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HL Multi-Manager Special Situations Trust Class A - Accumulation (GBP)

Sell:401.19p Buy:401.19p Change: 5.92p (1.50%)
Prices as at 27 June 2022
Change: 5.92p (1.50%)
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 June 2022
Change: 5.92p (1.50%)
Prices as at 27 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 of HLFM's control.

This trust is the purest expression of our investment team's extensive research, providing a one-stop-shop of their favourite fund managers across the globe. It seeks to produce capital growth over the long term.

Our multi-manager range allows investors seeking a globally diversified portfolio to delegate a portion of the responsibility to our fund management team.

Our view on the sector

It's natural for UK investors to focus on funds investing in their home market. But as the world has become more connected, so has the investment landscape. There are lots of funds investing across the globe, and these can be a great way to diversify an investment portfolio. Funds in the global sector can invest anywhere in the world. But they go about this in different ways. They vary in how much they can invest in certain types of companies, sectors, countries, or regions. Some focus on developed markets or large multinational corporations, while others invest more in higher-risk emerging markets or smaller companies. Some target companies with higher-growth expectations and others search for unloved companies with the potential to recover.

Performance Analysis

The managers have outperformed the IA Global sector and the MSCI AC World Index over the long term. With a bias to the UK, the trust tends to perform particularly well when UK equities are strong.

The trust's bias to UK smaller company funds led it to underperform in 2008 when smaller companies suffered and the UK market fell further than many markets across the globe. This same positioning helped the fund through the subsequent recovery but highlights the higher-risk nature of investing in smaller companies.

The trust has relatively low exposure to the US as Roger Clark and Lee Gardhouse feel there are few managers able to consistently add value in this area. This was helpful to the fund's performance prior to the financial crisis as US stocks performed poorly relative to other areas but has acted as a slight drag on returns since. However the trust has produced excellent returns, aided by strong performance within the trust's UK exposure. Please remember past performance is not a guide to future returns.

Investment Philosophy

Exceptional fund managers are few and far between, but can be identified through a combination of detailed quantitative and qualitative analysis.

The managers examine the entire market in search of the best stock-picking talent, focusing on those with proven track records able to invest without constraint. There is a specific focus on managers that either own the fund management group or are properly incentivised to deliver long-term outperformance.

Process and Portfolio Construction

The portfolio is constructed around managers with strong stock-picking ability; the sector and geographical positioning of the trust is a secondary concern.

The trust invests predominantly with "boutique" investment houses where managers invest their own money alongside investors'. Interesting opportunities arise when experienced, well incentivised managers set up their own company and are able to benefit from a clean slate and a small, nimble fund in which to showcase their abilities.

Hargreaves Lansdown has developed a proprietary analysis tool covering in excess of 2000 funds and fund managers. This is used 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. The team utilises this 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. This allows the team to gain a deep understanding of each fund which aids the managers in compiling a portfolio which has a balance of investment styles.

The trust has a bias to funds in the UK as the managers have identified a number of successful stock pickers in this area. Roger Clark and Lee Gardhouse feel strong stock pickers can be particularly successful investing within small and medium-sized companies as they tend to be less researched than their larger counterparts. The fund therefore has around half the portfolio invested in higher-risk small and medium-sized companies.

question mark Manager Track Record Based on HL Quantitative Research

  • HL Multi-Manager Special...
  • IA Global

Fund Track Record

27/06/17 to 27/06/18 27/06/18 to 27/06/19 27/06/19 to 27/06/20 27/06/20 to 27/06/21 27/06/21 to 27/06/22
Annual return 5.80% 0.34% -4.46% 25.81% -11.86%

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: Lee Gardhouse
Manager start date: 3 April 2001
Manager located in: Bristol

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 Multi-Manager Special Situations & HL MM Income & Growth Trusts, having managed these funds since launch. 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.

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