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HL Multi-Manager Income & Growth Trust Class A - Accumulation (GBP)

Sell:201.16p Buy:201.16p Change: 4.10p (2.00%)
Prices as at 26 November 2021
Change: 4.10p (2.00%)
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 26 November 2021
Change: 4.10p (2.00%)
Prices as at 26 November 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.

We think an equity income fund could be a great addition to almost any portfolio. But different fund managers approach equity income investing in different ways.

Some invest in higher-risk smaller companies with plenty of scope for future dividend growth, while others invest in large companies with well-established records of paying generous dividends.

The HL Multi-Manager Income & Growth Trust blends together the different investing styles of some outstanding fund managers. This creates a diversified fund capable of delivering excellent long-term returns and reliable monthly income payments.

We think it could be a great addition to many portfolios, whether you want to take an income from your investments or reinvest the income to boost long-term growth.

Our view on the sector

Equity income funds are popular with investors. Most aim to generate a rising income, and increase the value of your original investment, over the long term. The income can be paid out, or reinvested in the fund to boost long-term growth. Different fund managers take different approaches to income investing. Some focus on larger companies that are seen to be more stable and have paid regular dividends for many years. Others invest in higher-risk small and medium-sized companies. These might pay a lower income to start with, but have more growth potential. We think carefully chosen equity income funds can form the cornerstone of almost any portfolio.

Performance Analysis

The fund's tended to provide some shelter for investor's money in tough market conditions although we'd expect it to lag a rapidly rising market. The managers aim to beat the performance of the IA (Investment Association) UK Equity Income sector and FTSE All Share index over the long term. The fund's beaten the performance of its peers and the broader UK stock market since launch.

More recent performance has been held back by investments in UK-focused companies. They've been unpopular with lots of investors recently because of concerns over Brexit and other political uncertainty. But some of the managers we invest with think negativity towards the UK has gone too far, and many UK-focused companies are available at attractive share prices. They think it's just a matter of time before other investors realise the value on offer.

We think it's important to invest with fund managers who think differently from each other. We don't expect each of them to be doing well at the same time, but we continue to believe they all have the potential to deliver strong returns over the long-term.

Investment Philosophy

There aren't many exceptional fund managers out there, but they do exist. They can be found through a combination of detailed quantitative and qualitative analysis. We think our advanced quantitative analysis system is one of the major differences between us and our competitors.

Lee Gardhouse and Ellen Powley cast the net far and wide in search of the best stock-picking talent they can find. They focus on fund managers with plenty of experience, a proven track record and every incentive to deliver great long-term performance.

Process and Portfolio Construction

The fund includes a core of defensive managers investing in large companies whose earnings are less dependent on the health of the UK economy. Core funds currently include Artemis Income. Manager Adrian Frost and his experienced team look for companies with healthy cash flows, and the ability to pay a high and rising dividend over the long term.

This is combined with funds that invest in companies more sensitive to the health of the economy. The Marlborough Multi Cap Income Fund is a great example. The manager mostly invests in higher-risk small and medium-sized companies. They have the potential to deliver higher long-term growth alongside a rising dividend. We think our approach of blending together fund managers with different strengths, styles and areas of focus is sensible, given the uncertain economic outlook.

We've developed an analysis tool which covers around 2,000 funds and fund managers. It helps us understand why funds perform the way they do with the aim to find those able to deliver strong performance over the long term. We use this tool to shortlist funds worthy of further consideration. Then we meet the managers face-to-face to better understand their investment process and philosophy, how they construct their portfolio, how well resourced they are and how they're incentivised.

Please note charges can be taken from capital which can increase the yield but reduces the potential for capital growth. There are additional charges associated with a multi-manager approach.

question mark Manager Track Record Based on HL Quantitative Research

  • HL Multi-Manager Income & Growth...
  • IA UK Equity Income

Fund Track Record

26/11/16 to 26/11/17 26/11/17 to 26/11/18 26/11/18 to 26/11/19 26/11/19 to 26/11/20 26/11/20 to 26/11/21
Annual return 11.10% -3.64% 3.42% -11.10% 16.60%

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: Lee Gardhouse
Manager start date: 18 October 2002
Manager located in: Bristol

Lee holds a BA (Hons) degree in Economics from Liverpool John Moores University and has passed the Associate of the Society of Investment Professionals exam. Lee joined Hargreaves Lansdown's investment department in 1995 and became Investment Director in 2006 assuming overall responsibility for the Multi-Manager funds and Portfolio Management Service. He is currently the co-manager of the HL MM Special Situations, HL MM Income & Growth and has managed these funds since launch.

manager photo
Manager Name: Ellen Powley
Manager start date: 1 February 2006
Manager located in: Bristol

Ellen holds a BSc (Hons) degree in Economics from the University of Birmingham and has been a member of the Investment team since July 2004 having joined Hargreaves Lansdown in March 2003. She has co-managed the HL Multi-Manager Income & Growth Trust since February 2006 and the Portfolio Management Service since June 2007. Ellen has also been co-manager of the HL Multi-Manager UK Growth and HL MM High Income funds since their launch and HL MM European fund since July 2019. Ellen passed the Investment Management Certificate exam.

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