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IFSL Marlborough Multi Cap Income Class P - Income (GBP)

Sell:144.71p Buy:144.71p Change: 1.84p (1.29%)
Prices as at 17 May 2022
Change: 1.84p (1.29%)
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 17 May 2022
Change: 1.84p (1.29%)
Prices as at 17 May 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 is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

Siddarth Chand Lall invests differently from most other equity income fund managers. He likes to find income opportunities among higher-risk small and mid-sized companies. They offer greater potential for growth than larger companies, which normally make up the bulk of most income-focused funds. We like the diversification this offers an equity income portfolio. We also highly rate Chand Lall and the team, who are specialists in smaller companies. That's why the fund's part of the Wealth 50 list of our favourite funds.

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

Chand Lall's managed the fund since it launched in July 2011. In that time he's done better than the benchmark overall. As with any fund investing in smaller companies, there have been some big ups and downs in performance. Times when performance hasn't been so good include after the 2016 vote to leave the EU, and following October 2018's market volatility. Long term performance has been very good though. But that shouldn't be seen as a guide to future performance.

Part or all of the annual charge is taken from capital rather than income generated, increasing the potential for your investment's capital value to be eroded.

Investment Philosophy

The manager believes in focusing on income-paying small and mid-sized companies to achieve long-term growth in capital and income. He thinks companies that are performing strongly are more likely to carry on doing well, compared to companies where things aren't working out. Rather than wait for the latter to recover like some managers might, he'll move on to the next opportunity.

Process and Portfolio Construction

The manager invests in over 100 income-paying companies, giving the fund lots of diversification. He can search anywhere in the UK market from large to small companies. Because of his area of expertise though, he'll normally end up selecting companies from the small and mid-sized range of the market.

The manager thoroughly analyses potential companies, so he can be confident they'll keep paying and growing dividends, and growing themselves too. He places a lot of importance on meeting with company management to get a really good understanding of the business, its ambitions and its prospects.

question mark Manager Track Record Based on HL Quantitative Research

  • IFSL Marlborough Multi Cap...
  • IA UK Equity Income

Fund Track Record

17/05/17 to 17/05/18 17/05/18 to 17/05/19 17/05/19 to 17/05/20 17/05/20 to 17/05/21 17/05/21 to 17/05/22
Annual return 6.96% -0.83% -20.63% 34.71% -5.46%

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

Marlborough Fund Managers was set up in 1986 and it launched its first unit trust in 1987. The company is privately owned and based in Bolton. It remains a small niche player but has some talented fund managers who we rate highly and has expanded its fund range successfully.

Information about the fund

Fund manager biography

manager photo
Manager Name: Siddarth Chand Lall
Manager start date: 1 July 2011
Manager located in: London

Sid is a graduate of Edinburgh University with 17 years' experience on the buy-side. He was previously a specialist in Pan European (including UK) small and mid cap equities at DSP. Sid joined the team in 2007 to work on the Marlborough funds and has managed the Marlborough Multi Cap Income Fund since launch in July 2011.

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