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TM CRUX UK Opportunities Class F - Income (GBP)

Sell:80.78p Buy:80.78p Change: 0.43p (0.53%)
Prices as at 3 July 2020
Change: 0.43p (0.53%)
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 3 July 2020
Change: 0.43p (0.53%)
Prices as at 3 July 2020
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 does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Julie Dean will step down as manager of the TM Sanditon UK Fund, and Sanditon's funds will be transferred to CRUX at the end of November 2019, subject to regulatory approval. At this point Sanditon Asset Management will close down its business. This is because Sanditon has struggled to grow assets in recent years, and the group feels it's in the best interests of investors to transfer the assets to another asset manager that's grown to a more sustainable size.

Jamie Ward will take over management of the fund and it'll be renamed as TM CRUX UK Opportunities. There will be differences in the way the fund is managed, so it'll eventually look different to the way it's currently invested. Existing investors should consider whether the fund continues to meet their objectives.

The fund doesn't currently feature on the Wealth 50 list of our favourite funds, as we have greater conviction in other managers in the IA UK All Companies sector.

Our view on the sector

The UK stock market is home to lots of world-class companies. From international giants to a diverse array of smaller businesses. This provides a rich hunting ground for fund managers in this sector. They all try to grow investors' money over the long term, but each goes about it in a different way. Some focus on larger companies in the FTSE 100 index, others invest in medium-sized or smaller companies, and some have the flexibility to invest in any company, regardless of size. Some aim to match or deliver a return similar to the broader UK stock market. Others have the freedom to try and make as much money as possible for investors and take more risks. That could mean investing in only a small number of companies, for instance. A fund that invests in UK shares is normally the first port of call for UK-based investors. But with such a variety on offer, investors should make sure a fund is right for their circumstances before investing.

Performance Analysis

Julie Dean started running her first UK fund in 1998. Her performance was particularly strong for several years following the 2008 financial crisis. She correctly identified where the UK was in the business cycle and invested in companies able to benefit.

Since the launch of the TM Sanditon UK Fund, her performance has been weak. We put this down to poor stock picking. This isn't a guide to future performance though.

Investment Philosophy

Julie Dean uses a business cycle approach to investing. She starts by looking at what's going on in the wider economy and where we are in the business cycle. She then invests in companies expected to benefit when the next stage of the cycle arrives.

Process and Portfolio Construction

Julie Dean looks at things like industrial production, commodity prices and interest rates to work out where the UK is in the business cycle (such as a recovery or slowdown). Then she invests in companies that could benefit.

She usually invests in businesses sensitive to changes in the UK economy when she thinks it's about to start growing, and companies that have tended to grow their earnings more consistently when we're approaching a slowdown. This is because businesses that are perceived to offer more stable returns tend to do better when the economy hits a rough patch.

The fund invests in companies of all sizes, including smaller companies, which are more risky than larger businesses.

question mark Manager Track Record Based on HL Quantitative Research

  • Invesco Perpetual UK Key Trends
  • HSBC UK Growth Inc units
  • HSBC UK Growth Acc units
  • Schroder UK Opportunities A Acc
  • FTSE All-Share TR
  • TM Sanditon UK Fund F Acc
  • FTSE All-Share TR

Fund Track Record

03/07/15 to 03/07/16 03/07/16 to 03/07/17 03/07/17 to 03/07/18 03/07/18 to 03/07/19 03/07/19 to 03/07/20
Annual return -5.21% 10.87% 4.41% -10.47% -3.02%

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.

Information about the fund

Fund manager biography

manager photo
Manager Name: Jamie Ward
Manager start date: 1 December 2019
Manager located in: TBC

Jamie has been the Co-Manager on the FP CRUX UK Fund since December 2015

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