfolio Construction

The Trust will invest between 40% and 85% of its assets in equities and has traditionally invested towards the upper end of this range. On average 75% of the Trust has historically been invested in both UK and overseas shares. Within the fixed interest portion of the Trust, the managers favour funds focusing on corporate bonds over those issued by governments.

The managers take the asset allocation of other funds in the sector into account. However, they are not afraid to back their conviction and will position the trust quite differently to its peers at times. For example, the trust currently has higher exposure to Japanese equities than its peers.

question mark Manager Track Record Based on HL Quantitative Research

  • HL Multi-Manager Balanced...
  • IA Mixed Investment 40-85% Shares
FROM: TO:


Fund Track Record

24/06/17 to 24/06/18 24/06/18 to 24/06/19 24/06/19 to 24/06/20 24/06/20 to 24/06/21 24/06/21 to 24/06/22
Annual return 3.06% 0.07% -4.73% 17.62% -8.88%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Hargreaves Lansdown is one of the UK's leading independent financial services providers and asset management specialists. The business was established in 1981 by Peter Hargreaves and Stephen Lansdown and in May 2007 obtained a listing on the London Stock Exchange.

The HL Multi-Manager funds offer a broadly diversified, managed portfolio of funds through a single investment. The range includes equity and bond funds investing across the UK, Europe, Asia, and Emerging Markets and provides options for both income and growth investors. These funds are managed by our sister company Hargreaves Lansdown Fund Managers.

Information about the fund

Fund manager biography

manager photo
Manager Name: Ziad Gergi
Manager start date: 4 January 2022
Manager located in: Bristol

Ziad joined Hargreaves Lansdown in December 2021 from Barclays Wealth where he was the Head of Multi-Asset Portfolio Managers. Ziad is jointly responsible for managing the HL Multi-Manager Balanced Managed Trust, the HL Multi-Manager Equity & Bond Trust and the HL Multi-Manager Special Situations Trust. Ziad started his investment career in 2005 when he joined Barclays as an equity portfolio manager and sector analyst in Paris. He moved to Barclays' London office in 2011 to join Barclays Wealth's multi-manager team covering various equity markets and managing the firm's mixed assets funds before heading the Multi Asset team in 2019. Ziad holds Masters degrees in both Economics & Management, as well as being a CFA charterholder.

manager photo
Manager Name: David J Smith
Manager start date: 30 June 2008
Manager located in: Bristol

David joined HL in February 2008 from Citywire, where he was a founder member of the award-winning editorial team, and later became head of investment analysis. David has been co-manager of the HL Multi-Manager Equity & Bond & HL Multi-Manager Balanced Managed Trusts since 2008. He has been co-manager of the HL MM Strategic Bond Trust since its launch in February 2009 and the HL MM Strategic Assets fund since its launch in February 2016. He previously co-managed the HL MM Asia & Emerging Markets Fund from its launch in April 2015. David holds a BSc (Hons) degree in Statistics, Computing, Operational Research and Economics from University College London and an MSc in Financial Economics from Loughborough University. David also holds the Investment Management Certificate (IMC), and is a Chartered Alternative Investment Analyst (CAIA) charterholder.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account