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HL Multi-Manager Equity & Bond Trust Class A - Income (GBP)

Sell:114.84p Buy:114.84p Change: 0.06p (0.05%)
Prices as at 27 October 2021
Change: 0.06p (0.05%)
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 27 October 2021
Change: 0.06p (0.05%)
Prices as at 27 October 2021
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 offers a core, 'one-stop shop' for equity and bond exposure. It could appeal to investors who are willing to take risk in search of long-term returns but want a halfway house approach without full stockmarket risk. Through careful management of differing investments, we seek to offer investors an opportunity to grow their wealth over the long term while aiming to deliver delivering a reliable monthly income along the way.

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 fund has exceeded the return of its peer group of funds, the IMA (Investment Management Association) Mixed Investment 20-60% Shares sector, since its inception in 2006. A typically overweight exposure to equities and an underweight exposure to government bonds proved detrimental to performance during the global financial crisis of 2008. The market recovery in 2009 led to an upturn in performance and more recently, the fund has benefited from exposure to Japanese and European equities.

Investment Philosophy

Investment markets are inefficient and there exists a select group of managers able to extract value from them over time. These exceptional fund managers can be identified via a combination of detailed quantitative and qualitative analysis. Selective asset allocation can also add value over the long term for patient investors.

Process and Portfolio Construction

Hargreaves Lansdown has developed a proprietary analysis tool covering in excess of 2,000 funds and fund managers. The purpose is to understand why a fund performs as it does with the aim of identifying fund managers able to add value within their areas of the market. This analysis allows the team to shortlist funds worthy of further consideration in the form of face-to-face meetings. These meetings explore a multitude of aspects regarding the fund and its manager including people, process, philosophy, portfolio construction and incentivisation.

The fund will invest between 20% and 60% of its assets in equities and has traditionally invested towards the upper end of this range, as this is likely to lead to the best long-term returns. The fund will always have at least 30% invested in bonds or held as cash.

The fund takes account of peer group allocations but has the flexibility to be positioned quite differently according to the level of conviction in underlying fund managers or areas of the market.

The equity allocation is international in nature, although there is a distinct bias towards the UK and especially UK Equity Income funds. The bond allocation will tend to favour UK and European corporate bonds while a 'total return' element backs managers with the flexibility to invest across asset classes.

The fund may invest in other areas such as property or absolute return funds as the manager sees fit.

question mark Manager Track Record Based on HL Quantitative Research

  • HL Multi-Manager Equity & Bond...
  • IA Mixed Investment 20-60% Shares

Fund Track Record

27/10/16 to 27/10/17 27/10/17 to 27/10/18 27/10/18 to 27/10/19 27/10/19 to 27/10/20 27/10/20 to 27/10/21
Annual return 6.80% -4.36% 3.43% -7.52% 15.42%

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: Richard Troue
Manager start date: 1 July 2019
Manager located in: Bristol

Richard joined Hargreaves Lansdown in February 2006 after completing his law degree. He joined the Investment team in February 2010, initially as an Investment Analyst, before becoming Head of Investment Analysis. In July 2019 he became part of the team responsible for managing HL's Multi-Manager funds. He currently co-manages HL Multi-Manager Asia & Emerging Markets, HL Multi-Manager Equity & Bond, HL Multi-Manager High Income, HL Multi-Manager Strategic Assets, and HL Multi-Manager Strategic Bond. He holds several investment and pensions qualifications, including the Investment Management Certificate (IMC).

manager photo
Manager Name: David J Smith
Manager start date: 1 February 2008
Manager located in: Bristol

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 a variety of professional qualifications, including the Investment Management Certificate, and is a Chartered Alternative Investment Analyst (CAIA) charterholder. 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 Trust since February 2008 and the HL MM Balanced Managed Trust since July 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 also co-managed the HL MM Asia & Emerging Markets Fund from its launch in April 2015 until August 2019.

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