1f:"/news/_next/static/chunks/1eh-7oxkqt55j.js" 20:I[94065,["$2","$5","$6","$1f"],"default"] 21:T46c,Although the loss of Adair’s notable industry experience is disappointing, MacColl and Xiong have over 45 years of combined experience between them. The recent addition of Xiong in 2024, and now Taylor, will ensure there is sufficient resource, knowledge and experience to run the trust following Adair’s departure. With MacColl’s continued involvement, and Xiong and Taylor working closely with Adair, we don’t expect the trust to change in a material way. They’ll continue to use the same investment philosophy and process as when Adair and MacColl became co-managers in 2015. We think Baillie Gifford and the Monks’ board of directors have managed Adair’s retirement well. Taylor’s worked with Adair for a number of years, and they’ve allowed plenty of time for a smooth transition of responsibilities. This isn’t a recommendation to make any changes to a portfolio. Investors should make sure any investments match their investment goals, attitude to risk and are held as part of a diversified portfolio. If you're not sure if an investment is suitable for your circumstances, please seek personal advice.22:T1151,$(function () { var chart1; chart1 = new Highcharts.Chart({ chart: { renderTo: 'chart1', type: 'line', height: 320 }, title: { text: '' }, credits: { enabled: false }, xAxis: { type: 'datetime', dateTimeLabelFormats: { day: ' %B %Y' }, labels: { step: 0 } }, yAxis: { min: -20, // Adjust min value based on your data max: 35, // Adjust max value based on your data tickInterval: 5, // Adjust tick interval based on your data title: { text: '(%)' }, labels: { formatter: function () { return this.value.toFixed(1).replace(/(\d)(?=(\d{3})+(?!\d))/g, "$1,"); } } }, tooltip: { formatter: function () { return '' + this.series.name + '
' + Highcharts.dateFormat('%e-%b-%y', this.x) + ': ' + '' + this.y.toFixed(1) + '%' + ''; } }, plotOptions: { series: { marker: { enabled: true, states: { hover: { enabled: false } } } } }, legend: { itemStyle: { fontWeight: 'normal' } }, series: [{ name: 'MSCI AC World', color: '#0AABF3', type: 'line', data: [[Date.UTC(2024,8,30),0], [Date.UTC(2024,9,31),2.03], [Date.UTC(2024,10,30),7.09], [Date.UTC(2024,11,31),6.15], [Date.UTC(2025,0,31),10.6], [Date.UTC(2025,1,28),8.52], [Date.UTC(2025,2,31),1.74], [Date.UTC(2025,3,30),-0.72], [Date.UTC(2025,4,31),4.05], [Date.UTC(2025,5,30),7.03], [Date.UTC(2025,6,31),12.36], [Date.UTC(2025,7,31),12.83], [Date.UTC(2025,8,30),17.38]] }, { name: 'MSCI ACWI/Health Care Index', color: '#FEE942', type: 'line', data: [[Date.UTC(2024,8,30),0], [Date.UTC(2024,9,31),-0.76], [Date.UTC(2024,10,30),-0.59], [Date.UTC(2024,11,31),-5.03], [Date.UTC(2025,0,31),1.64], [Date.UTC(2025,1,28),1.43], [Date.UTC(2025,2,31),-3.12], [Date.UTC(2025,3,30),-7.97], [Date.UTC(2025,4,31),-11.97], [Date.UTC(2025,5,30),-12], [Date.UTC(2025,6,31),-11.1], [Date.UTC(2025,7,31),-8.67], [Date.UTC(2025,8,30),-7.38]] }, { name: 'MSCI ACWI/Information Technology', color: '#F55A60', type: 'line', data: [[Date.UTC(2024,8,30),0], [Date.UTC(2024,9,31),3.34], [Date.UTC(2024,10,30),8.99], [Date.UTC(2024,11,31),11.74], [Date.UTC(2025,0,31),11.43], [Date.UTC(2025,1,28),7.78], [Date.UTC(2025,2,31),-4.16], [Date.UTC(2025,3,30),-5.53], [Date.UTC(2025,4,31),3.35], [Date.UTC(2025,5,30),11.36], [Date.UTC(2025,6,31),20.14], [Date.UTC(2025,7,31),18.18], [Date.UTC(2025,8,30),27.89]] }, { name: 'MSCI India', color: '#000000', type: 'line', data: [[Date.UTC(2024,8,30),0], [Date.UTC(2024,9,31),-3.65], [Date.UTC(2024,10,30),-2.92], [Date.UTC(2024,11,31),-4.29], [Date.UTC(2025,0,31),-6.93], [Date.UTC(2025,1,28),-15.5], [Date.UTC(2025,2,31),-9.82], [Date.UTC(2025,3,30),-8.65], [Date.UTC(2025,4,31),-8.44], [Date.UTC(2025,5,30),-6.79], [Date.UTC(2025,6,31),-8.31], [Date.UTC(2025,7,31),-12.17], [Date.UTC(2025,8,30),-11.42]] }, { name: 'MSCI Mexico', color: '#00DEB2', type: 'line', data: [[Date.UTC(2024,8,30),0], [Date.UTC(2024,9,31),-0.86], [Date.UTC(2024,10,30),-2.75], [Date.UTC(2024,11,31),-4.1], [Date.UTC(2025,0,31),0.28], [Date.UTC(2025,1,28),2.17], [Date.UTC(2025,2,31),1.06], [Date.UTC(2025,3,30),10.38], [Date.UTC(2025,4,31),14.29], [Date.UTC(2025,5,30),14.98], [Date.UTC(2025,6,31),18.99], [Date.UTC(2025,7,31),20.29], [Date.UTC(2025,8,30),32.62]] }, { name: 'MSCI North America', color: '#8A8A8A', type: 'line', data: [[Date.UTC(2024,8,30),0], [Date.UTC(2024,9,31),3.5], [Date.UTC(2024,10,30),11.26], [Date.UTC(2024,11,31),9.9], [Date.UTC(2025,0,31),14.13], [Date.UTC(2025,1,28),10.94], [Date.UTC(2025,2,31),2.06], [Date.UTC(2025,3,30),-1.68], [Date.UTC(2025,4,31),3.65], [Date.UTC(2025,5,30),7.17], [Date.UTC(2025,6,31),13.43], [Date.UTC(2025,7,31),13.45], [Date.UTC(2025,8,30),18.04]] } ] }); }); 23:T138d,$(function () { var chart1; chart1 = new Highcharts.Chart({ chart: { renderTo: 'chart1', // CHART ID. E.G.

WOULD CAUSE THIS ONE TO APPEAR. KEEP IT SIMPLE AND EASY TO LOOK FOR. type: 'line', height: 320 }, title: { text: ' ' }, credits: { enabled: false }, xAxis: { type: 'datetime', dateTimeLabelFormats: { day: '%b %Y' }, labels: { step: 1 } }, yAxis: { min: -50, // SMALLEST VALUE ON THE Y AXIS. MAKE SURE IT'S NOT TOO CLOSE TO THE MINIMUM VALUE IN THE DATA. max: 450, // LARGEST VALUE ON THE Y AXIS. MAKE SURE IT'S NOT TOO CLOSE TO THE MAXIMUM VALUE IN THE DATA tickInterval: 50, // THIS IS THE DIFFERENCE BETWEEN EACH MARKER ON THE Y AXIS title: { text: null }, labels: { formatter: function () { tooltipString = String(this.value); return tooltipString.replace(/(\d)(?=(\d{3})+(?!\d))/g, "$1,") + '%'; } } }, tooltip: { formatter: function () { return '' + this.series.name + '
' + Highcharts.dateFormat('%e-%b-%y', this.x) + ': ' + '' + this.y.toFixed(2) + '%' + '' } // this.y.toFixed(NUMBER OF DECIMAL PLACES) }, plotOptions: { series: { marker: { enabled: false, states: { hover: { enabled: true } } } } }, legend: { itemStyle: { fontWeight: 'normal' } }, series: [{ name: 'MSCI North America Growth', color: '#071d49', type: 'line', data: [[Date.UTC(2014,9,0),0], [Date.UTC(2014,10,5),5.48], [Date.UTC(2014,11,5),5.37], [Date.UTC(2015,0,7),7.21], [Date.UTC(2015,1,11),11.11], [Date.UTC(2015,2,14),14.58], [Date.UTC(2015,3,10),10.98], [Date.UTC(2015,4,13),13.29], [Date.UTC(2015,5,8),8.43], [Date.UTC(2015,6,12),12.52], [Date.UTC(2015,7,6),6.81], [Date.UTC(2015,8,4),4.8], [Date.UTC(2015,9,11),11.13], [Date.UTC(2015,10,14),14.23], [Date.UTC(2015,11,14),14.3], [Date.UTC(2016,0,11),11.45], [Date.UTC(2016,1,13),13.22], [Date.UTC(2016,2,17),17.36], [Date.UTC(2016,3,15),15.09], [Date.UTC(2016,4,17),17.81], [Date.UTC(2016,5,27),27.53], [Date.UTC(2016,6,3),34.31], [Date.UTC(2016,7,4),35.65], [Date.UTC(2016,8,6),37.3], [Date.UTC(2016,9,11),42.61], [Date.UTC(2016,10,11),42.31], [Date.UTC(2016,11,14),45.06], [Date.UTC(2017,0,16),47.7], [Date.UTC(2017,1,24),55.02], [Date.UTC(2017,2,24),55.83], [Date.UTC(2017,3,22),53.76], [Date.UTC(2017,4,26),57.74], [Date.UTC(2017,5,24),55.99], [Date.UTC(2017,6,26),57.68], [Date.UTC(2017,7,3),63.57], [Date.UTC(2017,8,28),59.07], [Date.UTC(2017,9,5),65.59], [Date.UTC(2017,10,7),67.08], [Date.UTC(2017,11,8),68.97], [Date.UTC(2018,0,12),72.39], [Date.UTC(2018,1,13),73.22], [Date.UTC(2018,2,5),65.5], [Date.UTC(2018,3,9),69.67], [Date.UTC(2018,4,22),82.78], [Date.UTC(2018,5,25),85.59], [Date.UTC(2018,6,1),92.24], [Date.UTC(2018,7,12),103.29], [Date.UTC(2018,8,12),103.48], [Date.UTC(2018,9,28),88.39], [Date.UTC(2018,10,30),90.26], [Date.UTC(2018,11,13),73.86], [Date.UTC(2019,0,24),84.19], [Date.UTC(2019,1,28),88.45], [Date.UTC(2019,2,6),97.63], [Date.UTC(2019,3,15),106.71], [Date.UTC(2019,4,10),101], [Date.UTC(2019,5,22),113.24], [Date.UTC(2019,6,4),125.9], [Date.UTC(2019,7,4),125.07], [Date.UTC(2019,8,1),122.63], [Date.UTC(2019,9,26),117.75], [Date.UTC(2019,10,6),127.42], [Date.UTC(2019,11,7),128.71], [Date.UTC(2020,0,15),136.32], [Date.UTC(2020,1,6),127.44], [Date.UTC(2020,2,19),110.03], [Date.UTC(2020,3,17),138.15], [Date.UTC(2020,4,7),159.9], [Date.UTC(2020,5,21),173.28], [Date.UTC(2020,6,25),177.56], [Date.UTC(2020,7,17),199.77], [Date.UTC(2020,8,13),195.41], [Date.UTC(2020,9,4),186.54], [Date.UTC(2020,10,24),206.1], [Date.UTC(2020,11,31),213.82], [Date.UTC(2021,0,27),209.86], [Date.UTC(2021,1,24),206.56], [Date.UTC(2021,2,30),212.78], [Date.UTC(2021,3,21),234.15], [Date.UTC(2021,4,7),220.58], [Date.UTC(2021,5,7),251.01], [Date.UTC(2021,6,16),260.78], [Date.UTC(2021,7,3),277.95], [Date.UTC(2021,8,19),263.66], [Date.UTC(2021,9,12),286.84], [Date.UTC(2021,10,28),302.13], [Date.UTC(2021,11,23),297.58], [Date.UTC(2022,0,21),265.88], [Date.UTC(2022,1,7),251.23], [Date.UTC(2022,2,29),273.23], [Date.UTC(2022,3,25),238.96], [Date.UTC(2022,4,15),228.56], [Date.UTC(2022,5,30),212.23], [Date.UTC(2022,6,8),252.03], [Date.UTC(2022,7,5),249.79], [Date.UTC(2022,8,14),227.18], [Date.UTC(2022,9,19),232.07], [Date.UTC(2022,10,23),236.46], [Date.UTC(2022,11,24),206.42], [Date.UTC(2023,0,16),229.88], [Date.UTC(2023,1,17),230.45], [Date.UTC(2023,2,4),248.03], [Date.UTC(2023,3,2),246.75], [Date.UTC(2023,4,23),267.62], [Date.UTC(2023,5,9),283.83], [Date.UTC(2023,6,17),291.65], [Date.UTC(2023,7,19),293.29], [Date.UTC(2023,8,11),285.64], [Date.UTC(2023,9,6),280.19], [Date.UTC(2023,10,31),305.9], [Date.UTC(2023,11,14),319.12], [Date.UTC(2024,0,24),329.92], [Date.UTC(2024,1,27),362.9], [Date.UTC(2024,2,5),371.31], [Date.UTC(2024,3,21),356.33], [Date.UTC(2024,4,11),377.4], [Date.UTC(2024,5,15),412.66], [Date.UTC(2024,6,30),396.16], [Date.UTC(2024,7,28),394.5], [Date.UTC(2024,8,30),396.48], [Date.UTC(2024,9,18),415.97],] }, { name: 'MSCI North America Value', color: '#0857aa', type: 'line', data: [[Date.UTC(2014,9,0),0], [Date.UTC(2014,10,5),3.72], [Date.UTC(2014,11,5),3.78], [Date.UTC(2015,0,7),2.96], [Date.UTC(2015,1,11),4.94], [Date.UTC(2015,2,14),6.74], [Date.UTC(2015,3,10),5.49], [Date.UTC(2015,4,13),6.66], [Date.UTC(2015,5,8),0.76], [Date.UTC(2015,6,12),1.79], [Date.UTC(2015,7,6),-2.74], [Date.UTC(2015,8,4),-3.46], [Date.UTC(2015,9,11),2.13], [Date.UTC(2015,10,14),4.91], [Date.UTC(2015,11,14),5.01], [Date.UTC(2016,0,11),4.46], [Date.UTC(2016,1,13),6.37], [Date.UTC(2016,2,17),10.35], [Date.UTC(2016,3,15),10.05], [Date.UTC(2016,4,17),12.09], [Date.UTC(2016,5,27),23.27], [Date.UTC(2016,6,3),27.72], [Date.UTC(2016,7,4),30.18], [Date.UTC(2016,8,6),31.07], [Date.UTC(2016,9,11),37.55], [Date.UTC(2016,10,11),40.85], [Date.UTC(2016,11,14),46.4], [Date.UTC(2017,0,16),44.78], [Date.UTC(2017,1,24),51.18], [Date.UTC(2017,2,24),49.29], [Date.UTC(2017,3,22),43.78], [Date.UTC(2017,4,26),44.11], [Date.UTC(2017,5,24),46.08], [Date.UTC(2017,6,26),46.23], [Date.UTC(2017,7,3),48.21], [Date.UTC(2017,8,28),46.6], [Date.UTC(2017,9,5),49.81], [Date.UTC(2017,10,7),51.11], [Date.UTC(2017,11,8),53.24], [Date.UTC(2018,0,12),51.01], [Date.UTC(2018,1,13),47.63], [Date.UTC(2018,2,5),42.04], [Date.UTC(2018,3,9),45.06], [Date.UTC(2018,4,22),50.86], [Date.UTC(2018,5,25),52.78], [Date.UTC(2018,6,1),60.08], [Date.UTC(2018,7,12),63.4], [Date.UTC(2018,8,12),63.43], [Date.UTC(2018,9,28),59.16], [Date.UTC(2018,10,30),63.79], [Date.UTC(2018,11,13),48.91], [Date.UTC(2019,0,24),54.92], [Date.UTC(2019,1,28),57.88], [Date.UTC(2019,2,6),62.11], [Date.UTC(2019,3,15),67.2], [Date.UTC(2019,4,10),61.61], [Date.UTC(2019,5,22),70.82], [Date.UTC(2019,6,4),79.1], [Date.UTC(2019,7,4),75.26], [Date.UTC(2019,8,1),79.29], [Date.UTC(2019,9,26),73], [Date.UTC(2019,10,6),77.99], [Date.UTC(2019,11,7),78.55], [Date.UTC(2020,0,15),74.81], [Date.UTC(2020,1,6),62.94], [Date.UTC(2020,2,19),40.51], [Date.UTC(2020,3,17),52.51], [Date.UTC(2020,4,7),59.78], [Date.UTC(2020,5,21),58.84], [Date.UTC(2020,6,25),55.04], [Date.UTC(2020,7,17),58.16], [Date.UTC(2020,8,13),59.66], [Date.UTC(2020,9,4),56.01], [Date.UTC(2020,10,24),71.05], [Date.UTC(2020,11,31),72.35], [Date.UTC(2021,0,27),69.65], [Date.UTC(2021,1,24),74.42], [Date.UTC(2021,2,30),88.71], [Date.UTC(2021,3,21),94.98], [Date.UTC(2021,4,7),95.08], [Date.UTC(2021,5,7),98.72], [Date.UTC(2021,6,16),99.34], [Date.UTC(2021,7,3),105.06], [Date.UTC(2021,8,19),102], [Date.UTC(2021,9,12),110.12], [Date.UTC(2021,10,28),111.36], [Date.UTC(2021,11,23),120.51], [Date.UTC(2022,0,21),117.88], [Date.UTC(2022,1,7),114.08], [Date.UTC(2022,2,29),124.53], [Date.UTC(2022,3,25),123.82], [Date.UTC(2022,4,15),127.27], [Date.UTC(2022,5,30),115.99], [Date.UTC(2022,6,8),127.39], [Date.UTC(2022,7,5),130.74], [Date.UTC(2022,8,14),120.53], [Date.UTC(2022,9,19),137], [Date.UTC(2022,10,23),142.77], [Date.UTC(2022,11,24),131.13], [Date.UTC(2023,0,16),133.7], [Date.UTC(2023,1,17),129.23], [Date.UTC(2023,2,4),122.52], [Date.UTC(2023,3,2),121.89], [Date.UTC(2023,4,23),115.45], [Date.UTC(2023,5,9),122.84], [Date.UTC(2023,6,17),128.03], [Date.UTC(2023,7,19),125.33], [Date.UTC(2023,8,11),125.5], [Date.UTC(2023,9,6),119.97], [Date.UTC(2023,10,31),125.96], [Date.UTC(2023,11,14),136.89], [Date.UTC(2024,0,24),138.03], [Date.UTC(2024,1,27),147.34], [Date.UTC(2024,2,5),159.55], [Date.UTC(2024,3,21),150.82], [Date.UTC(2024,4,11),153.84], [Date.UTC(2024,5,15),155.19], [Date.UTC(2024,6,30),163.21], [Date.UTC(2024,7,28),164.78], [Date.UTC(2024,8,30),164.07], [Date.UTC(2024,9,18),171.96],] }, //IF YOU ARE ADDING IN LINES COPY FROM THIS "}" UP TO THE "," AFTER THE LAST GRAPHS "}". 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Given that news headlines have been dominated by Artificial Intelligence (AI), some investors might assume the UK market would be lagging behind its global peers.","publishedDate":"2026-10-21","categories":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3eJEoGmsYEUE2V6Dvj9m9Q","type":"Entry","createdAt":"2023-11-14T09:49:54.375Z","updatedAt":"2024-01-17T09:08:30.867Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":16,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Fund investment ideas [@ news/fund-investment-ideas]","parentCategory":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"46JnZAsE00ZTEc8CUaO13x","type":"Entry","createdAt":"2023-10-25T09:06:18.192Z","updatedAt":"2024-02-09T14:38:43.028Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":15,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Investment ideas [@ news/investment-ideas]","mobileCategoryId":"investmentIdeas"}},"mobileCategoryId":"fundIdeas"}},"$d:props:data:authorArticles:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"23mqmAd844QJ2SwEmfgkwR","type":"Entry","createdAt":"2026-10-21T15:43:50.902Z","updatedAt":"2026-10-21T15:43:50.902Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But the UK is a unique market. The FTSE 100 is made up of what some investors believe to be boring, more mature companies, but in recent years these companies have been the best performing part of the UK market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Due to several factors, returns in the UK have been concentrated to a few sectors. Winners include banks, who are benefiting from higher interest rates, oil and gas due to higher oil prices, and mining companies from higher commodity prices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you’re not sure whether an investment is right for you, ask for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice"},"content":[{"nodeType":"text","value":"financial advice","marks":[],"data":{}}]},{"nodeType":"text","value":". Investments and any income they produce can fall as well as rise in value, so you could get back less than you invest.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How are markets affected?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the 12 months to the end of September 2026, the UK market, measured by the FTSE All-Share index, has delivered 16.8%*. 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The fund’s managers focus on companies whose share prices are currently below their true value.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund provides diversification alongside the existing UK income funds on the Wealth Shortlist, as it uses a more value-focused approach and invests more in smaller companies, while still keeping income at the heart of the process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, we’re impressed by Gosden and Morrison’s experience, track record, straightforward investment process and disciplined approach to income investing. We believe the fund offers a differentiated, value-oriented approach that has the potential to deliver attractive returns for patient investors over the long term.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Will a change of interest rates change UK Market leadership?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Interest rates have important implications for different parts of the UK stock market, and changes in expectations could influence which areas perform best.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From a style perspective, higher interest rates have tended to favour value-focused investors. This is largely due to banks, which had been cheap compared to the wider market for a number of years. Higher interest rates support bank profitability by increasing the difference between the interest they earn on lending and what they pay on deposits. This has provided a favourable backdrop for banks, which have performed strongly in recent years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the same time, growth investors are often focused on businesses who have potential to increase future revenues and profits a long way into the future. Higher interest rates reduce the present value of those future earnings, which can put pressure on their share prices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Larger companies are typically better placed to withstand higher interest rates, while smaller companies can be more sensitive to changes in borrowing costs. Smaller businesses often have less access to alternative sources of finance and can be more reliant on borrowing to fund their operations and growth. Higher interest costs can therefore consume a greater proportion of their earnings and leave less money available for investment.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Could falling rates change leadership?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although falling interest rates could help change market leadership it’s expected that interest rates will remain elevated and are likely to rise in the near term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As it currently stands, with inflation running at 3.5%, above the Bank of England (BoE) 2% target and with higher oil prices keeping inflation elevated, the expectation is that the BoE will have to take action in order to tame inflation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite the near term looking like a continuation of the current theme this will likely change at some point. When this will be is unknown, but market dynamics change over time and can change quickly, this is why we recommend investors diversify their portfolios. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When interest rates do begin to fall, this wouldn’t necessarily be good news for every company. Banks, for example, could see some of the benefit they've enjoyed from higher rates begin to fade.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, lower borrowing costs could provide some relief to businesses and consumers and potentially create a more favourable environment for parts of the market that have been lagging behind.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The performance of small and medium-sized companies has already begun to pick up. And those companies more sensitive to changing interest rates could continue to benefit if rates fall in future as well.","marks":[],"data":{}}]}]}}}],"authors":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2UeOykQJ6CoaHvPJxiJQCE","type":"Entry","createdAt":"2023-12-11T17:30:56.612Z","updatedAt":"2024-02-19T16:26:27.577Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":110,"revision":9,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"author"}},"locale":"en-US"},"fields":{"titleAndPath":"Aidan Moyle [@ aidan-moyle]","profileImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1jv5ghSQXyHxJvkhLLoNZ5","type":"Asset","createdAt":"2023-12-18T15:09:20.266Z","updatedAt":"2023-12-18T15:09:20.266Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Aidan Moyle","file":{"url":"//images.hl.uk/vvl3z0p6qtad/1jv5ghSQXyHxJvkhLLoNZ5/1c30e592351044926f452d0eb16b894f/Aidon_Moyle.jpg","details":{"size":542597,"image":{"width":1200,"height":1200}},"fileName":"Aidon Moyle.jpg","contentType":"image/jpeg"}}},"name":"Aidan Moyle","role":"Investment Analyst","shortBio":"Aidan joined the Fund Research team in 2022 and is responsible for analysing funds and investment trusts in the US and Global Sectors. He has a keen interest in macroeconomics and in particular US monetary policies and the impact it can have on clients' investments.\n","longBio":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Aidan joined the Fund Research team in 2022 and is responsible for analysing funds and investment trusts in the US and Global Sectors. Prior to this role he worked at a Wealth Management company where he was responsible for the daily monitoring of their Discretionary Management Service, across a variety of sectors. He has a keen interest in macroeconomics and in particular US monetary policies and the impact it can have on clients' investments.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"categories":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1C3SqLBDTK5JJIAMR9xjlf","type":"Entry","createdAt":"2023-11-13T12:00:41.371Z","updatedAt":"2026-01-16T14:44:48.183Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":19,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Fund sector reviews [@ funds/research-and-news/fund-sector-reviews]","parentCategory":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6bHNS64qY4ixQL4mrxXdWx","type":"Entry","createdAt":"2023-10-17T10:34:20.835Z","updatedAt":"2024-01-17T09:05:57.976Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":19,"revision":6,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Fund research and insight [@ news/fund-research-insight]","mobileCategoryId":"fundResearchInsight"}},"mobileCategoryId":"fundSectorReviews"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"15yM9vs9lFeqHsQKGepA3L","type":"Entry","createdAt":"2023-11-13T11:47:59.684Z","updatedAt":"2026-03-05T17:24:47.020Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":21,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Fund research [@ funds/research-and-news/all-fund-research]","parentCategory":"$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory","mobileCategoryId":"fundResearch"}},"$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"socialLinkLinkedin":"https://www.linkedin.com/in/aidan-moyle-8402baa5/","cvContent":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-4","data":{},"content":[{"nodeType":"text","value":"Investment Analyst","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hargreaves Lansdown ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dec 2022 - 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Given that news headlines have been dominated by Artificial Intelligence (AI), some investors might assume the UK market would be lagging behind its global peers.","seoIndexingRules":"index,follow","snippetSettings":true,"openGraphType":"website","twitterCardType":"summary_large_image"}},"showImageOnArticle":true,"featuredImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4ktwe6mnW2v3mEOk9hfE7o","type":"Asset","createdAt":"2024-02-20T10:31:25.347Z","updatedAt":"2026-07-28T10:40:31.442Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":2,"locale":"en-US"},"fields":{"title":"UK stock market and funds sector review – the curtain comes down on a chaotic year","description":"Migrated image for: UK stock market and funds sector review – the curtain comes down on a chaotic year hello","file":{"url":"//images.hl.uk/vvl3z0p6qtad/4ktwe6mnW2v3mEOk9hfE7o/a8cd09e843f389f67216a55eb91dff55/image-uk-stock-market-and-funds-sector-review-the-curtain-comes-down-on-a-chaotic-year.jpg","details":{"size":172935,"image":{"width":1260,"height":840}},"fileName":"image-uk-stock-market-and-funds-sector-review-the-curtain-comes-down-on-a-chaotic-year.jpg","contentType":"image/jpeg"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"toCcxtOQh0bBGhLZUoiSU","type":"Entry","createdAt":"2026-10-21T13:22:02.871Z","updatedAt":"2026-10-21T13:22:02.871Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Clifton Navy","titleAndPath":"FTF Royce US Smaller Companies: October 2026 fund update [@ ftf-royce-us-smaller-companies-october-2026-fund-update]","articleType":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1IKdu1n1Hhuo0b4zXZBfNh","type":"Entry","createdAt":"2023-11-14T12:15:21.197Z","updatedAt":"2024-02-15T12:32:24.055Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":5,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"fundResearch"}},"locale":"en-US"},"fields":{"na":"Fund research"}},"intro":"Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost, and performance of the FTF Royce US Smaller Companies fund.","publishedDate":"2026-10-21","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5KKywfIJ5smhg13wNIa38t","type":"Entry","createdAt":"2026-10-21T13:22:02.911Z","updatedAt":"2026-10-21T13:22:02.911Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by Lauren Romeo, who is supported by a highly experienced team at Royce","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s differentiated, value-focussed approach to investing in smaller companies means it has the potential to perform quite differently to other US equity funds","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Performance has been through challenging periods, though recent returns have been strong. We continue to believe the fund has the potential to provide attractive returns over the long term","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/ftf-royce-us-smaller-companies-class-w-accumulation"},"content":[{"nodeType":"text","value":"FTF Royce US Smaller Companies","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to deliver long-term growth by investing in unloved US smaller companies with the potential to come back into favour in future. It could be a good way to add US exposure to a global portfolio, or work well alongside funds focused on larger, more growth-style US companies. Smaller businesses are often among the most innovative and offer lots of growth potential, but they're higher risk than their larger counterparts.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by Lauren Romeo, who joined Royce and Associates in 2004 and became manager in 2010. We like the Royce team’s disciplined approach and think Romeo is an engaging and experienced fund manager with a passion for investing in smaller companies. Romeo is supported by a team with lots of experience, including the firm’s founder Chuck Royce who has been investing client money since 1973.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe the fund harnesses the skills of a talented team with a sensible investment approach. Romeo is also named as co-manager on some other funds in the US that invest with a similar philosophy as this fund. We’re satisfied that these responsibilities are manageable.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Romeo aims to invest in companies that are unpopular with investors but where she believes their fortunes could be about to change. Romeo and her team spend a lot of time meeting with a company's managers to make sure they've got the skill and experience to turn the business around. They also speak to customers, suppliers and competitors to make sure the managers are executing their plan. Given the potential for short term headwinds it's important they don't have too much debt.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Romeo thinks this process provides opportunities to spot companies that are undervalued. This could provide some support when markets are weaker – if a company is already out of favour with investors, it might not be quite so exposed to a fall as a stock market darling. The team won't get it right every time though and even when they do, it can take some time for other investors to realise the opportunity and to see the share price rise. This means there will be periods where the fund underperforms and seems at odds with the wider market. This style of investing requires patience.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of sector exposures, the biggest investment is in industrials at 38.9%, followed by information technology and consumer discretionary stocks at 15.4% and 12.8%, respectively. Romeo believes that industrials is a well-diversified sector and within that there are plenty of different types of companies with different sources of growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She has made a number of changes to the portfolio over the last 12 months. This includes technology and software service company Manhattan Associates. Romeo believes that the business will benefit from its advancements in AI. She also added safety equipment manufacturer MSA Safety and manufacturer of automotive part’s company Dorman Products.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She also sold a number of companies. Healthcare company Haemonetics was sold as they believe there is an increased pressure from competitors. Electronics manufacturing company Sanmina was also sold after a period of strong performance meant the valuation reached a level Romeo thought unusually high for a company in this sector.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by Royce and sits under the Franklin Templeton umbrella. Smaller-company value investing is Royce's specialism – it’s what they do and is where their expertise lies. This single focus distinguishes the firm from other asset managers in the US. Fund managers at Royce are required to invest substantial amounts in the funds they run and have variable bonuses based on the long-term performance of their funds. We feel this is a positive and ensures alignment with the interests of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Responsibility for carrying out ESG analysis sits with individual analysts and portfolio managers, and all stock research must consider the material and relevant governance, social and environmental factors that could impact a company’s valuation and ability to generate sustainable returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm offers a range of strategies that take a more hands-on approach to thematic investing and impact. All investment teams have access to a dedicated Stewardship & Sustainability Council, which brings together leaders in stewardship and sustainable investing from across Franklin Templeton’s investment teams, covering every asset class and strategy range. The Council shares best practice and thought leadership with the wider business. There is a firm-wide commitment to avoid controversial weapons.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Franklin Templeton fund managers and analysts engage with the companies they invest in to review issues they believe are material to the firms’ long-term prospects. They also vote at shareholder meetings wherever possible. The firm publishes regular ESG-focused articles and an annual stewardship report. It also outlines its voting activity on a fund-by-fund basis, although voting rationale is not available.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Romeo considers ESG issues when researching individual companies. She thinks these factors have the potential to affect the long-term value of the investment and thinks sound understanding of how these factors could affect businesses is an important part of managing risk in the fund. That said, this is not a specialist responsible or sustainably invested fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note that this fund has one of the highest ESG risk profiles of the 100 funds under research coverage. The companies within the fund could therefore face increased regulatory scrutiny, reputational damage, and operational challenges, potentially impacting the fund's future performance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is available at an annual ongoing fund charge of 0.82%, but with a 0.33% saving it’s available to HL clients for 0.49%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA where no platform charge applies. Both a buy and sell instruction will be subject to HL dealing charges.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3AparixryRcKLcIAz4X8Lm","type":"Entry","createdAt":"2026-10-21T13:22:02.924Z","updatedAt":"2026-10-21T13:22:02.924Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockCta"}},"locale":"en-US"},"fields":{"linkType":"link"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7rjxvcL9Kr3zsWuPa5mDXF","type":"Entry","createdAt":"2026-10-21T13:22:02.948Z","updatedAt":"2026-10-21T13:22:02.948Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Romeo became a co-manager in 2010, the fund’s grown 412.8%*. While this is an attractive return, it’s behind the 589.4% for the average fund in the IA North American Smaller Companies sector. This is disappointing, however we still have conviction in Romeo’s abilities and the fund’s long-term performance potential. Romeo has remained disciplined in her approach to investing for over 15 years and we believe she can provide investors with attractive returns over the long run, with the potential to provide some stability compared with peers during volatile times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although the fund has gone through periods of underperformance, returns have been better more recently. Over the five years to the end of September 2026 the fund has returned 43.6%, outperforming the IA North American Smaller Companies sector which has returned 26.6%. Over the last 12 months the fund has risen 22.9% versus 17.7% for the IA North American Smaller Companies peer group. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager’s stock selection has been the main driver of performance over the last 12 months particularly in the technology sector. This is positive as it suggests the managers’ company analysis has added value, rather than performance being dominated by investing in the right sectors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many of the fund’s strongest-performing companies benefited from the continued growth of artificial intelligence (AI), particularly the build-out of the data centres and semiconductor infrastructure needed to support it. MKS Instruments was among the fund’s best performers as demand increased for its critical components used in semiconductor manufacturing equipment. Cohu, which also operates within the semiconductor industry, performed well for similar reasons.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Among the detractors was Maximus, a tech-enabled provider of services supporting the delivery of government benefit programmes. The company downgraded its 2026 outlook following the US government shutdown earlier in the year. JBT Marel, which provides equipment to the food and beverage industry, also detracted from returns amid concerns that higher inflation could weaken consumer spending and lead manufacturers to delay investment in new equipment.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4aHMgBscGXi6PEhgYPt2al","type":"Entry","createdAt":"2026-10-21T13:22:02.961Z","updatedAt":"2026-10-21T13:22:02.961Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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(FTF)","file":{"url":"//images.hl.uk/vvl3z0p6qtad/4ZqreHUcLTv4JFuadrEj7j/c00d6eb71aa1920b7339c0788a988f7d/FTF.png","details":{"size":22142,"image":{"width":400,"height":300}},"fileName":"FTF.png","contentType":"image/jpeg"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"44FlgwLsHvX03Vu7n6JbMG","type":"Entry","createdAt":"2026-10-14T15:05:37.887Z","updatedAt":"2026-10-14T15:05:37.887Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Clifton Navy","titleAndPath":"Baillie Gifford US Growth Trust – Reminder to vote [@ baillie-gifford-us-growth-trust-reminder-to-vote]","articleType":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4O5dbdDGSxLIWVRakrpDlp","type":"Entry","createdAt":"2023-11-14T12:16:12.176Z","updatedAt":"2024-02-05T10:43:24.421Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"articleInvestmentTrustResearch"}},"locale":"en-US"},"fields":{"na":"Investment trust research"}},"intro":"In August, US hedge fund Saba Capital Management announced their intention to elect three new Directors at the trust's next Annual General Meeting (AGM) on 23 October. All three nominees are employees of the hedge fund. It’s expected that if appointed, the new Directors would vote against the re-election of the existing Directors at the same AGM, giving Saba control of the Trust.","publishedDate":"2026-10-14","categories":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"12A8NqyP6oVPtqakYwkQSa","type":"Entry","createdAt":"2025-12-17T10:58:38.058Z","updatedAt":"2026-01-07T12:05:02.008Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Fund notifications [@ funds/research-and-news/notifications]","parentCategory":"$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory","mobileCategoryId":"fundNotifications"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4fgbxrNNTvzjIGmj21lDu2","type":"Entry","createdAt":"2023-11-13T11:51:36.064Z","updatedAt":"2024-01-17T09:16:35.423Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":24,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Investment trust research [@ shares/investment-trusts/investment-trust-research/all-investment-trust-research]","parentCategory":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"dNSTv3arV4hzs0NMPSgV7","type":"Entry","createdAt":"2023-11-14T11:46:30.909Z","updatedAt":"2024-01-17T09:05:43.067Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":15,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Investment trust research and insight [@ news/investment-trust-research-insight]","mobileCategoryId":"investmentTrustResearchInsight"}},"mobileCategoryId":"investmentTrustResearch"}},"$d:props:data:authorArticles:2:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2OC0K1AD9KrCiqZgF4mJTK","type":"Entry","createdAt":"2026-10-14T15:05:37.947Z","updatedAt":"2026-10-14T15:05:37.947Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Saba’s plans for the trust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although Saba has not made its full intentions clear, if the proposed directors were to replace the trust's current board members, they would have the power to remove Baillie Gifford as investment manager and appoint Saba's own managers instead. They’ve done this with the Impax Environmental Markets Trust recently. Saba have said that their appointees would offer shareholders a cash exit at, or near, NAV.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If Saba were to replace Baillie Gifford as manager of the trust, this could lead to a change in the trust’s investment mandate, including investment philosophy and process, where the trust invests, its risk level and fee structure. This includes whether shareholders would retain access to the private company investments that currently form part of the portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should consider whether the trust would still meet their investment needs if it were under new management, and the investment mandate changed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What has the Baillie Gifford board said?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The board have unanimously recommended shareholders vote against the resolutions, believing that Saba’s intentions are to ultimately gain control of the trust and end the trust’s current investment mandate.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The board think if Saba Resolutions are passed, the appointments severely compromise the independence of the Board who are appointed to act in the best interests of the shareholders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They also believe that the present strategy is the best option for shareholders. They believe since the trust was established in March 2018 it’s been successful in fulfilling its investment strategy of identifying the exceptional growth businesses in America and owning them for the long term. This includes difficult to access private companies such as Anthropic, OpenAI, Stripe and CloudFlare, as well as the recently publicly listed SpaceX, where the trust first invested in 2018.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, they also believe there is an improving backdrop for innovative, growth-focused businesses. This includes the likes of AI, automation and healthcare and the trust is well positioned to capture this.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If Saba’s resolutions were to fail and the current directors are re-elected the trust will continue in its current form with the same investment mandate.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can read more about the Baillie Gifford US Growth Trust including the trust’s performance in our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/investment-trusts/investment-trust-research/baillie-gifford-us-growth-trust-september-2026-update"},"content":[{"nodeType":"text","value":"recent trust update","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to vote","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At HL we believe that voting is key for shareholders to ensure that the companies they invest in are run in line with their interests. However, this information isn’t personal advice and we can’t advise on which way you should vote. If you’re unsure what to do, please seek advice. All investments can fall as well as rise in value, so you could get back less than you invested.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The general meeting is set to take place at 1pm on 23 October, with the deadline to vote on the HL platform of 7pm on 20 October.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to give an instruction","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Log in to your account using our website. It’s not possible to give instructions via the HL app","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Select ‘View shareholder meetings’","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"View your shareholder meetings and provide an instruction","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You’ll be taken to a website managed by a third party called Broadridge to complete your instruction. HL is not responsible for the content on this website.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Full details on how to vote can be located here - ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/corporate-actions/agms-and-shareholder-voting"},"content":[{"nodeType":"text","value":"AGMs and Shareholder Voting","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]}}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"77ZDnM7yId5A2oj7LIbVdO","type":"Entry","createdAt":"2024-02-15T16:08:07.487Z","updatedAt":"2024-02-15T16:08:07.487Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"articleNewsletter"}},"locale":"en-US"},"fields":{"heading":"Intermittent Newsletter","newsletterName":"Investment Trust research updates","newsletterDescription":"The latest investment trust research direct to your inbox."}},"dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5XZaBFY9PUSgDiADXEFLap","type":"Entry","createdAt":"2026-10-14T15:05:37.964Z","updatedAt":"2026-10-14T15:05:37.964Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Baillie Gifford US Growth Trust – Reminder to vote | Hargreaves Lansdown","seoMetaDescription":"In August, US hedge fund Saba Capital Management announced their intention to elect three new Directors at the trust's next Annual General Meeting (AGM) on 23 October. 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They aim to invest for the long term to increase the potential to benefit from a company’s longer-term growth. These companies can be public or private (companies not currently listed on a stock market).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This trust could form part of an adventurous investment portfolio and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversify","marks":[],"data":{}}]},{"nodeType":"text","value":" portfolios which have little invested in the US. Investors in investment trusts should be aware that they can trade at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/investment-trusts/faqs?msockid=23a27eeafce36ffd3ce06807fd806ebc"},"content":[{"nodeType":"text","value":"a discount or premium to net asset value (NAV).","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gary Robinson joined Baillie Gifford in 2003 and has experience of working in their Japanese, UK and European equity teams prior to joining the US equity team. Kirsty Gibson joined Baillie Gifford after graduating in 2012 and has co-managed the trust since March 2021. Robinson and Gibson co-manage a number of other funds at Baillie Gifford, including the Baillie Gifford American fund. These are run in a similar way to this trust and invest in some of the same companies, so we think they’re able to devote enough time to each one.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"US hedge fund Saba Capital Management has proposed three directors for election at the trust's next Annual General Meeting (AGM) on 23 October. All three nominees are employees of the hedge fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although Saba has not made its full intentions clear, if the proposed directors were to replace the trust's current four board members, they would have the power to remove Baillie Gifford as investment manager and appoint Saba's own managers instead. This is similar to what occurred at Impax Environmental Markets Trust. Saba have said that their appointees would offer shareholders a cash exit at 100% or near NAV.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If Saba were to replace Baillie Gifford as manager of the trust, there is no guarantee that the trust would continue to follow its current investment mandate. There is also uncertainty over whether shareholders would retain access to the private company investments that currently form part of the portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The board of the trust have unanimously recommended shareholders vote against the resolutions arguing it severely compromises the independence of the board who are in place to act in shareholders’ best interests.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to vote","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At HL we believe that voting is key for shareholders to ensure that the companies they invest in are run in line with their interests","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The general meeting is set to take place at 1pm on 23 October, with the deadline to view on the HL platform 7pm on 20 October. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to give an instruction","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Log in to your account using our website. It’s not possible to give instructions via the HL app","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Select ‘View shareholder meetings’","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"View your shareholder meetings and provide an instruction","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You’ll be taken to a website managed by a third party called Broadridge to complete your instruction. HL is not responsible for the content on this website.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Full details on how to vote can be located here - ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/corporate-actions/agms-and-shareholder-voting"},"content":[{"nodeType":"text","value":"AGMs and Shareholder Voting | Hargreaves Lansdown","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust aims to invest in exceptional US businesses with strong growth prospects and hold them for long enough to reap the rewards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers invest in both companies that trade on the stock market, and private companies that don’t. They believe this gives the trust a greater range of opportunities – though investing in private, or unquoted, and smaller companies increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Robinson and Gibson can invest up to 50% of the trust’s assets (at the time of investment) in private companies. As at the end of August 2026, 26 private investments made up 28.5% of the trust’s assets, compared with 27 companies and 33.8% one year earlier. The trust’s public investments are spread over 46 companies. It has the flexibility to invest in derivatives, which if used can add risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s largest private investment, accounting for 12.1% of its assets at the end of August, is Space Exploration Technologies (SpaceX). The business designs, manufactures and launches advanced rockets and spacecraft, offers internet broadband services through Starlink and is developing AI products. The company recently completed an initial public offering (IPO), listing on the stock market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s financial year to the end of May 2026, the managers invested in two new private companies, Anthropic and Open AI. Both are well known AI companies with Anthropic being best known for Claude and Open AI known for ChatGPT.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Robinson and Gibson have also recently invested in several public companies, including semiconductor firm Broadcom and Axon Enterprise, a technology company that manufactures TASERs and body cameras, as well as software used to capture, manage and store digital evidence. They also purchased Google owner Alphabet, having previously sold the company five years ago. The team believes Alphabet is well positioned to benefit from the growth of AI, given its vast repository of consumer data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers sold their long standing advertising investment The Trade Desk, as they feared there was growing competition from Amazon. They also sold online homestay company Airbnb, social media company Pinterest and biotech companies Ginkgo Bioworks and Sana Biotechnology","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust can borrow money to invest with the intention of increasing returns (known as gearing). This could magnify gains in a rising market, but also increase losses in a falling market. At the end of August 2026 gearing was 3% marginally below the 5% from last year.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford is an independent private partnership founded in 1908. It's owned by partners who work full time at the firm – including Gary Robinson. This ownership structure means senior managers have a vested interest in the company, and its funds and trusts under management performing well. We think this has helped cultivate a culture with a long-term focus, where investors' interests are at the centre of decision making. We also like that managers are incentivised in a way that aligns their interests with those of long-term investors and should retain talented managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of Baillie Gifford’s funds are run with a long-term investment horizon in mind. The firm’s fund managers see themselves as long-term owners of a business, not short-term renters. So, assessing whether society will support, or at the very least, tolerate, the business model over the long term, and whether management will act as good stewards of shareholders’ capital is an important part of the investment process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated Environmental, Social, and governance (ESG) analysts sit with and report into both their respective investment teams, and the central ESG function. The firm’s ESG efforts are supported by a dedicated Climate team. Individual investment teams are responsible for voting decisions and engagement for the companies they invest in. Investment in controversial weapons is prohibited across the firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm reports all its voting decisions and provides rationale in situations where it votes against management or abstains, in a detailed quarterly voting report. There is also a quarterly engagement report which details the companies engaged with, and the topic discussed, and further engagement case studies are available on the website. All this information is brought together in the firm’s annual Investment Stewardship Activities report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford withdrew from the Net Zero Asset Managers’ Initiative and Climate Action 100+ in 2024, citing concerns that membership had become contested and risked distracting from its core responsibilities. We viewed this as a disappointing backward step, but the firm stated that this decision did not change its approach to analysing climate-related risks or engaging with investee companies","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although, the managers of this trust integrate ESG throughout the investment process, and into every investment decision, this is not an ESG or sustainable trust.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust's ongoing annual charge in the year to May 2026 was 0.70% - a marginal decrease from 0.72% the previous year. Investors should refer to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://media.bailliegifford.com/mws/njhmkaid/20260917090747-4056-bg-us-growth-trust-ar_web.pdf"},"content":[{"nodeType":"text","value":"latest annual reports and accounts ","marks":[],"data":{}}]},{"nodeType":"text","value":"and Key Information Document for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The annual charge to hold investment trusts in the HL ISA, SIPP, or Fund & Share Account is 0.35% (capped at £150 p.a. in each account) and 0.25% in the HL Lifetime ISA (capped at £45 p.a.). There are no charges from HL to hold investment trusts within the HL Junior ISA.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As investment trusts trade like shares, both a buy and sell instruction will be subject to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"HL share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since launch in March 2018 the trust has returned 229.9%* (to the end of August 2026), the trust has underperformed the S&P 500 which has returned 244.4% however, they have outperformed the average trust in the AIC North America sector which returned 189.9%. In this time the trust’s Net Asset Value (NAV) has risen 269.4%. Past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has had periods of strong performance, but has also struggled when the managers’ growth-focused investment style has been out of favour with investors, such as in 2022. More recently the managers growth style of investing has generally been in back in favour and performance has recovered.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the financial year to the end of May the trust returned 44.5% compared to 29.8% for the S&P 500 and 29.3% for the average trust in the AIC North America Sector. The trust’s NAV grew by 31.0%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Several of the strongest contributors over this period were private companies. This includes SpaceX, which was still a private company in May, and saw its valuation rising ahead of its highly anticipated IPO. AI company Anthropic also delivered strong returns following a significant increase in revenue. Among publicly listed holdings, semiconductor giant Nvidia was the standout performer as the company continued to deliver impressive revenue growth driven by strong demand for its AI-related products and services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not all holdings performed as strongly over the period. Among the detractors was language-learning platform Duolingo, where concerns over slowing growth and increasing competition from AI weighed on sentiment. Online streaming platform Netflix also struggled following its unsuccessful attempt to acquire Warner Bros. Discovery. Online cosmetics company Oddity Tech was another notable detractor after a spike in customer acquisition costs saw revenue guidance cut.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note the managers’ long time horizon and investments in private companies means performance can be volatile and look very different to the benchmark.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the trust trades on a discount of 5.04%, in-line with its 12-month average discount of 5.07%. Since inception the trust has on average traded at a 5.41% discount.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember all investments fall as well as rise in value, so investors could get back less than they invest.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2HLZfH2dEGKBX17E5rcM1Q","type":"Entry","createdAt":"2026-10-06T08:25:59.620Z","updatedAt":"2026-10-06T08:25:59.620Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual Percentage 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*Lipper IM to 31/08/2026.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:2:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"41Xj3sLgkRtFq5pNDcirlz","type":"Entry","createdAt":"2026-10-06T08:25:59.634Z","updatedAt":"2026-10-06T08:25:59.634Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Baillie Gifford US Growth Trust: September 2026 update | Hargreaves Lansdown","seoMetaDescription":"In this investment trust update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Baillie Gifford US Growth Trust.","seoIndexingRules":"index,follow","snippetSettings":true,"openGraphType":"website","twitterCardType":"summary_large_image"}},"sedols":["BDFGHW4"],"showImageOnArticle":true,"featuredImage":"$d:props:data:authorArticles:2:fields:featuredImage"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3FZRZ6lsNtDFTI0iWKtq04","type":"Entry","createdAt":"2026-10-06T10:12:59.500Z","updatedAt":"2026-10-06T10:12:59.500Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":16,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Clifton Navy","titleAndPath":"Murray Income Trust: September 2026 trust update [@ murray-income-trust-september-2026-trust-update]","articleType":"$d:props:data:authorArticles:2:fields:articleType","intro":"In this investment trust update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Murray Income trust.","publishedDate":"2026-10-06","categories":["$d:props:data:authorArticles:2:fields:categories:1","$d:props:data:authorArticles:2:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7qhI43h7KMfBwwZMwjDOIj","type":"Entry","createdAt":"2026-10-06T10:12:59.596Z","updatedAt":"2026-10-06T10:12:59.596Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following a strategic review of the trust the fund is now being managed by the Artemis Income team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a high level of conviction in all three experienced co-managers – Adrian Frost, Nick Shenton and Andrew Marsh","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers invest in cash generative businesses with the potential to grow their earnings, and dividends, for years to come","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Murray Income Trust mainly invest in large UK companies, with some holdings in medium-sized and overseas companies too. The managers look for companies they believe will deliver a resilient income, though there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We view this as a more conventional UK equity income trust that could work well alongside other asset classes in an income focused portfolio. It could also complement a portfolio focused on growth, where investors who don’t need the income can benefit from the compounding effect of reinvesting it.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result of a strategic review from the board of directors, on the 2 March 2026 the management of the Murray Income Trust has moved from Aberdeen to Artemis. The trust will now be managed by the Artemis Income team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can read further details of these changes ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/investment-trusts/investment-trust-research/murray-income-trust-manager-change"},"content":[{"nodeType":"text","value":"here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Artemis Income team is made up of the experienced trio of Adrian Frost, Nick Shenton and Andy Marsh.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Frost is an industry stalwart and one of the best known UK equity fund managers around. He began his career in 1983 at Deutsche Asset Management and in 2002, he joined Artemis to run the Artemis Income fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shenton joined Artemis in 2012 to work alongside Frost as manager of the fund. His career began in 2003, working at F&C Asset Management and Polar Capital before joining Artemis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marsh joined Frost and Shenton at Artemis in 2018. His career began at accountancy firm Ernst & Young in 1997. He held a number of different roles before becoming a fund manager at Polar Capital in 2006, where he worked until joining Artemis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have over nine decades of investment experience between them and have developed a strong working partnership. They’ve been investing through good times and bad and we think their skillsets make them one of the best teams in the business. We have a high level of conviction in all three managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the trust now under the management of the Artemis Income team, it will adopt the same investment process the managers have followed since Frost became manager of the Artemis Income Fund in 2002.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers aim to outperform the FTSE All-Share over the long term, while providing a growing income and a dividend yield above what’s offered by the index. This means the management trio look for businesses they believe can pay a stable and resilient level of income, through the market cycle, regardless of the economic backdrop. Key to this is a company’s ability to generate free cash flow, an area of focus for the team. They seek companies with recurring revenues which they believe will still have consumers, profits, and therefore dividends, in the future, regardless of disruption – although nothing’s guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers spend a lot of time assessing company management and think their ability to allocate capital efficiently is vital to making a success of the business. There’s also analysis of the structure of different industries, how value’s created within them and which companies have the best competitive position to take advantage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They aim to have a portfolio of between 45 and 55 companies with diversified cash flows, and therefore a diversified income stream. Since taking over the trust in March the managers have finished changing the portfolio to one that they are happy with. They changed 75% of the portfolio whilst retaining 25% of the existing holdings.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most of the trust invests in larger companies, with 92.6% of its assets currently invested here. In terms of sectors, as of 31 August, the trust had the most invested in financials at 36.6%, followed by consumer discretionary and consumer staples companies at 20.3% and 15.2% respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This represents a material shift to the trust’s investments under Aberdeen’s management. For example, as at 28 February 2026, financials accounted for just 17.0% of the trust, followed by industrials at 16.1% and healthcare at 13.3%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New investments since taking over the trust include consumer health company Reckitt Benckiser, a company the managers have owned in the past. But the managers believe it is attractively valued and offers a compelling yield. They also added financial company Standard Chartered as the managers believe they have a strong presence in fast growing markets in Asia. On the other hand, the managers sold accounting software company Sage. They believe that advancements in AI could hurt demand for the software business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should be aware the trust can borrow money to invest with the intention of increasing returns (known as gearing), but this could magnify losses in a falling market and increases risk. The managers are targeting gearing to be between 8–10%, as at 31 August, gearing stood at 7.8%.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis provides an attractive environment for fund managers, allowing them the freedom to run money how they see fit without imposing a house view on them. It’s also a collegiate atmosphere, with managers supporting and challenging each other. The managers of the fund are partners in the business. We think this structure is a good thing for investors, as the managers and the firm are focused on the long term and can run funds without distractions from short-term shareholder demands. They are rewarded from the profits of the business, based on their long-term fund performance and payment of the profit share can be deferred over several years.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams across Artemis are encouraged to think for themselves and invest according to their own style, so approaches to Environmental Social and Governance (ESG) integration across the firm vary. Meetings with the Artemis teams we back suggest ESG is an important factor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis has a firm-wide policy to support the aims of international conventions on cluster munitions and antipersonnel mines and therefore the firm will not knowingly invest in companies which produce these weapons. The firm also avoids companies involved in biological/ chemical weapons, blinding laser weapons, incendiary weapons, weapons that produce nondetectable fragments, and depleted uranium, as well as companies with a tie to nuclear weapons in countries not included in the Treaty on the Non-Proliferation of Nuclear Weapons. Companies that grow or sell cannabis are also avoided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis votes on all their holdings, unless restricted from doing so, and fund managers engage with firms to develop their understanding, raise issues with management and monitor subsequent developments. The firm provides engagement case studies, and other information about its engagement and voting efforts, in an annual Stewardship report. Artemis also provides a monthly voting summary which includes rationales for votes against management and abstentions. Stewardship activity is carried out in line with the firm’s comprehensive voting and engagement policies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers of this investment trust integrate ESG analysis into their company research. They believe companies with strong ESG practices are more likely to support sustainable long‑term cash flows, while those that lag in ESG standards may see their long‑term cash flows become vulnerable. That said, the fund may still invest in companies from industries such as tobacco or oil & gas.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing annual charge as at the 30 June 2026 was 0.48%. This is the same level of charges that applied during the financial year to the end of June 2025 under Aberdeen’s management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis has also waived the annual management fee for the first nine months from when they took over the trust on 2 March 2026. Investors should refer to the latest annual reports and accounts and Key Information Document for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The annual charge to hold investment trusts in the HL ISA, SIPP or Fund & Share Account is 0.35% (capped at £150 p.a. in each account) and 0.25% in the HL Lifetime ISA (capped at £45 p.a.). There are no charges from HL to hold investment trusts within the HL Junior ISA. As Investment trusts trade like shares, both a buy and sell instruction will be subject to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"HL share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Artemis Income team who are now running the trust, have an impressive record of investing in UK companies. Since Frost took over as manager of the Artemis Income fund in 2002, he has significantly outperformed the FTSE All-Share Index. Since the team became a trio in February 2018, they have outperformed the FTSE All-Share Index. Over this period, they have delivered returns of 107.53% compared to 99.70% of the index. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the managers have only been running the trust for a few months, we believe it’s too soon to analyse their performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, our analysis of the managers track record of managing the Artemis Income fund suggests that stock selection has been the driver of long-term returns. This is positive as it suggests the managers’ company analysis has added value, rather than performance being dominated by investing in the right sectors. Over the long term the fund has typically held up better when markets are falling however, they can lag when markets are rising. We expect the trust to perform similarly to the fund going forward although performance will differ depending on the portfolio, gearing, charges, discounts and other characteristics of an investment trust. As always though, past performance doesn’t guarantee future returns. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The new managers have also committed to raising the annual dividend every year to uphold their AIC Dividend Hero status. The trust has increased the annual dividend for 53 year’s which is one of the longest records of any UK equity income investment trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s dividend per share for the previous financial year, to the end of June 2026, was 41p, an increase from the previous years’ dividend of 40p. At the time of writing the trust trades at a discount of 7.08%, marginally better than its 12 month average of 7.39%. The trust also has a dividend yield of 4.18% compared to the FTSE All Share yield of 3.06%, although remember yields are variable and aren’t a reliable indicator of future income.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5s5S5c5sI8ELYEp0atovu4","type":"Entry","createdAt":"2026-10-06T10:12:59.611Z","updatedAt":"2026-10-06T10:12:59.611Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage growth","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"table":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"August 2021 To August 2022","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"August 2022 To August 2023","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"August 2023 To August 2024","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"August 2024 To August 2025","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"August 2025 To August 2026","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Murray Income Trust PLC","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"-9.28%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"5.46%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"11.64%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"6.70%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"17.25%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FTSE All-Share TR","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"1.01%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"5.23%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"16.98%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"12.58%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"21.30%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"AIC Investment Trust - 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The managers look for companies that they believe will deliver a resilient income, though there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We view this as a more conventional UK equity income fund that could work well alongside other asset classes in an income-focused portfolio. It could also complement a portfolio focused on growth, where investors who don’t need the income can benefit from the compounding effect of reinvesting it.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis Income is managed by the experienced trio of Adrian Frost, Nick Shenton and Andy Marsh.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Frost is an industry stalwart and one of the most well-known UK equity fund managers around. He began his career in 1983 at Deutsche Asset Management and in 2002, he joined Artemis to run this income fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shenton joined Artemis in 2012 to work alongside Frost as manager of the fund. His career began in 2003, working at F&C Asset Management and Polar Capital before joining Artemis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marsh joined Frost and Shenton at Artemis in 2018. His career began at accountancy firm Ernst & Young in 1997. He held a number of different roles before becoming a fund manager at Polar Capital in 2006, where he worked until joining Artemis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have more than nine decades of investment experience between them and have developed a strong working partnership. They’ve been investing through good times and bad, and we think their skillsets make them one of the best teams in the business. We have a high level of conviction in all three managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers aim to outperform the FTSE All-Share over the long term, while providing a growing income and a dividend yield above what’s offered by the index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This means that the management trio look for businesses that they believe can pay a stable and resilient level of income, through the market cycle, regardless of the economic backdrop. Key to this is a company’s ability to generate free cash flow, an area of focus for the team. They seek companies with recurring revenues which they believe will still have consumers, profits, and therefore dividends, in the future, regardless of disruption – although nothing’s guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers spend a lot of time assessing company management and think that their ability to allocate capital efficiently is vital to making a success of the business. There’s also analysis of the structure of different industries, how value’s created within them and which companies have the best competitive position to take advantage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They aim to have a portfolio of between 45 and 55 companies with diversified cash flows, and therefore a diversified income stream. Most of the fund invests in larger companies, with 83.1% of its assets currently invested here. At a stock level, the larger positions in the fund include the likes of insurer Aviva, banks Natwest, Lloyds and Barclays, and healthcare company GlaxoSmithKline (GSK).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of sector exposures, the biggest investment is in financials at 33.1%, followed by consumer discretionary and consumer staples stocks at 18.5% and 13.6%, respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the managers have made a number of changes to the fund. They have sold information and software company Wolters Kluwer after concerns that their software could be displaced by developments in AI. They sold industrial company Spectris after it received a takeover offer from private equity company KKR.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, the managers have made a number of new investments. This includes sports nutrition company Glanbia, most known for their nutrition brand Optimum Nutrition. The team believe that consumers are becoming more aware of the benefits of increasing protein in their diets and Glanbia have a competitive advantage to benefit from this. They also bought beverage company Diageo following the appointment of previous Tesco CEO Dave Lewis. The managers believe that he’ll be the catalyst for Diageo to be run more efficiently.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams across Artemis are encouraged to think for themselves and invest according to their own style, so approaches to ESG integration across the firm vary. Meetings with the Artemis teams that we back on the Wealth Shortlist suggest ESG is an important factor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis has a firm-wide policy to support the aims of international conventions on cluster munitions and antipersonnel mines and therefore the firm will not knowingly invest in companies which produce these weapons. The firm also avoids companies involved in biological/chemical weapons, blinding laser weapons, incendiary weapons, weapons that produce non-detectable fragments, and depleted uranium, as well as companies with a tie to nuclear weapons in countries not included in the Treaty on the Non-Proliferation of Nuclear Weapons. Companies that grow or sell cannabis are also avoided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis votes on all its holdings, unless restricted from doing so, and fund managers lead engagement with firms to develop their understanding, raise issues with management and monitor subsequent developments. The firm provides engagement case studies, and other information about its engagement and voting efforts, in an annual Stewardship report. Artemis also provides a monthly voting summary, which includes rationales for votes against management and abstentions. Stewardship activity is carried out in line with the firm’s comprehensive Stewardship policy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think that ESG-related risks are suitably considered as part of the stock selection process. That said, the fund may still invest in companies from industries such as tobacco or oil & gas.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis provides an attractive environment for fund managers, allowing them the freedom to run money how they see fit without imposing a house view on them. It’s also a collegiate atmosphere, with managers supporting and challenging one another. The managers of the fund are partners in the business. We think that this structure is a good thing for investors, as the managers and the firm are focused on the long term and can run funds without distractions from short-term shareholder demands. They are rewarded from the profits of the business, based on their long-term fund performance, and payment of the profit share can be deferred over several years.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual charge of 0.80%, but we've secured HL clients an ongoing saving of 0.21%. This means that you pay a net ongoing charge of 0.59%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, for which no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both a buy and sell instruction will be subject to HL dealing charges. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/charges"},"content":[{"nodeType":"text","value":"Find out more about our charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund takes charges from capital, which can increase the yield but reduce the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has outperformed the broader FTSE All-Share Index since Adrian Frost took over as manager in 2002. Over this period, its delivered returns of 604.7%** to investors, well ahead of the 458.8%* return from the FTSE All-Share index, and the IA UK Equity Income peer group average return of 449.1%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, during the last 12 months, the fund delivered returns of 15.4%, underperforming the FTSE All-Share Index and the IA UK Equity Income peer group average, which returned 21.3% and 18.9%, respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The vast majority of the underperformance occurred in the first quarter of 2026. The initial underperformance was driven primarily by fears that AI will disrupt many software-related businesses. Investors instead preferred commodity-related businesses that were benefiting from higher metal prices as the demand for AI data centres has continued to increase. As a result, owning the likes of data and software companies Pearson and RELX hurt performance, as did not owning mining companies Glencore and Rio Tinto.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also saw the effects that the US war with Iran had on the fund. Events organiser Informa and airline EasyJet both detracted as investors expected that disruption in the Middle East and higher jet fuel costs would weigh on demand for both businesses. Not owning defence contractor BAE Systems also detracted, as it performed well following the tension in the Middle East.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, during the last 12 months, a number of companies also performed well. UK banking companies Lloyds and NatWest continued to do well as higher interest rates have bolstered their profitability. Copper mining company Anglo American was another strong performer, benefitting from rising copper prices. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have also historically delivered a yield above the FTSE All-Share and have grown income payments over time. The fund currently yields 3.34%, compared with 3.06% for the FTSE All-Share. Income is not guaranteed, though, and yields can rise and fall and are not a reliable indicator of future income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"** Please note that this data is for Class R units in order to show performance since Frost became manager. 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The fund can invest across the US market, but it tends to be invested in large companies that trade at attractive valuations. It seeks a balance of income today and dividend growth potential for the future. We think the fund could be a good way to add US exposure to a global income portfolio or sit alongside other US funds focused on more growth-style companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by John Bailer, a seasoned investor with over 20 years of experience under his belt. Bailer entered the industry in 1992 before becoming lead manager of the BNY dividends strategy in 2005. He’s now taken the success of this fund and in 2017 launched the UK version BNY Mellon US Equity Income Fund. He also runs the income sleeve for the BNY Mellon VIF Growth and Income fund and is back-up manager on the BNY Mellon US Dynamic fund. Given the commonality of approach, we’re comfortable this is a manageable workload.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bailer is supported by back-up managers Brian Ferguson and Keith Howell in managing this fund. Ferguson has over 20 years of portfolio management experience and is a senior portfolio manager and research analyst at Mellon Investments. He’s managed the BNY Mellon Dynamic Value fund since 2003, a fund where Bailer is the back-up manager. Keith Howell joined BNY Mellon in 2006 as an analyst covering various sectors including financials, technology, and industrials. Howell became back up manager in 2021 after 15 years as an analyst.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think Bailer is well resourced to focus on the job in hand. Along with his back-up managers, he and the team are supported by more than 20 analysts.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bailer invests in companies he believes can deliver a balance of a good income today, and dividend growth in the future. The process starts with a broad screen of the Russell 1000 as a good representation of the large-cap US market. Bailer uses this to identify businesses with high-quality characteristics. These businesses will typically have strong balance sheets and free cash flows, sustainable and well covered dividends and attractive revenue and earnings growth rates.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bailer spends a lot of his time working with the wider analyst team at BNY Mellon as part of the idea generation process. Bailer wants to invest in companies that are trading at share prices lower than he feels they are worth in the long term, possibly reflecting some short-term headwinds. The manager works with analysts to consider what the upside and downside potential from here is.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bailer will also look at whether the company pays a dividend to its investors and whether he believes the dividend will grow over time. Every company the fund invests in must pay a dividend at the point of buying. However, there have been special occasions where a company has cut its dividends and remained in the portfolio if the manager believes they will be re-instated in the future. Bailer believes if a company is paying a dividend, then this is a good indication of whether the management are allocating capital appropriately.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This process leads to a portfolio of 30-60 companies, generally split across three buckets; valuations, momentum, and quality. The fund can be quite concentrated, so each investment can have a big impact on performance, for better or worse. There is also the flexibility to use derivatives which can increase risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, Bailer has decreased the fund’s weighting to financials as well as industrial companies after a period of strong performance. On the other hand, he has increased the fund’s weighting to consumer staples and technology companies in order to make the fund more balanced.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New additions to the fund include technology giant Microsoft, which has quickly become the fund’s top position. Bailer believes the stock is now attractively valued and can be a beneficiary of AI rather than be disrupted by it. He also added consumer staples companies Colgate and Coca-Cola.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, Bailer sold financial company Charles Schwab due to concerns that customers would move cash away from low-interest rate accounts to higher interest alternatives. He also sold health and beauty company Estee Lauder and Bank of America.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BNY Mellon is a large, US-based firm so the managers have a lot of resources at their disposal. In September 2021, Mellon Investments merged its equity and multi-asset teams into Newton. While this has not impacted the way Bailer invests for this fund, it has given him access to a larger pool of research analysts that help with idea generation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are incentivised in a way that aligns their interests with those of long-term investors, which we like. However there have been some significant fund manager departures from the wider Newton business in recent years.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team at BNY Mellon (formerly Newton) believes responsibly managed companies are better placed to achieve sustainable competitive advantage and provide strong long-term growth. While they’ve invested time and resource into their Responsible Investment proposition in recent years, we’re disappointed to note the departure of Therese Niklasson in 2025, someone we’ve long held in high regard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A dedicated Responsible Investment team exercises the firm’s voting rights, coordinates engagement with investee companies and contributes to public debate on ESG matters. The team reports on their engagement progress in their annual Sustainability and Stewardship report, and their ‘Responsible Investment Quarterly Activities’ report (both available on the Newton website). They also offer a voting dashboard, which provides fund by-fund search functionality and detailed rationales for votes against management and abstentions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams have access to a range of internal tools that consolidate third-party and proprietary ESG research, assess net zero transition credibility and track engagement objectives and outcomes. The firm also runs a responsible range of funds which take ESG analysis further. They utilise the firm’s thematic research framework to identify and exploit responsible investment themes","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although the manager of this fund utilises ESG in his, the fund isn’t managed to a sustainable mandate and it can include companies deemed as ESG sinners, such as tobacco and energy companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund usually has an annual ongoing charge of 0.82%, but with a 0.21% saving it’s available to HL clients for 0.61%. The HL platform fee of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform fee applies. Charges are taken from capital.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both a buy and sell instruction will be subject to HL dealing charges. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/charges"},"content":[{"nodeType":"text","value":"Find out more about our charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund takes its charges from capital which can increase the yield, but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since starting to manage US equity funds in 2005 Bailer has delivered long term outperformance versus the IA North America peer group. Over the last 12 months, the fund returned 22.7%*, ahead of the 20.0% delivered by the S&P 500 and the 16.3% IA North America sector average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests the manager’s stock selection was the biggest driver of returns, particularly in the technology and financials space. This suggests the manager’s company analysis has added value, rather than performance being dominated by investing in the right sectors. Technology company Applied Materials was one of the biggest contributors, along with insurance and services company Assurant.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, not owning some of the best performing stocks hurt relative performance. For example, technology companies such as Micron and Nvidia have performed exceptionally well but pay little to no dividends and are therefore not eligible for inclusion in the fund. Some companies the fund does own have also had a tougher time, such as packaging company International Paper Company and health insurance provider Humana.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think Bailer has built a strong track record in US income investing and has done a good job over the long term for patient investors. The fund offers something quite different to some of its peers in the IA North America sector and Bailer is well supported and resourced for the task at hand. This gives us confidence in the fund’s long-term prospects.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently yields 1.74% compared to 1.1% for the S&P 500. Although income is not guaranteed, and yields aren’t a reliable indicator of future income.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2C6kqUoWcmLNb4u9d1Zi3A","type":"Entry","createdAt":"2026-09-23T10:01:29.937Z","updatedAt":"2026-09-23T10:01:29.937Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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*Lipper IM to 31/08/2026. The S&P 500 is a product of S&P Dow Jones Indices LLC and has been licensed for use by Hargreaves Lansdown Asset Management.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:0:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2eIWFAob0wxQCGlk6bpGzP","type":"Entry","createdAt":"2026-09-23T10:01:29.949Z","updatedAt":"2026-09-23T10:01:29.949Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"BNY Mellon US Equity Income – September 2026 fund update | Hargreaves Lansdown","seoMetaDescription":"In this update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG Integration, cost and performance of the BNY Mellon US Equity Income fund.","seoIndexingRules":"index,follow","snippetSettings":true,"openGraphType":"website","twitterCardType":"summary_large_image"}},"sedols":["BPVBYQ0","BPVBZ34"],"showImageOnArticle":true,"featuredImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4eNUlfiTFCx7ISooOvzuw9","type":"Asset","createdAt":"2026-01-20T10:58:16.074Z","updatedAt":"2026-01-20T10:58:16.074Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"BNY","description":"","file":{"url":"//images.hl.uk/vvl3z0p6qtad/4eNUlfiTFCx7ISooOvzuw9/816417dced32c3dc73fd5c056fdad973/BNY_Mellon_2__002_.jpg","details":{"size":39520,"image":{"width":1260,"height":840}},"fileName":"BNY_Mellon 2 (002).jpg","contentType":"image/jpeg"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7MhOdQ0Q6ctPB0dsel1aCc","type":"Entry","createdAt":"2026-09-22T15:11:36.236Z","updatedAt":"2026-09-24T17:05:44.154Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":18,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Millennium Mint","titleAndPath":"UK share buybacks – what they tell us about valuations and dividends [@ uk-share-buybacks-what-they-tell-us-about-valuations-and-dividends]","articleType":"$d:props:data:authorArticles:0:fields:articleType","intro":"Why are UK companies spending billions on share buybacks? Learn how buybacks, dividends and takeover activity highlight value in UK shares.","publishedDate":"2026-09-22","categories":["$d:props:data:authorArticles:0:fields:categories:0","$d:props:data:authorArticles:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"23JJX9sP7PlzDyfl9R1HeF","type":"Entry","createdAt":"2026-09-22T15:11:36.273Z","updatedAt":"2026-09-24T17:05:44.339Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":20,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Historically, the UK stock market has been a prime hunting ground for income investors. There’s a culture deeply embedded within many UK companies that, where possible, shareholders should be rewarded through dividends. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, with UK shares continuing to trade on relatively low valuations, many companies are increasingly choosing to return capital through a different means – share buybacks.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The UK discount","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent years, the phrase \"UK discount\" has become increasingly common. The term refers to the tendency for UK-listed companies to trade on lower valuations than many overseas peers, despite operating high-quality businesses with similar growth prospects.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are several possible explanations for why this is. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One is political uncertainty. Although t","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/brexit-10-years-on-the-impact-on-the-uk-economy-and-investment"},"content":[{"nodeType":"text","value":"he Brexit vote was more than a decade ago","marks":[],"data":{}}]},{"nodeType":"text","value":", international investors still often view the UK as a market facing structural economic challenges. This perception has weighed on sentiment, even though many UK-listed businesses generate a large proportion of their revenues overseas.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another factor has been persistent investor outflows. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both institutional and retail investors have steadily shifted money away from UK shares and towards markets perceived as offering stronger growth opportunities, particularly the US. Lower demand for UK shares has inevitably put pressure on valuations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, UK shares have often traded at a discount compared to companies in the US, Japan and, in many cases the rest of Europe. This is despite many businesses delivering similar levels of growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The growth of buy backs","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Buybacks are where a company buys its own shares from the market and cancels them. With fewer shares available, and assuming the company’s prospects have not changed, the remaining shares should be worth more. It’s a tool used by companies that have excess cash and can add value for its current shareholders. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Buybacks are often most attractive when management believes the company's shares to be undervalued. In effect, the company is investing in itself.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This appears to be a growing trend in the UK market. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the first half of 2026 alone, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/stock-market-summary/ftse-100"},"content":[{"nodeType":"text","value":"FTSE 100","marks":[],"data":{}}]},{"nodeType":"text","value":" companies bought back about £36bn worth of shares. That compares with approximately £13bn of buybacks carried out during the whole of 2017.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Importantly, there’s little sign that buybacks are slowing down. Companies like Shell, Barclays and Lloyds continue to generate significant levels of excess cash and have remained committed to returning capital to shareholders through buyback programmes.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Overseas buyers have also taken notice","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s not only company management teams who believe that UK shares offer value. Overseas buyers and private-equity firms have also become increasingly active.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The number of takeovers involving UK-listed businesses has risen significantly in recent years. Since 2023, there have been more than 150 bids for UK companies valued at over £100mn, with many acquirers willing to pay substantial premiums. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This trend shows little sign of slowing. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Several sizeable deals have already been announced so far in 2026, with buyers prepared to pay significant premiums to secure control of UK-listed businesses. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, insurance company Beazley was bought by Swiss rival Zurich for £8.1bn, a 59.9% premium. American asset manager Nuveen bought UK asset manager Schroders for £9.9bn, a 34% premium. And UK airline easyJet has agreed in principle to be sold to private equity firm Apollo for £5.7bn, an 81% premium. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The rise in takeover activity provides further evidence that many investors believe that there’s a disconnect between market valuations and the true underlying value of UK companies. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is this the end of dividends in the UK?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although management teams have increasingly turned to buybacks as they seek to take advantage of depressed valuations, this has not come at the expense of dividends. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Instead, many UK companies now use a combination of dividends and buybacks to return capital to shareholders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In fact, dividends remain a key attraction of the UK market. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of the FTSE 100, 73 companies have increased their dividends in the past five years. This suggests that companies are not abandoning dividends. Rather, buybacks have become an additional tool that can be used alongside traditional cash distributions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For some investors, this combination may prove particularly attractive. Although, past performance does not guarantee future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not only do UK shares continue to offer some of the highest dividend yields among major developed markets, but also companies are increasingly using buybacks to take advantage of valuations that many believe underestimate their long-term worth. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What this means for investors ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The record levels of buybacks give an indication that companies believe that they are undervalued. This is backed up by the increasing number of takeover bids at sizeable premiums from overseas and private equity firms. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But for investors looking for income, buybacks haven’t replaced dividends. Many UK companies continue to offer attractive yields. Income is not guaranteed, though, and yields can rise and fall.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"3 fund ideas for UK income ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A good way of investing into UK companies paying dividends is through UK Equity Income funds. So, here are three options investors could consider. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, investing in these ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" is not right for everyone. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should invest only if the fund's objectives are aligned with their own and there's a specific need for the type of investment being made. 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The fund’s managers focus on companies whose share prices are currently below their true value.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by experienced UK equity income investors Adrian Gosden and Chris Morrison, who took over the fund in 2024. They’re supported by Jupiter’s wider UK equities team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While they took over the fund two years ago, Gosden has 30 years’ investment experience, including 13 years at Artemis where he co-managed the Income fund. He joined GAM in 2017, where he began working with Morrison and launched a UK equity income fund that they co-managed before moving to Jupiter.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers take a straightforward approach to income investing. They look for companies they believe are undervalued, but which can generate the cash needed to pay dividends, reinvest in the business and support future growth. We like the simplicity of the process. They’re not trying to do anything overly complicated, but instead focus on whether a company can generate sustainable cash flows and return some of that cash to shareholders over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a value bias, which means the managers invest in companies whose share prices they believe don’t fully reflect their long-term prospects. While some UK equity income funds are heavily focused on larger companies, Gosden and Morrison also have the flexibility to invest in medium-sized and smaller companies. This can give investors a broader range of income opportunities than funds focused mainly on the largest dividend-paying companies, although investing in smaller companies adds risk. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We view this flexibility as one of the fund’s strengths. It allows the managers to use their experience across the UK market and look beyond the traditional larger dividend payers that dominate many UK income funds. The fund typically invests around 70% in FTSE 100 companies and 30% in FTSE 250 companies and below.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gosden and Morrison have built a strong track record together. They co-managed the GAM UK Equity Income fund from October 2017 until July 2024. Over this period, the fund grew 38.06%, compared with 37.97% for the FTSE All-Share and 29.47% for the average fund in the IA UK Equity Income sector. While Jupiter UK Income is a different fund, it follows the same investment philosophy and a similar process to the GAM fund. Differences in the way the fund’s invested and changing market conditions mean performance won’t be identical, but both funds take a value-focused approach and have exposure to medium and smaller-sized companies, so they can be influenced by similar market drivers. As always past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Gosden and Morrison took over Jupiter UK Income in April 2024, the fund’s grown 54.79%*, compared with 43.20% for the FTSE All-Share and 36.38% for the average fund in the IA UK Equity Income sector. Performance will vary at times depending on market conditions and investor sentiment towards different types of companies. 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He started his UK equities fund management career at Société Generale Asset Management, before moving to Artemis to co-manage the Income fund for 13 years. In 2017, he joined GAM where he co-managed the UK Equity Income fund with Morrison, before joining Jupiter in January 2024.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Morrison started his career at the Bank of Tokyo Mitsubishi UFJ Asset Management managing European equity funds during his six years with the business. In 2011, he joined GAM working on both global and UK equity funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gosden and Morrison also co-manage the UK Multi Cap Income fund at Jupiter. It follows a similar process and philosophy as this fund but invests more in small and medium-sized companies. 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During their time managing the GAM UK Equity Income fund from October 2017 until July 2024, the fund grew 38.06%, compared with 37.97% for the FTSE All-Share and 29.47% for the average fund in the IA UK Equity Income sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Jupiter UK Income is a different fund, it follows the same investment philosophy and a similar process to the GAM fund. Differences in the way the fund’s invested and changing market conditions mean performance won’t be identical, but both funds take a value-focused approach and have exposure to medium and smaller-sized companies, so they can be influenced by similar market drivers. 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The growth style of investing employed aims to benefit from investing in exceptional growth businesses and holding them for long enough to reap the rewards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this fund could work well in a portfolio with little exposure to the US, invested for long-term growth. Its focus on large companies means that it could also sit well alongside a US equity fund focused on medium-sized or higher-risk smaller companies, or a US fund with a value bias.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team behind the fund is made up of five talented investors. Tom Slater joined Baillie Gifford in 2000 and has risen up the ranks to become Head of US Equities. Slater is also manager of Scottish Mortgage Investment Trust and has been co-manager of this fund since 2016. Gary Robinson has been with Baillie Gifford since 2003 and has experience of working in their Japanese, UK, and European equity teams prior to joining the US equity team. Robinson has been co-manager of this fund since 2014.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kirsty Gibson joined Baillie Gifford after graduating in 2012 and has been a co-manager of the fund since the start of 2018. Dave Bujnowski is the fourth co-manager of the fund. After previously working for UBS and Coburn Ventures, he joined Baillie Gifford in December 2018 initially as an analyst. During his time at Coburn Ventures, Bujnowski provided research for investors, including Baillie Gifford. As a result, he was familiar with the culture and investing philosophy at the company ahead of joining.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In June 2020, 17 months after joining Baillie Gifford, he was promoted to co-manager with the ability to make investment decisions on the fund. Bujnowski continues to be based in New York but remains in close and regular contact with the rest of the team, who are based in Edinburgh. The most recent addition to the team is Lillian Li, who was promoted to co-manager in January 2026. Li joined Baillie Gifford in 2022 and before that worked at Eight Roads Ventures and Salesforce Ventures, where she led investments in growth-stage private companies across the US and Europe. The managers also have access to a wider team who spend time researching US companies, so we think that they are well resourced to focus on the job in hand.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers invest in companies with high growth potential that they think could be capable of delivering exceptional returns over the long run. They believe that companies with resilient business models make for good long-term investments and that corporate culture can be a key component of company performance and ultimately investor returns, although of course there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Culture is difficult to measure and capture. But the managers believe that it’s one of the most underappreciated drivers of long-term returns. Companies with a strong culture are often adaptable, durable and willing to invest for the future at the expense of short-term profits. And although there’s no exact science, they believe that it’s these kinds of companies that are often the ones to really deliver on their vision and purpose.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers spend a lot of time thinking about industry dynamics and developing trends across the economy, preferring to think of their investments in themes rather than sectors. These themes include 18.4% invested in digital infrastructure, which includes the likes of Nvidia and Broadcom, and 17.5% invested in the digital transformation of commerce, which includes e-commerce platforms such as Shopify and Wayfair.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Founder involvement is another element that the managers view positively. They believe that these individuals, who usually still have much of their wealth tied up in the business, often possess the strong vision that’s required to continue growing the company. The managers believe that few companies are capable of delivering exceptional returns over the long run, so they prefer to run a relatively concentrated fund of between 30 and 50 companies. This means that each one can contribute significantly to returns, although it also increases risk. This concentrated approach combined with the type of companies the managers invest in can lead the fund to rise and fall more than peers. The fund also has a small amount invested in smaller companies, which are higher risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the last year, the managers have made several changes to the portfolio. This includes the addition of aerospace and telecommunication company SpaceX, semiconductor company Broadcom, and financial payment company Mastercard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In order to fund the additions, the team also sold a number of names including software company Datadog, medical platform company Doximity, and medical device company Penumbra. The team have also trimmed their investments in a number of companies off the back of strong performance, including biotech company Guardant Health and Facebook owner Meta.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford is an independent private partnership founded in 1908. It's owned by partners who work full time at the firm. This ownership structure means that senior managers have a vested interest in the company and in its funds performing well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Three of the fund’s co-managers – Tom Slater, Dave Bujnowski and Gary Robinson – are partners at Baillie Gifford. We think that this has helped cultivate a culture with a long-term focus, where investors' interests are at the centre of decision making. We also like that fund managers are incentivised in a way that aligns their interests with those of long-term investors and should help retain talented managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of Baillie Gifford’s funds are run with a long-term investment horizon in mind. The firm’s fund managers see themselves as long-term owners of a business, not short-term renters. So, assessing whether society will support, or at the very least, tolerate, the business model over the long term and whether management will act as good stewards of shareholders’ capital is an important part of the investment process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated ESG analysts sit with and report into both their respective investment teams and the central ESG function. The firm’s ESG efforts are supported by a dedicated Climate team. Individual investment teams are responsible for voting decisions and engagement for the companies they invest in. Investment in controversial weapons is prohibited across the firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm reports in a detailed quarterly voting report all its voting decisions and provides rationale in situations where it votes against management or abstains. There is also a quarterly engagement report, which details the companies engaged with and the topic discussed, and further engagement case studies are available on the website. All this information is brought together in the firm’s annual Investment Stewardship Activities report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford withdrew from the Net Zero Asset Managers’ Initiative and Climate Action 100+ in 2024, citing concerns that membership had become contested and risked distracting from its core responsibilities. We viewed this as a disappointing backward step, but the firm stated that this decision did not change its approach to analysing climate-related risks or engaging with investee companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although the fund managers integrate ESG into every investment they make, this is not an ESG or sustainable fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing charge for this fund is 0.52%, but HL clients benefit from a saving of 0.20%, resulting in a net ongoing charge of 0.32%. This saving is provided through a 'loyalty bonus', which is tax-free in an ISA or SIPP. However, this may be subject to tax in a Fund and Share Account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The HL platform fee of up to 0.35% per annum also applies, except in the HL Junior ISA, where no platform fee applies. Both a buy and sell instruction will be subject to HL dealing charges. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/charges"},"content":[{"nodeType":"text","value":"Find out more about our charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to outperform the S&P 500 index after costs over a five year period. During the five years to the end of July 2026, they have not achieved this. In the last five years, the fund has returned -24.6% compared to a gain of 85.1% of the S&P 500. The share prices of well-known US companies can react very quickly to new information. This can make it difficult to consistently perform better than the broader market over the long term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Slater became head of the team in January 2016, the fund has marginally underperformed the S&P 500 – delivering a return of 359.4% compared to 361.1% of the S&P 500. However, the fund has outperformed the IA North America sector average, which has returned 307.5%. Past performance isn’t a guide to the future, and like all investments, the fund can fall in value, so investors could make a loss.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the last 12 months to the end of July, the fund has returned -14.1%, behind the S&P 500 which returned 17.2%. The IA North America sector average returned 13.9%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that a number of the fund’s software-related companies detracted significantly from performance. Investors have started to scrutinise these companies’ business models and whether they could be displaced by advancements in AI. This has resulted in a number of software companies' share prices falling significantly. This includes the likes of educational platform Duolingo and gaming platform Roblox. Online streaming company Netflix and online real estate platform CoStar also struggled.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, the fund’s investment in semiconductor company Nvidia has continued to perform well as results have impressed investors. Biotechnology company Guardant Health also contributed to performance, as did internet service company Cloudflare.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although","marks":[],"data":{}},{"nodeType":"text","value":" it’s been a tough period, there have been times in recent years where the fund had performed strongly, most notably from 2019 to 2021. Many of the fund’s holdings were beneficiaries of the economic conditions that existed during the pandemic, sending their share prices higher. However, as the US central bank embarked on an interest rate rising programme in 2022 to battle higher inflation, the managers' high-growth investment style fell out of favour. With investors less willing to buy companies with high growth potential, the share prices of some of the fund's investments fell significantly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You should consider annual performance in the context of a longer time horizon and not in isolation. The manager’s long-term time horizon and the fund’s concentrated nature means that performance can be different to peers and benchmarks. As a result, we don’t expect the fund to hold up as well as the index in a falling market, though it can rise more quickly when markets rise. 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fund.","publishedDate":"2026-08-20","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6kPYhBBLD8OXp26NCn2TAT","type":"Entry","createdAt":"2026-08-20T10:38:21.989Z","updatedAt":"2026-08-20T10:38:21.989Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nick Train aims to invest in successful companies that have stood the test of time","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He’s a long-term investor, and makes very few changes to the fund from year to year","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train has a strong long-term record, with the fund outperforming the FTSE All Share index since launch, though performance has been weaker in recent years","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund does not feature on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/w/ws-lindsell-train-uk-equity-class-d-accumulation"},"content":[{"nodeType":"text","value":"Lindsell Train UK Equity","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to deliver long-term growth by investing in a small number of high-quality UK companies that generate lots of cash and have stood the test of time. Most of the fund is made up of large well-established companies that have strong brands or powerful market franchises.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund could be an option for the UK part of a broader global investment portfolio. A focus on large, high-quality companies means it could work well alongside other funds investing in unloved UK companies with recovery potential, or those focused on smaller companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund was set up in 2006 by Nick Train, who has more than four decades of investment experience. Train was previously Head of Global Equities at M&G Investment Management, and before that spent 17 years at GT Management in various senior roles including Investment Director and Chief Investment Officer for Pan-Europe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train is also co-manager of the Lindsell Train Global Equity fund and lead manager of two investment trusts. However, there is considerable overlap among the UK companies held in all four investment products and the day-to-day management of the global fund is also overseen by other members of the team. We think this is a reasonable workload and does not mean Train is spread too thin.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train is supported by Madeline Wright who was promoted to co-portfolio manager in January 2026. Wright has spent her entire investment career at Lindsell Train - she joined as a graduate in 2012 and became deputy manager in March 2019. Her contribution in the fund has grown over this time and her promotion reflects her involvement. Train and Wright are also supported by an experienced and highly regarded team, including fellow co-founder Michael Lindsell.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train invests mostly in large, longstanding businesses with characteristics that are hard to copy, such as strong brands, heritage or sports franchises. His search for high-quality businesses tends to lead him towards larger companies, although he has the freedom to invest in UK companies of any size if he spots an opportunity. This includes smaller companies, which are higher risk than their larger counterparts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train is a long-term investor, analysing companies with a view to holding them for a decade or more. This buy and hold approach means he makes few changes to the fund in any given year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Historically the fund has been dominated by consumer brands, but in recent years Train has invested more in what he describes as ‘digital winners’ – companies with market leading data sets and the potential to benefit from advancements in artificial intelligence (AI). This includes data and analytics business RELX and Experian.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While ‘digital winners’ make up nearly 60% of the fund, there is still a large allocation to consumer goods companies – currently 22%, down from 48% in 2019.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Well-known brand owners such as Unilever and Diageo remain large investments in the fund. Train has sold non-UK consumer companies, including confectionery giant Mondelez International, and now invests solely in UK-listed businesses. In 2019 the fund had 19% invested in non-UK companies (like all UK funds, this one can invest up to 20% in overseas firms). This reflects Train’s view that the UK stock market is attractively valued compared to international peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months the managers have added just two new investments, neither have been publicly announced as the fund continues to build a position. The fund has sold just one company, ice cream maker Magnum.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund typically invests in 20-35 companies. Investing in a relatively small number of companies means each investment can have a big impact on overall returns, which is a higher-risk approach. Following the sale of the non-UK listed companies, the fund is now more concentrated than usual, with just 21 investments.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Between them, Michael Lindsell and Nick Train own the majority of Lindsell Train Limited, the company that runs all Lindsell Train funds. We view this positively as ownership of the business ties the managers’ long-term incentives to the interests of investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The duo and their team spend lots of their time reading, learning and compiling information on companies they own shares in and those on their watchlist. They tend not to recruit experienced people, preferring to train and develop graduates who can be moulded into the Lindsell Train way of thinking.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our due diligence on the Lindsell Train business previously highlighted some areas for improvement in the firm's corporate governance processes. We are pleased to report that the firm has made enhancements to their risk management processes, and we are now satisfied they have robust governance oversight in place.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All Lindsell Train funds seek to invest in exceptional companies for the long term. These companies tend to be well-managed with responsible business practices. Lindsell Train fund managers avoid capital intensive industries (such as energy, commodities and mining companies) and those judged to be sufficiently detrimental to society that they might be vulnerable to burdensome regulation or litigation (such as tobacco, gambling and arms manufacturers).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fund managers are responsible for voting and engagement. Their long-term approach means they are generally supportive of company management teams. If the fund managers disagree with the management team’s approach, they will try to influence the company to adopt a different course of action if it’s in clients’ interests. Voting and engagement case studies are available in the firm’s annual Stewardship Report and its ESG & Engagement Report.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual fund charge of 0.72%, but a discount of 0.15% is available for HL investors, which reduces the charge to 0.57%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The HL account charge of up to 0.45% per year also applies, except in the HL Junior ISA, where no account charge applies. Please note that charges are taken from capital, which could boost the income, but reduces potential for capital growth. Both a buy and sell instruction will be subject to HL dealing charges. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/charges"},"content":[{"nodeType":"text","value":"Find out more about our charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has performed well since its launch in July 2006, delivering better returns than the FTSE All Share Index. Over this period, the fund has gained 387.8%*, ahead of the FTSE All Share’s 297.0% return. Past performance should not be viewed as a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the fund’s long-term track record remains strong, the last five years have been challenging. The past year has been particularly disappointing, with the fund losing 11.0%, lagging the 21.6% return delivered by the FTSE All Share Index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train’s focus on high-quality companies has helped shelter investors' money to a degree when markets have fallen, but we expect the fund to lag the broader market when it rises quickly. This quality-focused investment style has been out of favour recently, and Lindsell Train are not alone in struggling as a result. Instead, the UK’s stock market gains over the last year have been driven by industries like aerospace & defence and banks, areas that this fund doesn’t usually invest in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, stock selection has also been poor recently. Our analysis suggests that online property company Rightmove and financial markets infrastructure provider London Stock Exchange were amongst the biggest detractors. Train continues to see long-term opportunities in these businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment styles go in and out of favour, which is why we suggest investors build diversified portfolios with exposure to a variety of styles, sectors, countries and asset classes. Over the longer term, we expect the fund to do better when quality investing is in favour. If the recent trend reverses, it should outperform value-focused funds, though this isn’t guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because the fund is concentrated, its performance can differ meaningfully from the broader market, both positively and negatively. This approach has delivered strong periods of performance in the past, but as we’ve seen over the last several years it can also work in reverse. The fund isn’t currently on the Wealth Shortlist. Performance has disappointed in recent years and we’re mindful of the concentrated approach, which is more extreme than usual, and the impact this has had, and can have, on performance.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"20U7ETdzmKKjHEzmLDxTXI","type":"Entry","createdAt":"2026-08-20T10:38:22.005Z","updatedAt":"2026-08-20T10:38:22.005Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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fund.","publishedDate":"2026-07-29","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"694ygHtJ1yFQ0ojcpaag1W","type":"Entry","createdAt":"2026-07-29T15:51:50.313Z","updatedAt":"2026-07-29T15:51:50.313Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake Hutchins took over as manager of the fund at the end of September 2024, following Hugo Ure’s departure from Troy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager looks for resilient and high-quality companies that can withstand times of stock market stress","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund doesn’t invest in companies with significant exposure to areas deemed unethical, such as tobacco and oil & gas","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund does not feature on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Troy Trojan Ethical Income fund aims to provide a rising income and the potential for capital growth, while minimising losses in a falling market. The fund’s ethical approach makes it different to many other income funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager doesn’t invest in companies with significant exposure to areas deemed unethical, such as tobacco and fossil fuels. Some of these areas are often well-represented in traditional income funds without an ethical tilt, so we think this fund could bring diversification to an income-focused portfolio. It could also be a conservative addition to a responsible investment portfolio built to provide income.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake Hutchins took over as the fund’s manager at the end of September 2024, following Hugo Ure’s departure from Troy. The fund was removed from the Wealth Shortlist following this change.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hutchins joined Troy in 2019 from Investec Asset Management where he was lead manager on the UK Equity Income fund and co-manager on the Global Quality Equity Income Fund. Prior to that, Hutchins managed UK equity funds at Columbia Threadneedle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hutchins has learnt from a number of excellent fund managers over his career to hone his approach to investing in quality companies for income. Hutchins is supported by assistant fund manager Fergus McCorkell who joined the business in 2017. He also has the support of Troy’s wider investment team. The team works collaboratively with a common approach to investment.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hutchins looks for high quality, resilient companies that can generate sustainable and growing cash flows. This supports the dividends paid to shareholders and could help the business reinvest for future growth. He also looks for companies with a sustainable competitive advantage over peers – known as ‘economic moats’. These companies are often market leaders within their field and enjoy barriers to entry which are likely to deter potential competitors from entering the industry.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High-quality companies and sheltering capital is a firmwide focus at Troy. It’s what makes their approach different to many others, and as a result performance will also be different at times. The approach aims to provide a growing income and shield investors from the worst of market falls, though this is not guaranteed and the fund may fail to keep pace with rapidly rising markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund uses an exclusions-based investment process when it comes to Environmental, Social and Governance (ESG). This means they exclude a number of companies who have exposure to certain themes. Below is a more detailed list of the type of companies that the fund won’t invest in:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fossil fuels – Companies where more than 10% of their turnover comes from selling the extraction, refinement or generation of fossil fuels","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tobacco - companies where more than 10% of their turnover comes from selling tobacco products","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gambling - companies where more than 10% of their turnover comes from gambling","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High interest rate lending - companies where more than 10% of their turnover comes from high interest rate lending","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alcohol - companies where more than 10% of their turnover comes from selling alcohol products","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pornography - companies where more than 3% of their turnover comes from pornography or adult entertainment","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Armaments - companies where more than 10% of their turnover comes from selling strategic military supplies. This includes no exposure to companies involved in nuclear weapons manufacturing or with convention breaches relating to cluster munitions and anti-personnel mines","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months there have been some changes to the fund, Hutchins has added UK insurance company Hiscox and US insurance company Chubb. He also added UK online car marketplace Autotrader. A number of companies were also sold including drinks manufacturer Fevertree, self-storage company Big Yellow Group and ice cream company Magnum Ice Cream.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund tends to be concentrated with between 35 and 50 investments, which means each one can have a meaningful effect on performance, though this approach increases risk. There are currently 34 holdings in the fund. Whilst this is below the typical range, we’re comfortable this isn’t a shift in philosophy. The fund can also invest in smaller companies and make use of derivatives which adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Troy is a privately owned company, set up in 2000 by fund manager Sebastian Lyon with the backing of Lord Weinstock. We like that Troy's fund managers are dedicated to the same investment philosophy that was established two decades ago. The group has always been clear about the way its range of funds are managed, and the managers don't stray into overly complicated areas of investment markets. Wealth preservation is key, and each manager adheres to this mantra.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Troy is home to a small, close-knit team of investors, the group has recruited more junior members over the years to boost resource and ensure the funds are left in good hands as and when more senior members retire. Despite the team’s growth, we think Troy has remained a very collegiate unit with all members able to have input.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Troy integrates using a materiality-based approach, meaning the managers focus on the issues they deem to be most material to the company’s investment prospects. They also have access to third-party ESG data and research. How analysts and fund managers engage with ESG, and the overall quality of their research, is considered when calculating their incentivisation packages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Engagement and voting are the responsibility of the investment team. All votes are discharged, and usually cast in favour of management proposals unless the team believes investors’ interests are better represented by abstaining or voting against management. Their preferred course of action is to have dialogue with management ahead of casting votes against their recommendations. The firm provides a proxy voting portal where investors can see every vote exercised, although no rationales are provided. That said, Troy publishes a summary of its ‘significant’ votes in its annual ‘Engagement and Voting Disclosure’ report, along with rationales for voting both in favour and against proposals. The firm also produces a quarterly Responsible Investment report, which includes voting and engagement updates and case studies, alongside other responsible investment-related research.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an annual ongoing charge of 1.02%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.15%. This means you’ll pay a net ongoing charge of 0.87%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee of up to 0.35% per year also applies, except in a Junior ISA where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the fund takes charges from capital, which could boost the income paid, but reduce the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Blake Hutchins took over from Hugo Ure in September 2024, the fund’s grown 5.22%*, underperforming the FTSE All Share index return of 32.51% over the same period. This is a short timeframe though, and past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s relatively defensive style means we expect it to hold up better when stock markets fall sharply but lag a rapidly rising stock market. Stock markets have generally performed well since the fund’s launch in January 2016, so it hasn’t kept pace.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given part of the fund invests overseas, we also expect the fund to perform differently to its UK-focused benchmark at times. The fund’s ethical exclusions will also cause performance to differ from the index. When the excluded areas are out of favour and their share prices fall, the fund could do well. When they perform well, the fund will miss out. This has been the case more recently where areas such as Defence, Mining and Tobacco have performed well off the back of a number of governments committing to increase spending on defence, alongside higher commodity prices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the fund has delivered a return of 2.79%, lagging the FTSE All Share index return of 21.89%. Our analysis suggests the fund’s investments in a number of software companies detracted from performance. Software companies have generally performed poorly as many investors scrutinise their business models and whether they could be displaced by advancements in artificial intelligence. This includes the likes of London Stock Exchange Group (LSEG), Sage, Experian and RELX. Not owning defence company Rolls Royce and tobacco company British American Tobacco has also hurt returns compared to the benchmark.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hutchins’ investments in healthcare companies were positive for performance though. This includes UK pharmaceutical company GlaxoSmithKline and Swiss pharmaceutical companies Novartis and Roche. Also performing well was hotel group InterContinental Hotels and industrial company Diploma. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given the additional challenge of managing a fund with ethical exclusions and the manager’s relatively defensive investment philosophy, we expect the fund to pay a lower yield than some other income funds. At the time of writing, the fund has a historical yield of 2.88% compared to 3.10% of the FTSE All Share. 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*Lipper IM to 30/06/2026.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:0:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7mR5xTmDz5GQzYlJPGgkWA","type":"Entry","createdAt":"2026-07-29T15:51:50.344Z","updatedAt":"2026-07-29T15:51:50.344Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Troy Trojan Ethical Income: July 2026 fund update | Hargreaves Lansdown","seoMetaDescription":"In this fund update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Troy Trojan 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See how the FTSE 100, UK Wealth Shortlist funds performed over the past year, and what a Burnham government might mean for the UK funds sector. ","publishedDate":"2026-07-28","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4GUT1FcPaxQckT7Q6Uh8NM","type":"Entry","createdAt":"2026-07-28T10:40:31.521Z","updatedAt":"2026-07-28T10:40:31.521Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The newly appointed Prime Minister has ruled out an early election, instead pledging to govern based on the 2024 manifesto that brought Labour to power. Given Labour’s lacklustre polling numbers and the rise of Reform, this decision was widely expected.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Housing remains a key issue for both the government and voters. Despite former Prime Minister Keir Starmer's pledge to fast-track planning approvals and deliver 1.5 million new homes over five years, progress fell short of expectations. 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However, managing the UK's relationship with US President Donald Trump is likely to prove more challenging. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although","marks":[],"data":{}},{"nodeType":"text","value":" Burnham agrees that maintaining a strong relationship is important, he has also indicated that he would be prepared to take a firm stance when the two countries disagree.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, Burnham has promised to honour Labour's pledge not to increase income tax, VAT, or National Insurance. But he does believe that there’s room for manoeuvre in other areas. He may need to explore these options, as the Office for Budget Responsibility has stated that spending cuts or tax rises equivalent to £100bn per year will be required by 2030/31 to stabilise public finances.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How has the UK stock market performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last 12 months have been positive for UK markets. However, the beginning of 2026 has been very volatile thanks to higher oil prices stemming from the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/middle-east-crisis"},"content":[{"nodeType":"text","value":"war between the US and Iran.","marks":[],"data":{}}]},{"nodeType":"text","value":" As a result, performance has varied across different areas of the market. 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delivered mixed performance during the past 12 months, though we tend to expect this from such a wide range of funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these funds isn’t right for everyone. Investors should invest only if the fund’s objectives align with their own and should make sure any new investment forms part of a long-term ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified portfolio","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For more details on each fund and its charges and specific risks, see the links to their factsheets and key investor information.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"UK Growth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The top performing UK Growth fund on the Wealth Shortlist was the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/legal-and-general-uk-100-index-class-c-accumulation"},"content":[{"nodeType":"text","value":"L&G UK 100 index","marks":[],"data":{}}]},{"nodeType":"text","value":", returning 24.2%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund provides a low-cost and straightforward way to invest in the FTSE 100 – an index of the largest companies in the UK. Legal & General have been running passive funds for more than 30 years and are one of the largest providers of such funds in the UK. The team’s process, combined with low charges, should help the fund to efficiently track the index.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2h8AvAwlgA8q9aQIbuhk9a","type":"Entry","createdAt":"2026-07-28T10:40:31.796Z","updatedAt":"2026-07-28T10:40:31.796Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"article":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"48QVbI3m6REDSVAeZtN8fN","type":"Entry","createdAt":"2026-07-15T13:12:12.419Z","updatedAt":"2026-07-15T13:12:12.419Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":16,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Clifton Navy","titleAndPath":"Aegon Ethical Equity: July 2026 fund update [@ aegon-ethical-equity-july-2026-fund-update]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this fund update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Aegon Ethical Equity fund.","publishedDate":"2026-07-15","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3Eqr2BFZM42vVnj5PlAGEW","type":"Entry","createdAt":"2026-07-15T13:12:12.629Z","updatedAt":"2026-07-15T13:12:12.629Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Audrey Ryan is an experienced fund manager who is passionate about ethical investing","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund invests in UK companies using an 'exclusions-based' approach, avoiding companies involved in activities deemed unethical","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think that Ryan handles the constraints of managing an ethical fund well and has the potential to do a good job for patient investors","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund currently features on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2NE1eIfKBIb0OfxrfkySbj","type":"Entry","createdAt":"2026-07-15T13:12:12.643Z","updatedAt":"2026-07-15T13:12:12.643Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":42,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Aegon Ethical Equity fund aims to provide a combination of income and capital growth over the long term by investing in companies that meet its ethical criteria.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think that the fund could be a good addition to the UK section of an ethical portfolio, designed to limit or exclude investments in industries that some find immoral, such as tobacco or alcohol. The fund could also be used by investors who want to add an ethical element to their broader investment portfolio. Ethics are personal, though, so make sure you’re happy with the fund’s approach before investing.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Audrey Ryan started her career as a UK smaller companies portfolio manager at General Accident, before moving to Aegon (previously Kames) in 1997. She began managing the Aegon Ethical Equity Fund in 1999 and is a passionate ethical investor. We think she's one of only a few fund managers who have handled the constraints of an ethical fund well over the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ryan's also a co-manager on the Aegon Ethical Cautious Managed Fund. We think that this workload is manageable for someone of her calibre.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There have been some changes to the wider team that help Ryan manage the fund. Emma Hall joined the team at the start of 2026, and more recently she has become the co-manager of the fund. Although changes in the team can cause disruption, our conviction in the fund is centred on Ryan’s experience and continued involvement as manager.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund invests in UK companies using an 'exclusions-based' approach, so it doesn’t invest in companies involved in activities deemed unethical. The UK stock market is filtered for these ‘sin stocks' by Aegon's ESG Research Team. The screening process is kept separate from Ryan and the rest of her team, leaving them free to focus on stock selection and portfolio construction and to provide some independence and credibility to the screening process. The ethical screens are reviewed every two years following an investor survey. In the past, findings from the survey have influenced the team to change their stance on matters such as oil and gas, removing the sector entirely from the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below is a more detailed list of the type of companies that the fund won’t invest in:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Animal welfare - companies that provide animal testing services, make or sell animal-tested products, are involved in intensive farming, operate abattoirs or slaughterhouses or sell meat, poultry, fish or dairy","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Military - companies that make armaments, nuclear weapons or similar strategic products","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nuclear power - companies that provide important services to, or own or operate, nuclear facilities","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Environment - companies that excessively damage the environment, in breach of internationally recognised conventions on biodiversity or not tackling climate change","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Political donations - companies that have made political donations in excess of 1% of revenues in the past 12 months","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gambling - companies with investments in betting shops, casinos or amusement arcades which account for more than 10% of their total business","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alcohol - companies where more than 10% of their total business involves brewing, distillation or sale of alcohol","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tobacco - companies where more than 5% of their business involves growing, processing or selling tobacco","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pornography - companies that provide adult entertainment services","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banks - corporate or international banks with exposure to large corporate or Third World debt","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Oppressive regimes - companies operating in countries with poor human rights records or with no established policies on human rights issues","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Of the stocks that make it through the ethical screening, Ryan wants to invest in companies benefitting from structural changes in the economy. An important part of the fund's investment process is meeting with company managers. These meetings allow Ryan and her team to build a deep understanding of each business and the challenges and opportunities it has ahead. They will also consider how the stock’s valuation compares to what their analysis suggests that it's worth and how it’s been valued in the past.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, Ryan has made some changes to the portfolio. She has sold financials company Foresight, recruitment company PageGroup and accountancy software company Sage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, Ryan has also made a number of new investments. These include telecommunications company Vodafone, engineering company Spirax and financial company St James’s Place.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aegon’s asset management business has operated through several brands, including Aegon Asset Management, then Kames Capital, and is again known as Aegon Asset Management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In September 2020, Aegon completed an integration process that allowed the former Kames Capital business to leverage the expertise and research capabilities of the broader Aegon group. As well, Aegon benefited from Kames’ expertise managing ethical and sustainable funds. The Kames Capital brand was then retired.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We typically treat corporate changes with caution; however, we believe that the changes are now well embedded. We're also mindful that there have been a number of departures from the company in recent years in both the UK and Global equity teams. We continue to monitor the situation closely.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After the extensive screening approach has narrowed the fund’s investable universe, Ryan and her team aim to identify and understand the main Environmental, Social and Governance risks of each company, industry and sector they invest in. They believe that companies that lead the way in governance and sustainability can outperform over the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aegon has a rich heritage in responsible investment, having had ethical and sustainable funds as part of its fund lineup for more than 30 years. Fund managers across the firm see it as their responsibility to encourage companies to maximise investment returns through good governance practices and respect for the environment and society.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s position on several controversial areas can be found in its Responsible Investment policy. Companies that derive more than 10% of their revenues from the exploration, mining, and refining of thermal coal are excluded from all Aegon-managed funds, and this threshold will reduce to near zero by 2030, in line with Aegon Group’s Responsible Investment Policy. Companies involved in controversial weapons, or that earn more than 5% of their revenues from tobacco, palm oil production/ distribution, oil sands or arctic oil & gas exploration are also excluded. Finally, Aegon funds don’t invest in companies believed to systematically breach human rights, and Russian and Belarusian companies are not considered.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm produces an annual Responsible Investment and Stewardship report, which goes into detail about its ESG processes and provides a full breakdown of the firm’s voting activity, as well as engagement case studies. The team also produces a range of articles on responsible investment, which can be accessed via their website.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual fund charge of 0.77%, but a discount of 0.15% is available for HL investors, which reduces the charge to 0.62%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside an ISA or SIPP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform charge applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given that a number of the larger companies in the investable universe are excluded for ethical reasons, the fund has a long-term bias towards higher-risk small and medium-sized companies. A focus on small and medium-sized companies can increase risk, and these companies tend to rely more heavily on the health of the UK economy. This, combined with the fund's lack of exposure to industries like oil & gas and tobacco, means that its performance can differ from that of more conventional UK equity funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think that Ryan has done a good job for investors over the long term. She is marginally behind the FTSE All Share index since she became manager in January 1999. Over this period, the fund has delivered returns of 418.07% behind FTSE All Share index return of 432.12%. She is also behind the IA UK All Companies sector average, which returned 429.01%. Past performance isn’t a guide to the future. That said, for most of this period, she has been ahead of both the benchmark and peers, although in recent years, the fund has had periods of weak performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the beginning of 2025, the fund has delivered a return of 2.52%, lagging the FTSE All Share Index return of 32.97% and the IA UK All Companies sector average which returned 20.92% During this period, the fund's ethical investment style has been out of favour. Many sectors that Ryan excludes under the fund's investment policy have performed strongly, including oil & gas, defence, mining, tobacco, and certain banks such as HSBC.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the same time, a number of companies held within the portfolio have struggled. This includes several companies that investors perceive to be potential losers from advances in artificial intelligence, where their business models are viewed as being under threat. Examples include financial services companies London Stock Exchange Group (LSEG) and ICG, as well as the consumer review platform Trustpilot.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember: different investment styles come in and out of favour and it's important to maintain a diversified investment portfolio, spread across different geographies and investment styles.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It hasn’t all been bad for Ryan: since January 2025 a number of companies have also performed well. This includes industrial company Diploma, manufacturing and research company Oxford Instruments and UK bank NatWest.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, we think that Ryan is an excellent investor who has handled the constraints of managing an ethical fund very well over the long term. 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Henderson UK Responsible Income: May 2026 fund update [@ janus-henderson-uk-responsible-income-may-2026-fund-update]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this fund update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Janus Henderson UK Responsible Income 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Andrew Jones is supported by an experienced and collegiate team of fund managers and analysts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He invests in companies with proven business models and good management teams generating resilient profits and cash flows","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s exclusions criteria mean we expect it to perform differently to the broader UK stock market and its peers in the IA UK Equity Income sector","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is on the Wealth Shortlist of funds chosen by our analysts for their long-term performance 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It’s different to most other funds in the IA UK Equity Income sector as it avoids companies some may find unethical. Some of these areas, such as tobacco and oil & gas companies, feature heavily in traditional equity income funds because of their relatively high dividends. This fund could therefore offer some diversification to a traditional equity income fund or be a good addition to a responsible portfolio aiming to provide an income.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Andrew Jones has managed this fund since January 2012 and has more than two decades of experience managing UK equity income funds. He started his career at Invesco Perpetual in 1995 and in 2005 joined Henderson as a portfolio manager on the UK Equities Team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alongside the UK Responsible Income fund, Jones co-manages the Janus Henderson Global Equity Income and Global Responsible Managed funds. We think this is a reasonable workload, and there’s some natural overlap between these funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jones is supported by backup manager David Smith. Smith has over 20 years of financial experience and has been a portfolio manager on the global equity income team since 2008.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jones also has support from the wider Janus Henderson Global Equity Income team and a team of analysts, many of whom cover UK companies. Janus Henderson’s collaborative culture means Jones can make the most of the experience around him and we think he is resourced to do his job well.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund mainly focuses on dividend-paying UK companies. The focus is on large and medium-sized companies, although the manager has the flexibility to invest in higher-risk smaller companies too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The investment process starts by excluding companies with significant involvement in areas some investors consider unethical, such as alcohol, armaments, gambling, non-medical animal testing, nuclear power, tobacco and fossil fuel power generation. All investments must also be compliant with the UN Global Compact (a United Nations pact on human rights, labour, the environment and anti-corruption).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From the remaining universe, Jones looks for companies with proven and understandable business models, high-quality management teams and strong positions in their industries. He thinks about how the company defends its position through competitive advantages like brand strength and intellectual property, and whether those advantages can endure over time. He also likes companies in a strong financial position with plenty of cash flow, allowing them to reinvest for future growth, while at the same time rewarding shareholders with rising dividends.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, he considers the company’s valuation (whether its share price reflects its longer-term potential yet), applying a range of valuation techniques that are relevant to the company and the industry it operates in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like all funds in the IA UK Equity Income sector, Jones can invest up to 20% of the fund outside of the UK. The manager uses this to access areas that aren’t available in the UK, or to add diversification during times of uncertainty. The amount invested outside of the UK is currently low at 3.9% of the fund, reflecting the amount of opportunities Jones sees in the UK market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jones has made a number of changes to the fund over the last year. He sold asset management company Schroders following a takeover bid from US investment manager Nuveen. He also sold technology company Spectris and industrial company Hays.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jones also made several new investments. This includes financials companies Standard Chartered and HSBC. He also added to some existing investments including technology company RELX and property investment company Shaftesbury Capital. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Janus Henderson is a large investment firm with offices all over the world. It was formed in 2017 from the merger of two long-established groups – US-based Janus Capital Group and Henderson Global Investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It values experience and sharing knowledge and ideas between investment teams is an important part of the culture. Managers have the flexibility to tap into the wider group’s resources for ideas and insights but also have the freedom to do their own research and form their own views without having a ‘house view’ placed on them.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Janus Henderson aims to be a responsible steward of investors’ money, and Environmental Social Governance (ESG) is an important part of this. All fund managers have access to ESG scoring models and customised ESG research, but the firm believes ESG considerations should go beyond examining numbers. Company site visits, speaking to workers and questioning company management are just some of the ways fund managers are expected to actively assess a company’s ESG credentials","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams across Janus Henderson actively engage with the companies they invest in, and the firm’s longstanding Responsible Investment & Governance team provides centralised support on voting and engagement.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to voting, Janus Henderson has a Proxy Voting Committee, which is responsible for establishing the firm’s position on major voting issues and creating guidelines overseeing the voting process. The Committee is comprised of representatives from various business areas, including portfolio management, corporate governance, and compliance. The firm’s full proxy voting records are published annually, although no rationale is provided. There is more detail on voting and engagement, including case studies, in the firm’s annual Responsibility report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the company wide integration of ESG analysis is suitable for considering ESG related risks to investment opportunities. With the exclusions and responsible stock selection process applied by the fund, it goes further than other funds managed at Janus Henderson.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual charge of 0.85%, but we've secured HL clients an ongoing saving of 0.28%. This means you pay a net ongoing charge of 0.57%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform charge applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently made some changes to the amount clients pay to invest with us. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the fund takes charges from capital, which could boost the income, but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has performed well over the long term. Since Jones took control in January 2012 it’s risen by 252.30%*, compared with a return of 225.97% for the FTSE All Share index, and 201.64% for the IA UK Equity Income sector average. Past performance is not a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has delivered a return of 15.11%, behind the 25.21% return generated by the FTSE All Share index, and the 18.20% by the IA UK Equity Income sector average. Given the fund’s exclusions, we expect it to perform differently to the broader UK stock market and its peers in the IA UK Equity Income sector at times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During this period, the FTSE All Share returns have been concentrated, with a few sectors significantly outperforming, such as oil and gas, mining, and defence. Given this fund’s exclusions, Jones will have very little exposure to these sectors, making it difficult for him to keep up with the wider market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For example, not investmenting in mining companies such as Glencore and Rio Tinto, or oil and gas companies like BP and Shell, was a key detractor from performance relative to the FTSE All Share. However, some of the fund’s existing investments also experienced a challenging 12 months, including healthcare company ConvaTec and materials company Mondi.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, Jones’ investments in aviation company Spectris and asset management company Schroder both contributed to returns, after they received takeover bids. 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This is a pivotal moment for investors as the world’s largest economy heads out to vote on who will control Congress. With American politics growing increasingly polarised, these results could end up significantly shaping future policy direction.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the US midterm elections?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The US elects a new President every 4 years. But at the halfway mark the public vote in the midterms, where they vote on who controls Congress. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is important because to pass new legislation, the President must secure Congressional approval. Congress consists of two chambers – the House of Representatives (lower chamber) and the Senate (upper chamber). ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The House introduces and votes on bills, budgets, and appropriations. It can also conduct investigations – including impeachment proceedings. The Senate, meanwhile, reviews and votes on legislation, confirms appointments, and plays a key role in shaping national policy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In November, all 435 members of the House of Representatives are up for re-election and 35 out of 100 Senate seats are up for grabs. Senators typically serve a six-year term, so their elections are more staggered; Representatives serve two-year terms, meaning they’re all up for election. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Currently, there’s what’s referred to as a ‘red wave’. Republicans control the White House and hold slim majorities in both the House and Senate. Republicans hold 220 seats compared to the Democrats' 215 in the House. In the Senate, the Republicans hold 53 seats and the Democrats 47. This red wave has made it easier for President Donald Trump to push through legislation.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does history tell us","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ‘midterm iron law’ suggests that the controlling party in the White House typically struggles in midterm elections, especially in the House. This happened in 2022, when then-President Joe Biden and the Democrats lost control of the House. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the 20 midterm elections since the end of the Second World War, 18 of them resulted in the president’s party losing seats in the House. The only exceptions were Democrat Bill Clinton in 1998 and Republican George W. Bush in 2002. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We will have to wait and see if history repeats itself, but on average 26 seats in the House change hands in the midterms. Given the Democrats need to flip only three, it’s expected that they will take back control of the House. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What do the current polls suggest","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s not just history on the Democrats' side: so are the polls. 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Back in February before the conflict started, inflation was at 2.4%, marginally above the Federal Reserve’s 2% target. Americans are also concerned with Trump’s overall handling of the economy and of foreign policy and immigration. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What this means for investors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With more than 60% of Americans invested in the stock market, the results of the midterms will not only affect people’s political views, but it could also impact their investments. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite Trump’s low approval rating, the US stock market has generally been performing well. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The S&P 500 has returned 26.30% over the last 12 months, with smaller companies returning 42.36% – though past performance isn’t a guide to future returns. But this is with the red wave and Trump generally being able to make changes at will. This could sway some voters in favour of a continuation of the red wave. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the Republicans retain control of Congress, Trump’s pro-market legislative agenda could end up accelerating. But if Democrats win a majority in even one of the chambers, they could block future bills and stall his policy initiatives. A split Congress – where control is divided – has occurred many times before, often leading to legislative gridlock. 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As the manager focuses more on companies able to sustainably grow income over the longer term, rather than those paying a high income today, it might not appeal to portfolios invested for a high level of income. Overall, this is a more cautious income fund. It could form part of an income portfolio, or a broader portfolio looking to add investment in larger UK companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blake Hutchins is manager of the fund. He joined Troy in 2019 from Investec Asset Management where he was lead manager on the UK Equity Income fund and co-manager on the Global Quality Equity Income Fund. Prior to that, Hutchins managed retail and institutional UK equity funds at Columbia Threadneedle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hutchins’ background and experience mean he’s well placed to lead on this fund. He has learnt from a number of excellent fund managers over his career, honing his approach to investing in quality companies for income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hutchins is supported by assistant fund manager Fergus McCorkell who joined the business in 2017. He also has the support of Troy’s wider investment team. 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It’s what makes their approach different to many others, and as a result performance will also be different at times. The approach aims to provide a growing income and shield investors from the worst of market falls, though this is not guaranteed and the fund may fail to keep pace with rapidly rising markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months there have been some changes to the fund, Hutchins added financials company IG Holdings, aerospace and defence company Melrose and US insurance company Chubb. He has sold a number of companies including, fast food company Greggs, drinks manufacturer Fever-tree and self-storage company Big Yellow Group.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund tends to be concentrated with between 35 and 50 investments, which means each one can have a meaningful effect on performance, though this approach increases risk. As at 30 June 2026 there were 37 holdings in the fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Troy is a privately owned company, set up in 2000 by fund manager Sebastian Lyon with the backing of Lord Weinstock. We like that Troy's fund managers are dedicated to the same investment philosophy that was established two decades ago. The group has always been clear about the way its range of funds are managed, and the managers don't stray into overly complicated areas of investment markets. Wealth preservation is key, and each manager adheres to this mantra.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Troy is home to a small, close-knit team of investors, the group has recruited more junior members over the years to boost resource and ensure the funds are left in good hands as and when more senior members retire. Despite the team’s growth we think Troy has remained a very collegiate unit with all members able to have input.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Troy integrates using a materiality-based approach, meaning the managers focus on the issues they deem to be most material to the company’s investment prospects. They also have access to third party Environmental Social and Governance (ESG) data and research. How analysts and fund managers engage with ESG, and the overall quality of their research, is considered when calculating their incentivisation packages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Engagement and voting are the responsibility of the investment team. All votes are discharged, and usually cast in favour of management proposals unless the team believes investors’ interests are better represented by abstaining or voting against management. Their preferred course of action is to have dialogue with management ahead of casting votes against their recommendations. The firm provides a proxy voting portal where investors can see every vote exercised, although no rationales are provided. That said, Troy publishes a summary of its ‘significant’ votes in its annual ‘Engagement and Voting Disclosure’ report, along with rationales for voting both in favour and against proposals. The firm also produces a quarterly Responsible Investment report, which includes voting and engagement updates and case studies, alongside other responsible investment-related research.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an annual ongoing charge of 1.04%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.40%. This means you’ll pay a net ongoing charge of 0.64%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform charge applies. 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Past performance should not be viewed as a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The interest rate rising cycle has proved a challenging period for the fund. The long-term investment horizon for quality companies means they are particularly vulnerable to rising interest rates, while companies that have performed well have generally not met Hutchins’ quality threshold. This wasn’t helped by the manager being slow to trim stocks held in the fund that had performed well and which subsequently fell in value.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given the fund’s quality bias, we typically expect the fund to hold up better than the index in falling markets, which has been the case. 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us-sector-review-how-oil-prices-inflation-and-interest-rates-are-driving-performance]","articleType":"$d:props:data:authorArticles:0:fields:articleType","intro":"Explore the latest US sector performance, including how oil prices, inflation and interest rates are shaping markets and investment opportunities.","publishedDate":"2026-06-30","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory",{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6KppkXuLoTyNzOata4MBSi","type":"Entry","createdAt":"2026-03-19T14:11:43.962Z","updatedAt":"2026-03-19T14:11:43.962Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":12,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Middle East 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The Strait has been the centre of negotiations following Iran effectively closing the trade route which resulted in the price of oil to sharply rise. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The announcement that a deal has been agreed provided some relief in the oil market, with the expected increase in supply helping to lower prices. That said, it will take time for the transit of oil to reach pre-war levels. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Home pressure ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The deal might have come a little too late, as the damage to Trump’s reputation following the conflict with Iran may have already been done. A recent poll suggested 65% of voters disagreed with his handling of the war and just 37% of people approve of his performance as president. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A major concern for voters is the increased oil price due to the conflict, although oil has now fallen, US consumers have had close to four months of elevated prices. This hasn’t just affected prices at the pump, but caused higher prices all round as business deal with the added cost. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This has resulted in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" spiking up. In February just before the conflict inflation stood at 2.4%, in May it reached 4.2%. As US consumers deal with the higher costs there was pressure on Trump from voters to make a deal to help lower oil prices and rein in costs. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Interest rates","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Going into the year, many were expecting the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/federal-reserve"},"content":[{"nodeType":"text","value":"Federal Reserve","marks":[],"data":{}}]},{"nodeType":"text","value":" (Fed) to cut ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rates","marks":[],"data":{}}]},{"nodeType":"text","value":" twice in 2026. This was reinforced as Kevin Warsh became the new chairman, with many anticipating that he would bow to Trump’s wishes and lower rates.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4lhV5MB7vRF8zuGrShWx65","type":"Entry","createdAt":"2026-06-30T09:28:03.599Z","updatedAt":"2026-06-30T09:28:03.599Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"image":true,"position":"Pull out right"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3wMqoVSu8y6XJZUAn4Qo7U","type":"Entry","createdAt":"2026-06-30T09:28:03.629Z","updatedAt":"2026-06-30T09:28:03.629Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, with the inflation fallout from the conflict, many economists have pivoted their views towards a potential rate hike. Even with the most recent deal, economists believe prices could stay elevated.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have US stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The US ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" grew 29.84% over the last 12 months to the end of May 2026*, with smaller companies outperforming larger peers, returning 38.69%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We are well embedded into President Donald Trump’s second term, and the stock market has continued to be volatile.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We had “Liberation Day” just over a year ago, when he announced sweeping tariffs on some of the US’ closest trading partners, causing markets to tumble. The tariffs were then paused to allow trade agreements to be made, which gave the market some relief as it started to rebound.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Towards the end of 2025, there was a significant volatility as investors scrutinised artificial intelligence (AI) companies – some of the largest companies in the world. 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Brexit, to this day, remains one of the most impactful economic events in modern British history and a decade on, the question is still, where do we go from here?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" continues to trade at a discount to its global peers but some argue this has created an investment opportunity that can’t be ignored. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article is for information only and not personal financial advice. Investing can help your money grow, but the value of investments can rise and fall, so you could get back less than you put in. Investing is for the long term, typically 5 years or more. 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Meanwhile, the Remain campaign argued the opposite – that leaving the EU would make the UK poorer, complicate trade deals, and remove the benefits of EU legislation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ultimately, the UK voted to leave the EU, leading then Prime Minister David Cameron to resign and leaving Theresa May and eventually Boris Johnson to handle the subsequent negotiations. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK officially left the EU on 31 January 2020. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The financial impacts of Brexit","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although at the time the impact was generally unknown, the UK stock market has since been trading at a discount to its global peers. 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The S&P500 is a product of S&P Dow Jones Indices LLC and has been licensed for use by Hargreaves Lansdown Asset Management","caption":"Past performance isn't a guide to future returns."}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1dwwEE2qEnYFrTcPeenatX","type":"Entry","createdAt":"2026-06-24T15:41:51.087Z","updatedAt":"2026-06-24T15:41:51.087Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The post-Brexit UK economy ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s no surprise that the uncertainty surrounding Brexit has had an impact on the UK economy, particularly when compared with its global peers. Many expected an immediate ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/recession"},"content":[{"nodeType":"text","value":"recession","marks":[],"data":{}}]},{"nodeType":"text","value":", though it never happened.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, the UK has experienced weaker growth than peers. According to economists, Brexit has left the UK economy 6-8% smaller than it would have been had the country remained in the EU.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK economy has also been affected by a productivity gap, which has slowed growth compared to some of its peers. Labour shortages in sectors like construction and hospitality is one of several factors contributing to weaker productivity. Where EU citizens could previously live and work freely in the UK, Brexit has introduced visa and eligibility requirements, making it more difficult for EU workers to enter the labour market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, certain sectors have struggled to recruit, constraining output and weighing on overall economic performance. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Trade tensions","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Trade has also slowed. Brexit introduced additional barriers with the UK’s largest trading partner, the EU. Exporters who once moved goods with relative ease now face increased bureaucracy and longer border delays. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2025 the UK exported 41% of goods and services to the EU while the EU made up 50% of imports. But the UK’s exports to the EU were still 14% lower – taking into account inflation – than in 2019. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, many multinational companies that may previously have chosen to locate to the UK, or further invest in their UK operations, have shifted activity to Europe. This lets them maintain access to the single market and avoid some of the new trade barriers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There is a silver lining though. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While exports and imports to Europe might have slowed, this has resulted in domestic suppliers picking up some of the slack. The Office for National Statistics reported UK businesses are using more UK suppliers, with nearly 75% of businesses saying they can still get all the goods they need from within the UK. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK also has had the freedom to make new trade deals outside of the EU market including with Australia, New Zealand, India and general terms with the US. These trade deals could benefit the UK going forward.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Business investment ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The referendum result came as a surprise to many, and even the government had no clear plan for how it would unfold. The subsequent period of political turmoil and uncertainty created significant unknowns around future trade relationships.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, business investment stagnated, with firms hesitant to commit to expansion or hiring decisions. Many chose to delay investment until there was greater clarity around the post-Brexit economic and regulatory environment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, Brexit isn’t the only factor weighing on business investment. Firms have also had to contend with the COVID-19 pandemic, the Russia-Ukraine conflict, high ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":", and rising ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rates","marks":[],"data":{}}]},{"nodeType":"text","value":", all of which have increased uncertainty and made borrowing more expensive.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are signs that business investment is beginning to recover and has now surpassed 2016 levels. From a Brexit perspective, this may indicate that firms have adapted to the new environment and are starting to see a clearer path forward.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Outflows in the UK market","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investor behaviour has been far clearer than the debate over whether leaving the EU was the right decision. Flows into UK equity funds came under pressure following the referendum and accelerated after the formal exit. The UK equity market has experienced a decade of outflows, with Brexit acting as one contributing factor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both domestic and foreign investors have been overlooking the UK. Historically, UK investors had a ‘home bias’, favouring domestic companies they knew and loved, but this has become less prominent. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors have increasingly been drawn to faster-growing and more dynamic markets, particularly the US. The US market has significantly outperformed the UK in recent years, and investors have increased their exposure to these higher-growth opportunities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other factors than just Brexit have played a role in this though. Political instability in the UK has weighed on sentiment, though the uncertainty of Brexit may have been the catalyst for investors to start exploring other options. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember different investment styles come in and out of favour though. It's important to maintain a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified portfolio","marks":[],"data":{}}]},{"nodeType":"text","value":", spread across different geographies and investment styles. For example in 2025 the UK substantially outperformed the US. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK also offers more income opportunities and is one of the world’s highest-yielding markets with a record of good ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/dividends"},"content":[{"nodeType":"text","value":"dividend","marks":[],"data":{}}]},{"nodeType":"text","value":" growth. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Looking ahead ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given the UK has traded at a discount, you might argue that valuations have become too attractive to ignore – meaning shares can be bought at a cheaper price than global peers. Also, a significant proportion of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/stock-market-summary/ftse-100"},"content":[{"nodeType":"text","value":"FTSE 100","marks":[],"data":{}}]},{"nodeType":"text","value":" is large, globally diversified companies, with revenue generated overseas. This raises the question of whether these companies have been overly penalised by investors for Brexit-related risks, despite being less directly exposed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smaller companies with greater domestic exposure appear even cheaper. While the UK market has lagged its peers, smaller companies have underperformed to an even greater extent, trading at discounts compared with both global peers and their own long-term averages.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One consequence has been a surge in takeover activity for UK companies. Many ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/acquisitions"},"content":[{"nodeType":"text","value":"acquisitions","marks":[],"data":{}}]},{"nodeType":"text","value":" have been led by overseas buyers willing to pay more than the company’s current share price. With UK smaller companies continuing to look cheap, there are few signs that this trend will slow in the near term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share buybacks have also increased significantly in recent years, as companies take advantage of their weaker share prices to repurchase their own shares. This can be seen as a vote of confidence in future prospects, as management teams signal their faith in the business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, ten years on, Brexit has neither been the economic collapse or the transformative catalyst. Instead, it has reshaped – but not broken – the UK investment landscape. 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The trust has a twin objective of increasing Net Asset Value (NAV) more than the FTSE All Share index and growing dividends per share faster than the rate of UK inflation. It could therefore fit as part of an income-focused investment portfolio or add exposure to larger UK companies in a broader, diversified portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors in closed-ended funds should be aware the trust can trade at a discount or premium to its net asset value (NAV).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Imran Sattar began his career at Mercury Asset Management in 1997, before joining BlackRock to manage UK equity funds. In 2018, he joined Majedie Asset Management to continue running UK equity funds and in April 2022 joined Liontrust when the business acquired Majedie.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following the retirement of experienced managers James de Uphaugh and Chris Field, Imran Sattar was appointed as portfolio manager of the trust in February 2024. He’s supported in managing the trust by deputy portfolio manager, Emily Barnard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Barnard started her career at the Wellcome Trust before joining Majedie Asset Management in 2016. She joined Liontrust in 2022 following Liontrust’s acquisition of the business and forms part of the Global Fundamental team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sattar and Barnard are also supported by the rest of the Global Fundamental Investment team at Liontrust and analysts Tom Gilbey and Gabriel Lever Grecu.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Edinburgh Investment Trust mainly invests in larger UK companies with 77.8% invested in the FTSE 100 at 31 May 2026. There is also a small amount (2.2%) invested in businesses listed on overseas stock markets. The objective is for returns to come from a balance of long-term capital and income growth. This approach limits the reliance on either income or capital to drive returns which could result in a smoother ride. The trust is relatively concentrated at 43 holdings, meaning that each investment could have a big impact on performance and increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sattar looks for good quality companies with sustainable business models and quality management teams across the value and growth spectrum. His focus is on identifying growing companies with well-established economic moats.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the year to the end of March 2026, Sattar made a number of changes to the portfolio. Following the sell-off in software companies that the market deemed to be losers from AI, Sattar bought technology company Softcat. He also increased his exposure to London Stock Exchange Group (LSEG), Sage and RELX following a drop in their share prices. Sattar also bought manufacturing company Marshalls and brick manufacturer Ibstock.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sattar sold a number of companies as well including US life science company Thermo Fisher Scientific and UK defence company BAE Systems. Both have performed well and Sattar thinks there are now better opportunities elsewhere.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust can borrow money to invest with the intention of increasing returns (known as gearing), but this could magnify losses in a falling market and increases risk. The manager can also use derivatives, which if used adds risk. The level of gearing as of the end of March 2026 (the end of the trust’s financial year) was 5.8%, higher than the 5.0% level a year earlier. In addition, there may be some investments in smaller companies which, by their nature, can be higher risk and illiquid investments.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liontrust gives managers the freedom to manage their funds according to their own investment and market views. The company simply asks managers not to deviate from their investment processes. Each manager's funds are regularly checked by other senior managers at Liontrust to ensure they're staying true to their investment processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like that all Liontrust fund managers invest a significant amount of their own money into the funds they run, and their incentivisation is tied to the performance of the funds they manage. We think these factors help to align their interests with those of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liontrust gives fund managers the freedom to run their portfolios according to their own investment and market views. It simply asks managers not to deviate from their investment processes. The quality of ESG integration therefore varies across Liontrust’s investment teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s Sustainable Future range of equity and fixed income funds do incorporate ESG analysis and invest to achieve positive change. Every team member is responsible for all aspects of financial and ESG analysis – ESG analysis is not farmed out to a separate team. The team produces regular insight articles, available via the Liontrust website. They also produce a Stewardship report, which explores the firm’s engagement and voting activities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm publicly discloses all voting decisions on a quarterly basis, although no rationales are provided.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s annual ongoing charge to the end of March 2026 was 0.52% marginally higher than last year where the ongoing charge was 0.51%. Investors should refer to the latest annual reports and accounts and Key Information Document for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The annual charge to hold investment trusts in the HL ISA, SIPP or Fund & Share Account is 0.35% (capped at £150 p.a. in each account) and 0.25% in the HL Lifetime ISA (capped at £45 p.a.). There are no charges from HL to hold investment trusts within the HL Junior ISA. As Investment trusts trade like shares, both a buy and sell instruction will be subject to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"HL share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Part of the trust’s annual charge is taken from capital, which can increase the yield but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Sattar took over as sole manager of the trust in February 2024, the trust has delivered a share price return of 31.39%* behind the 46.22% return from the FTSE All Share index. The trust has also underperformed the average trust in the AIC UK All Companies sector which returned 35.30%. The trust’s net asset value (NAV) rose 26.36% over the same period. This is a short timeframe to consider performance over, and past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s last financial year to the end of March 2026, the trust’s share price rose 8.47%, lagging the 21.54% return of the FTSE All Share and the 13.30% of the average trust in the AIC UK All Companies sector. The NAV rose 7.21%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over this period, some of the main detractors came from the trust’s software companies which the market has characterised as AI losers with a view that their business models could be replaced by AI. This includes property platform Rightmove; however, the team believe the company can utilise AI to provide higher value add and make the search and filtering process easier. Car platform company Auto Trader was another detractor for this reason, instead of being displaced by AI the team believe it can use AI to enhance their services.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, copper and iron mining company Anglo American was a positive contributor to performance. They have benefited from rising commodity prices and reported strong operational performance. Another contributor was supermarket chain Tesco, as the company continues to gain market share compared to its competitors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year to the end of March 2026, total dividends paid to shareholders amounted to 32.00p per share. This is an 11.1% increase on the previous year. As was the case last year, this year’s dividend payment is not fully covered by revenues so is partially funded by using some of the trust’s revenue reserves. Reserves contribute 5.40p per share of the total dividend figure. This method of boosting the income paid to investors is used by investment trusts during tougher times, using reserves that have been accumulated during the good times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust currently trades at a discount of 7.55% marginally lower than its 12-month average discount of 7.67%. The trust also has a dividend yield of 3.99%, although yields are not guaranteed and therefore are not a reliable indicator of future income.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5Zr8bFEmISkVuAFNTvmnRj","type":"Entry","createdAt":"2026-06-23T10:16:02.708Z","updatedAt":"2026-06-23T10:16:02.708Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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*Lipper IM to 31/05/2026","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:2:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"52nIkHWtEMrJ872IYBK4c","type":"Entry","createdAt":"2026-06-23T10:16:02.725Z","updatedAt":"2026-06-23T10:16:02.725Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Edinburgh Investment Trust: June 2026 update | HL","seoMetaDescription":"In this fund update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Edinburgh Investment 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Shortlist.","publishedDate":"2026-06-17","categories":["$d:props:data:authorArticles:2:fields:categories:0","$d:props:data:authorArticles:9:fields:categories:0","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3YglLLCgyVYX1StuVhZf3v","type":"Entry","createdAt":"2026-06-17T08:50:39.289Z","updatedAt":"2026-06-17T11:00:51.699Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":22,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund was originally added to the Wealth Shortlist to provide a differentiated approach to UK income investing and access to the Troy investment philosophy of providing some protection to their funds in weaker markets alongside long-term capital and income growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, our ongoing analysis of the fund has shown that it hasn’t fully met our expectations, and we no longer have the required level of conviction for the fund to have a place on the Wealth Shortlist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Blake Hutchins took over the fund’s management in November 2019, the fund has delivered returns of 10.36%*, lagging the 76.45% return from the FTSE All Share index, and the 60.37% return from the IA UK All Companies sector average. In addition, the income generated by the fund hasn’t grown as much as some peers. As always, past performance isn’t a guide to future returns and income is variable and not guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Note that the fund tends to be concentrated with between 35 and 50 investments, which means that each one can have a meaningful effect on performance, though this approach increases risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our view","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent years, the fund’s investment style of focusing on quality companies rather than those that are more sensitive to economic conditions has been out of favour, which has held back returns. Although we recognise that investment styles move in and out of favour—and that other funds on the Wealth Shortlist have faced similar headwinds—our analysis suggests that this fund has underperformed peers with a similar investment style.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s quality-focused investment style means that it has provided investors with some shelter during periods of market weakness. We view this positively. However, we’re disappointed with its performance in rising markets. We don’t expect the fund to outperform the broader market in a strongly rising market, but its level of participation has fallen short of our expectations and has been lower than peers with similar investment approaches.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The amount of income paid by the fund also hasn’t been as consistent or grown as much as we’d like to see, particularly when compared to peers. For investors focused on income for their portfolios, we believe there are other funds that offer the potential for greater income growth. Please note that the fund takes charges from capital, which could boost the income paid but reduce the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition, although we believe that Hutchins has remained true to the fund’s process and philosophy, we currently feel that fund managers with a more flexible approach may be better positioned to outperform over the long term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We continue to believe that the fund could provide an element of shelter in weaker markets and perform well if its quality investment style comes back into favour. However, for the reasons outlined above, this is no longer one of our preferred options for an income portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although we're removing the fund from the Wealth Shortlist, this isn't a recommendation to make any changes to an investment portfolio. Investors should make sure that any investments match their investment goals and attitude to risk and are held as part of a diversified portfolio. 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portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/liontrust-uk-equity-x-accumulation"},"content":[{"nodeType":"text","value":"Liontrust UK Equity fund","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to deliver a combination of capital growth and income over the long term. The manager primarily hunts in the FTSE 100 and FTSE 250 but also has the flexibility to invest in higher-risk smaller companies. This could be an option for the UK section of a broader global investment portfolio. The fund’s focus on quality means it could work well alongside other funds investing in unloved UK companies with recovery potential.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Imran Sattar began his career at Mercury Asset Management in 1997, before joining BlackRock to manage UK equity funds. In 2018, he joined Majedie Asset Management to continue running UK equity funds and in April 2022 joined Liontrust when the business acquired Majedie.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following the retirement of experienced managers James de Uphaugh and Chris Field, Imran Sattar became sole manager of the fund in November 2023.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He’s supported in managing the fund by the rest of the Global Fundamental Investment team at Liontrust. This includes UK specialists Emily Barnard who is deputy manager of the fund and analysts Tom Gilbey and Gabriel Lever Grecu.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager looks to invest in growing companies with strong economic moats that help protect them from the competition. These are often companies where the manager believes that the market has underestimated the duration and rate at which the company is likely to grow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meeting with company management teams is an important part of the investment process. The meetings allow the fund manager to probe management and glean insights that aren't available through the report and accounts. The manager also uses the insights from these meetings to inform his macroeconomic view on how economic changes could impact the companies he invests in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is mostly invested in larger companies, with 79.0% invested in businesses that feature in the FTSE 100. There is also a small amount invested in businesses listed on overseas stock markets. This was just 2.0% of the fund on the 31 April but in the past there has been more than this. Industrials is the largest sector allocation in the fund at 17.6% of its assets, followed by financial companies at 17.1%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, new additions to the fund include financials companies Lloyds, the UK bank, and asset manager Ashmore. Also added were technology company Softcat and materials company Ibstock.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, Sattar sold sport supplement company Applied Nutrition, American life science company Thermo Fisher and real estate investment trust (REIT) Segro. All were sold due to Sattar now having lower conviction in the companies going forward. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liontrust give managers the freedom to manage their funds according to their own investment and market views. The company simply asks managers not to deviate from their investment processes. Each manager's funds are regularly checked by other senior managers at Liontrust to ensure they're staying true to their investment processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like that all Liontrust fund managers invest a significant amount of their own money into the funds they run, and their incentivisation is tied to the performance of the funds they manage. We think these factors help to align their interests with those of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liontrust give fund managers the freedom to run their portfolios according to their own investment and market views. It simply asks managers not to deviate from their investment processes. The quality of ESG integration therefore varies across Liontrust’s investment teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s Sustainable Future range of equity and fixed income funds do incorporate ESG analysis and invest to achieve positive change. Every team member is responsible for all aspects of financial and ESG analysis – ESG analysis is not farmed out to a separate team. The team produces regular insight articles, available via the Liontrust website. They also produce a Stewardship report, which explores the firm’s engagement and voting activities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm publicly discloses all voting decisions on a quarterly basis, although no rationales are provided.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual charge of 0.65%, but we've secured HL clients an ongoing saving of 0.10%. This means you pay a net ongoing charge of 0.55%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform charge applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the fund takes charges from capital, which could boost the income, but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sattar was previously one of four managers named on the fund from July 2019. However, at that time the fund used a different process. It was run using a sleeved approach, blending managers with different styles into an overall portfolio. Therefore, we believe Sattar’s track record should be assessed from November 2023, when he became the sole manager and the fund adopted its current process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since then, Sattar has delivered returns of 26.79%*, underperforming the FTSE All Share return of 55.60% and the IA UK All Companies sector which returned 42.99%. Investors should be aware that this is a short timeframe to consider performance over, and past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months to the end of May 2026, the fund has delivered a return of -0.12%, lagging the 21.64% return from the FTSE All Share index and the 13.40% of the IA UK All Companies sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the main cause of the fund’s underperformance compared to the FTSE All-Share is due to stock selection. For example, not being invested in defence and aerospace company Rolls-Royce and having less invested in HSBC than the benchmark has hurt relative performance. Investments in online property lister Rightmove and consumer healthcare company Haleon also detracted from performance over the period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, pest-control company Rentokil Initial was the largest contributor to returns. The company reported stronger than expected results due to their improvement in its North American business. US life science company Thermo Fisher and sport supplement company Applied Nutrition also performed well and both have since been sold.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a historical yield of 2.26% as at 30 April 2026, compared with the FTSE All Share yield of 3.12%. 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potential for growth and diversification in income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Siddarth Chand Lall has managed the fund since its launch in 2011","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since launch, the fund’s return has lagged the FTSE All Share index","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is not on the Wealth Shortlist of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Marlborough Multi Cap Income fund mainly invests in dividend-paying small and medium-sized companies, instead of the larger companies most UK equity income funds target.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These companies can offer greater growth potential because they’re at an earlier stage of their development, although this also makes them higher risk and can increase volatility. As this fund invests differently, it could add diversification to UK equity income funds focused on larger companies or add equity exposure to a broader income portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Siddarth Chand Lall has managed the Marlborough Multi Cap Income fund since launch in July 2011. He joined the UK Equities team in 2007 to work on the Marlborough funds. Before joining he was an analyst specialising in UK and European smaller companies at Dalton Strategic Partnerships.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager works closely with income specialist Will Rosier and has the support of the broader small cap team.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to provide income and growth by investing in UK shares. It’s part of the IA UK Equity Income sector but invests differently from many peers due to its exposure to small and medium-sized companies. This approach follows the manager’s philosophy that smaller companies tend to outperform their larger counterparts over time, although this is not guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By carrying out research, the investment team believes it can uncover small and medium-sized companies where the market hasn’t recognised their true worth or growth potential. That said, the fund invests in some larger, more established companies too. Chand Lall looks for good quality companies, whose shares are reasonably priced and either pay a steady dividend now or are expected to increase their dividend over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chand Lall prefers to invest in a larger number of companies than some peers. As at the end of April there were 95 companies in the fund. This reduces the risk of any one company’s failure impacting the fund’s returns or the income received.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The biggest sector allocations in the fund are to financials, industrials and consumer discretionary companies with 32.1%, 19.1% and 17.2% currently invested in these sectors respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months new additions to the fund include mining companies Endeavour Mining and Valterra Platinum, as well as French liquified gas transport company Gaztransport et Technigaz also known as GTT. On the other hand, the manager sold utility company Telecom Plus, self-storage company Big Yellow and business park owner Sirius Real Estate.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fund managers are employed by Hargreave Hale, an asset manager which was bought by Canaccord Genuity, a Canada-based financial services company, in 2017. Canaccord provides them with plenty of resources while allowing the managers the freedom to run their funds the way they see fit. The way Canaccord rewards them ensures they're focused on the long term, which is a good thing for investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marlborough Fund Managers, from where the fund gets its name, is a separate company. It provides the fund's marketing and distribution and doesn't get involved in the investment side of things. It's an uncommon set up, but one that's been in place for many years, which seems to work well and suit everyone involved.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marlborough’s focus on smaller companies means integrating Environmental, Social, Governance (ESG) is more challenging, given a lack of external research coverage and quality ESG data. However, the firm is increasingly considering ESG factors, with a focus on governance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chand Lall has suggested he’d be prepared to sell a company if ESG concerns couldn’t be resolved. Even so, we believe Marlborough’s ESG integration is at an early stage, and engagement activity is not as systematic as some peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager integrates some ESG analysis into the stock selection process. Chand Lall believes he can use his expertise of investing in smaller companies to engage with boards of directors, hold companies to account and support improvement. This isn’t an ESG fund though.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an annual ongoing charge of 0.80%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.19%. This means you’ll pay a net ongoing charge of 0.61%. Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform charge applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently made some changes to the amount clients pay to invest with us. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Part or all of the annual charge is taken from capital rather than income generated, this increases the income paid but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the fund launched in July 2011, Chand Lall has delivered a higher level of income than the fund’s benchmark, the FTSE All-Share, in each year to date. At the time of writing, the fund has a historical yield of 4.56%, compared with the FTSE All Share yield of 3.13%. Income isn’t guaranteed, and yields aren’t a reliable indicator of future income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of overall growth, Chand Lall has delivered returns of 136.46%*. This is behind the 212.52% return from the FTSE All Share index, and the 187.60% return from the IA UK Equity Income sector average over the same period. Past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"UK smaller companies have lagged larger, more established companies in recent years, which has impacted all funds investing in this part of the market, including this one. Larger companies have been supported by greater international revenues, particularly from markets such as the United States. Some large oil and gas companies have also benefited from higher commodity prices, while higher interest rates have helped larger banks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking at the past year to the end of April 2026, the fund delivered a return of 10.37%, underperforming the FTSE All Share index which rose by 25.21% and the IA UK Equity Income sector average return of 18.20%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An investment in private equity company 3i was one of the key detractors from performance. 3i invests in discount retailer Action, which has had weaker sales following geopolitical uncertainty in the Middle East. Other detractors include packaging company Macfarlane Group and construction company Breedon Group.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, financials company Polar Capital was the largest contributor to returns as assets under management continued to grow. 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2006","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust increased its dividend by 1.4% to 29.5p per share in the year to the end of January 2026, the 44th consecutive annual increase","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust aims to provide a high level of income, and to grow the income and capital over the long term","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Merchants Trust invests in UK listed companies with an aim to provide a high level of income, and to grow the income and capital over the long term. It could therefore fit as part of an income-focused investment portfolio or add larger UK companies exposure to a broader, diversified portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Merchants Trust has been managed by Simon Gergel since 2006. He works closely with Richard Knight, Andrew Koch and with the wider investment team at Allianz Global Investors (AGI). They carry out individual company analysis in addition to looking after the management of the trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gergel is Chief Investment Officer for UK equities and head of the UK Equity Income & Value Team. He joined AGI in 2006 from HSBC and previously began his career managing UK equities at Phillips & Drew. He also co-manages the open-ended Allianz UK Equity Income fund and is deputy manager on the Allianz UK Listed Opportunities fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Knight joined AGI in 2014 and is lead manager of the Allianz UK Listed Opportunities fund and co-manager of the Allianz UK Equity Income fund with Gergel. Koch joined AGI in 2023 from Legal & General where he spent nine years as Head of the Value & Income team, working on European, UK and Asian strategies. The team can also draw upon the wider group’s research and analysis in the credit, Environmental, Social and Governance (ESG) and macroeconomic areas.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Merchants Trust invests in UK companies with small allocations to some overseas companies and higher risk smaller companies. As of the end of April 2026, these stood at 3.9% and 5.3% respectively. Gergel looks for quality companies, which can be bought at a reasonable share price and pay a high dividend. If they don’t pay a high dividend now, they are bought on the basis they will yield in line with the market within 18 months unless there is an exceptional circumstance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gergel’s investment process focuses on three key areas. Firstly, he aims to understand the fundamentals of a company, including its competitive position and financial strength. Valuation is a key element, and the manager aims to buy shares at a price he believes is much lower than what the company will be worth in future. He looks at valuations compared with both the company’s own history and its peers. Finally, he considers industrial and consumer themes together with the economic outlook. Themes describe the environment in which a business operates and help Gergel to understand the likelihood of various scenarios happening in the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investments are sold if the share price no longer offers enough value, if there’s a change in the investment case or if there are better opportunities elsewhere with greater return potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year to the end of January 2026, the manager made some changes to the portfolio. 12 new investments entered the portfolio, with 12 investments being sold. This is more than normal however, Gergel believes there have been plenty of opportunities as the markets been volatile.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New additions include healthcare and pharmaceuticals company Hikma, technology company MONY Group best known for MoneySuperMarket. They also received shares in Primary Health Property after they acquired Assura and consumer company The Magnum Ice Cream Company after they demerged from Unilever.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, airport owner Aena was sold. Aena are the owners of many Spanish airports as well as some other international airports. The share price has increased as tourism began to recover in Spain, but increased business spending will reduce cashflow in the medium term, so Gergel decided to sell. Also sold was banking company Close Brothers, Gergel believes there isn’t as much upside anymore and has moved onto better opportunities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should be aware the trust can borrow money to invest with the intention of increasing returns (known as gearing), but this could magnify losses in a falling market and increases risk. As of the end of April 2026, gearing stood at 13%, this is towards the lower end of the 10-25% range investors can typically expect gearing be. The manager can also use derivatives, which adds risk. Investors in investment trusts should also be aware the trust can trade at a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/help#funds-shares-and-other-investments/investment-trusts/introduction/why-do-investment-trusts-trade-at-a-premium-or-discount-to-net-asset-value"},"content":[{"nodeType":"text","value":"discount or premium to net asset value (NAV)","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Allianz Global Investors (AGI) is the asset-management arm of Allianz SE, the German-based financial services and insurance company. As with any large asset manager, the investment resources are substantial and spread globally across asset classes. AGI manage a number of investment trusts and Kleinwort Benson, which was acquired by AGI, were appointed to manage Merchants Trust at launch in 1889.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simon Gergel aims to identify and analyse environmental, social and governance (ESG) factors that could impact a company’s prospects. This helps him understand the extent to which a business is exposed to reputational issues and if they are reflected in the share price. Companies with a low score on any ESG factor, are sold or if they are to be included in the trust, need to be justified. The manager actively engages with companies included in the trust with these factors to promote best practice. Over the course of the Trust’s financial year, Allianz Global Investors has conducted 34 meetings with portfolio companies to further their understanding of ESG issues and engage with company management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG factors have become increasingly prominent within the investment community over recent years. Allianz Global Investors has incorporated ESG into company analysis since 2000, which makes them somewhat of a pioneer in this area. As long-term stewards of investor capital it makes sense for them to closely consider these factors in their investment analysis.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The annual ongoing charge to January 2026 was 0.54% a marginal increase from 0.52% the previous year. Investors should refer to the latest annual reports and accounts, and Key Information Document for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently made some changes to the amount clients pay to invest with us. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The annual charge to hold investment trusts in the HL ISA, SIPP or Fund & Share Account is 0.35% (capped at £150 p.a. in each account) and 0.25% in the HL Lifetime ISA (capped at £45 p.a.). There are no charges from HL to hold investment trusts within the HL Junior ISA. As Investment trusts trade like shares, both a buy and sell instruction will be subject to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"HL share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has performed well over Simon Gergel’s tenure as manager, delivering a return of 284.63%* to investors, ahead of the FTSE All Share’s 280.74% return and the average UK Equity Income Investment Trust which returned 282.39%. The trust’s net asset value (NAV) also rose 257.71%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year, the dividend paid to investors increased by 1.4% to 29.5p per share, which was covered by the trusts’ income. The board have also increased the annual dividend every year for the last 44 years, which is one of the longest records of dividend growth in the UK Equity Income sector, an impressive feat. Although this shouldn’t be taken as an indication for future payments and past performance is not a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust's last financial year to the end of January 2026, the trust’s NAV rose 18.9% with the share price rising by 18.2%. This compares with a return of 21.1% for the FTSE All Share index over the same period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the main detractors of the trust’s performance was media business WPP. The company has reported poor results over the last 12 months and Gergel believes there could be further restructuring under a new CEO so has decided to sell his investment. Discount retailer B&M has also detracted, Gergel still believes in the long term potential but more recently they company’s profit has dipped following accounting issues when implementing a new IT system. The trust also struggled due to not holding bank HSBC and aerospace and defence company Rolls Royce, Gergel now believes these companies are too expensive and don’t show much upside potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, Copper producer Atalya Mining was one of the largest contributors to performance. They have benefited from the higher copper prices as well as improving their own operations. Banking group Lloyds and defence company Serco group also performed well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 6.2% marginally higher than their average over the last 12 months which was a discount of 5.9%. They also have a dividend yield of 4.80%, although remember yields are variable and aren’t a reliable indicator of future income. All investments and any income they produce can fall as well as rise in value, so investors could get back less than they invest.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3rviThN1cAHhIvY8iZPMTh","type":"Entry","createdAt":"2026-05-26T14:53:17.976Z","updatedAt":"2026-05-26T14:53:17.976Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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Navy","titleAndPath":"Artemis US Smaller Companies: May 2026 fund update [@ artemis-us-smaller-companies-may-2026-fund-update]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG Integration, cost and performance of the Artemis US Smaller Companies fund.","publishedDate":"2026-05-20","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5BFeQniRA2Phm3cmgKpPx1","type":"Entry","createdAt":"2026-05-20T15:56:58.134Z","updatedAt":"2026-05-26T08:04:32.204Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":53,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cormac Weldon has over 20 years’ experience of investing in the US","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He uses a clear, disciplined investment approach, which has served the fund well since launch","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this is a great way to invest in smaller companies with high growth potential in one of the world’s most innovative markets","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund features on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the Artemis US Smaller Companies fund is a great way to invest in smaller companies with high growth potential in the US, one of the world's most innovative markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to deliver long-term growth by investing in smaller companies based in the US. Smaller businesses are often among the most innovative and offer lots of growth potential, but they're higher risk than their larger counterparts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the fund could add diversification to a portfolio with little invested in the US or could work well alongside other US funds focused on larger companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cormac Weldon leads the US equity team at Artemis and has been manager of the fund since launch in October 2014. He joined the company from Columbia Threadneedle, where he was head of the North America team. He has plenty of experience investing in the US market, having managed funds investing there since 2001, and is a manager we rate highly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Weldon has the support of a high-quality team of investors around him, too, with five dedicated US investors at his disposal. Many of the team moved across from Columbia Threadneedle to join Artemis at the same time as Weldon, so they’ve worked together for a long time. They all follow the same investment process and are specialists in their respective sectors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In September 2022, Olivia Micklem became co-manager of the fund. Micklem also has plenty of experience, having joined Columbia Threadneedle as a graduate in 2007, before moving to the US Equity team in 2011. Micklem followed Weldon to Artemis in 2014 as an analyst, covering the Consumer Staples and Healthcare sectors. While Micklem is now a co-manager, the fund continues to be run in the same way, with Weldon remaining the final decision maker.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Weldon looks to invest in companies that he thinks have a 2:1 ratio of upside potential versus downside risk from the current market price. He does this by identifying what really drives the company. His team then spend time modelling what could happen to its profitability and growth over time, as they are likely to have the greatest impact on its valuation in the future. He then builds the portfolio with these ratios in mind, with the companies where upside potential significantly outweighs the downside risk likely to justify larger position sizes in the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regularly meeting company management is important to Weldon and his team. They think this is one of the best ways to deepen their understanding of the business model and assess the quality of the management team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Weldon also considers how the US economy is performing to identify sectors that are benefiting from trends, as well as the areas that are finding things tough. This can help him decide how much to invest in a sector, although he won't invest 10% more or less than its weight in the Russell 2000 index. Investments in individual companies are also limited, so their weight in the fund isn’t too different from the benchmark. In practice, though, the fund and benchmark will look different as the fund only invests in 40 to 60 companies out of the thousands that make up the index. Weldon believes the sector and stock level limits provide ample freedom to reflect his convictions while ensuring a good balance of investments. Holding a smaller number of investments can increase risk, as each has a larger impact on performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recently, Weldon made some adjustments to the fund. He believes the market has been very concentrated in AI names and is conscious that valuations are now high. He has, therefore, looked at other parts of the market that look attractive. This has meant investing more in some more economically sensitive, or ‘cyclical’ companies like transport company J.B. Hunt, as well as companies that could potentially recover such as financial company Evercore.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, Weldon also sold a number of companies. This includes, retail company BJ’s Wholesale Club, regional bank Western Alliance Bancorp and footwear manufacturer Wolverine World Wide.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Weldon is a partner at Artemis, which is a private company. We think this structure is a good thing for investors, as both manager and firm are focused on the long term and can run funds without distractions from short-term shareholder demands. Artemis provides an attractive environment for fund managers, allowing them the freedom to run money how they see fit without imposing a ‘house view’ on them. It’s also a collegiate atmosphere, with managers supporting and challenging each other. Fund managers at Artemis are required to invest their own money into their funds, so they benefit when their investors do.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams across Artemis are encouraged to think for themselves and invest according to their own style, so approaches to Environmental, Social and Governance (ESG) integration across the firm vary. Recent meetings with the Artemis teams we back on the Wealth Shortlist suggest that ESG is an important factor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis has a firm-wide policy to support the aims of international conventions on cluster munitions and antipersonnel mines; and, therefore, the firm will not knowingly invest in companies which produce these weapons. The firm also avoids companies involved in biological/chemical weapons, blinding laser weapons, incendiary weapons, weapons that produce nondetectable fragments, and depleted uranium, as well as companies with a tie to nuclear weapons in countries not included in the Treaty on the Non-Proliferation of Nuclear Weapons. Companies that grow or sell cannabis are also avoided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis votes on all their holdings, unless restricted from doing so, and fund managers engage with firms to develop their understanding, raise issues with management and monitor subsequent developments. The firm provides engagement case studies and other information about its engagement and voting efforts in an annual Stewardship report. Artemis also provides a monthly voting summary, which includes rationales for votes against management and abstentions. Stewardship activity is carried out in line with the firm’s comprehensive voting and engagement policies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note that this fund is one of the highest ESG risk profiles and is one of most carbon intense funds under research coverage. The companies within the fund could, therefore, face increased regulatory scrutiny, reputational damage, and operational challenges, potentially impacting the fund's future performance. They may also face higher costs associated with carbon emissions management and potential carbon pricing mechanisms, potentially impacting the fund’s performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s important to remember that although the fund managers integrate ESG into the process and believe it can be a long-term risk to a company, this isn’t a fund focused on sustainability.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual charge of 0.86%, but we've secured HL clients an ongoing saving of 0.09%. This means that you pay a net ongoing charge of 0.77%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform charge applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently made some changes to the amount clients pay to invest with us. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since joining Artemis to launch the fund in October 2014, Weldon has delivered attractive returns for investors, gaining 369.04%*, compared with 245.17% for the IA North America Smaller Companies sector average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that Weldon’s astute stock picking has added value for the fund particularly in the Industrials sector. We think his disciplined application of his process has played an important role in this. Please remember that past performance isn't a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has outperformed the IA North America Smaller Companies sector average. It delivered a return of 48.21% compared to 33.09% of the IA North America Smaller Companies sector average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s investments in AI infrastructure-related companies have been some of its strongest performers over the last 12 months. These smaller companies represent the ‘picks and shovels’ of the AI buildout, providing the essential tools and infrastructure that supports the AI ecosystem.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The largest contributor to performance was energy company Bloom Energy. Bloom manufactures fuel cells that generate electricity, which can be used to support AI data centres. As demand for AI data centres has increased, so, too, has demand for its products. On a similar theme, AI hardware companies Applied Optoelectronics and Coherent Corp have also benefited from rising demand, as the expansion of data centre infrastructure continues to drive the need for their products.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, defence company Axon Enterprise was the largest detractor from performance over the last 12 months. Fitness and gym company Planet Fitness also underperformed, as they had to roll back price increases due to a decline in memberships. E-commerce brand Wayfair also performed poorly over the last 12 months.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term, funds managed by Weldon have tended to hold up better than the broader market when it falls. It has also typically risen faster than the market when it rises as well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This performance profile has led to good long-term returns for investors, and we continue to believe that Weldon is a talented manager. 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served investors well over the years","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the team have a range of skills and expertise and are well resourced for the task at hand","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has outperformed the IA UK All Companies sector average since the Economic Advantage process began being applied in March 2009","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently features on our Wealth Shortlist of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/liontrust-uk-growth-class-i-accumulation"},"content":[{"nodeType":"text","value":"Liontrust UK Growth","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to grow an investment over the long run by investing in companies with unique advantages over the competition.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think it could be a good option for the UK section of a broader global investment portfolio. A focus on high-quality companies means the fund could work well alongside other funds investing in unloved UK companies with recovery potential. The fund has the flexibility to invest in smaller companies and derivatives which if used, adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is co-managed by Anthony Cross, Victoria Stevens and Matthew Tonge.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cross started his career at Schroders before joining Liontrust in 1997. He, along with Julian Fosh, are the architects of the economic advantage investment process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cross also manages a few other funds, which focus on different parts of the UK market but share the same investment process as this one. Given the similarities in the way the funds are managed, we think this is a reasonable workload.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stevens and Tonge were promoted to co-managers in 2023. Stevens joined Liontrust from broking and advisory firm finnCap in 2015. She then became part of the economic advantage team, focusing on analysing smaller companies. Tonge moved to Liontrust from Barclays in 2003 to work on the trading desk, before moving to the economic advantage team in 2015 to focus on analysing smaller companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In January 2025, longstanding manager of the fund Julian Fosh retired from the industry after a four decade long career. We’re of course disappointed to see Fosh retire after a long successful career of investing in UK companies. However, we’re satisfied that the team have a range of skills and expertise and are well resourced for the task at hand.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers think the secret to successful investing is to find the few companies with an 'economic advantage' – a sustainable edge over the competition that will allow them to earn above-average profits for the long term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers believe the hardest economic advantages to copy are intellectual property, such as patents and trademarks, strong distribution channels and significant repeat business. A company must have at least one of these attributes before it's considered for the fund. Other less powerful but nonetheless important strengths include franchises and licenses, good customer relationships and a great company culture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once companies with a strong competitive edge have been identified, the managers look for proof that it's led to superior financial returns in the past. They also look for evidence of pricing power – the ability to increase prices without affecting demand for the company's product or service.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, they consider the company's valuation. They compare each company's valuation on a variety of measures to try and avoid overpaying for their shares. Each investment is made with the long term in mind though, so the managers believe the initial price paid is less important to overall returns than the company's ability to grow earnings and profits over the long term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund mostly invests in larger companies, with 67.5% of the fund invested in companies in the FTSE100 and the rest invested in medium-sized and smaller companies. Companies in the Industrial sector account for 25.2% of the fund, followed by 18.9% invested in healthcare companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the managers have made some changes to the fund. This includes investing in financial company IntegraFin, data company GlobalData and food producer and supplier Carnswick. The managers also sold a number of companies. These include, chemical company Synthomer, pharmaceutical company Indivior and technology company RWS holdings. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent years, Liontrust has acquired several smaller asset management companies. In March this year, Liontrust announced their latest acquisition, River Global PLC. Acquisitions and other corporate changes can impact the culture of a business and unsettle the firm’s existing investment teams. We will continue to monitor the situation closely and keep investors informed if our views change.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liontrust gives managers the freedom to manage their funds according to their own investment and market views. The company simply asks managers not to deviate from their investment processes. Each manager's funds are regularly checked by other senior managers at Liontrust to ensure they're staying true to their investment processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like that all Liontrust fund managers invest a significant amount of their own money into the funds they run. This helps to align their interests with those of investors","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The quality of Environmental Social and Governance (ESG) integration varies across Liontrust. The firm gives fund managers the freedom to run their portfolios according to their own investment and market views. It simply asks managers not to deviate from their investment processes. The quality of ESG integration therefore varies across Liontrust’s investment teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s Sustainable Future team produce a Stewardship report, which explores the firm’s engagement and voting activities. The firm publicly discloses all voting decisions on a quarterly basis, although no rationales are provided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers of this fund integrate ESG considerations into their company research. They particularly look at the risks associated with companies that have poor ESG scores and how these could impact share prices in the future.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an ongoing annual charge of 0.83%, but we’ve secured a discount for HL clients of 0.17%. This means you will pay a net ongoing charge of 0.66%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform charge applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently made some changes to the amount clients pay to invest with us. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund launched in March 1993 but Cross and Fosh took control and started applying the Economic Advantage investment process in March 2009. Since March 2009, the fund has delivered returns of 362.91%*, compared with 401.87% for the FTSE All Share index, representing the broader UK market over the same period. That said, the fund has outperformed the IA UK All companies sector average which returned 348.89%. Past performance is not a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has performed better than its benchmark index in the past, but the last two years have been challenging for many UK funds, particularly for those that invest in a similar way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers’ quality-driven process means they avoid certain parts of the UK market, such as mining companies and banks, which don’t meet their quality requirements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But these types of more economically sensitive companies have driven much of the recent returns in the UK market. Banks have benefited from higher UK interest rates and miners have benefited from higher commodity prices. We don’t expect the fund to keep pace with the market in this environment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More growth-oriented areas across the market have been weaker. Software, where the fund has several investments, in particular has come under pressure as developments in AI raise questions about the durability of existing business models. While AI presents long-term opportunities, the pace and scale of disruption remain uncertain, which has weighed on sentiment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis also suggests that stock selection has recently been weak. For example, investment in technology companies RELX and Auction Technology Group have been weak. However, investments in healthcare companies have done well over the past year, such as GlaxoSmithKline, as have investments in industrial company BAE Systems and Spectris, which was acquired by KKR.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s performance over the year has disappointed and we don’t usually expect it to perform this way. That said, we expect the fund to not lose as much money when the market falls (providing an element of shelter), which is what occurred in March during the height of the US/Iran conflict.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We met the fund’s managers recently to discuss performance in detail, their reflections, and what we can expect in future. 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a strategic review of the trust the fund is now being managed by the Artemis Income team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a high level of conviction in the skillset and capabilities of all three experienced co-managers – Adrian Frost, Nick Shenton and Andrew Marsh","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers invest in cash generative businesses with the potential to grow their earnings, and as a result the dividend they can pay to shareholders, for years to come","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/m/murray-inc-trust-plc-ordinary-25p-shares?msockid=23a27eeafce36ffd3ce06807fd806ebc"},"content":[{"nodeType":"text","value":"Murray Income ","marks":[],"data":{}}]},{"nodeType":"text","value":"mainly invest in large UK companies, with some holdings in medium-sized and overseas companies when they find great opportunities. They look for companies they believe will deliver a resilient income, though there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We view this as a more conventional UK equity income trust that could work well alongside other asset classes in an income focused portfolio. It could also compliment a portfolio focused on growth, where investors who don’t need the income can benefit from the compounding effect of reinvesting it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors in closed-ended funds should be aware the trust can trade at a discount or premium to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/help#funds-shares-and-other-investments/investment-trusts/introduction/why-do-investment-trusts-trade-at-a-premium-or-discount-to-net-asset-value"},"content":[{"nodeType":"text","value":"Net Asset Value (NAV)","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result of a strategic review from the board of directors, on the 2 March 2026 the management of the Murray Income Trust has moved from Aberdeen to Artemis. The trust will now be managed by the Artemis Income team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can read further details of these changes ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/investment-trusts/investment-trust-research/murray-income-trust-manager-change"},"content":[{"nodeType":"text","value":"here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Artemis income team is made up by the experienced trio of Adrian Frost, Nick Shenton and Andy Marsh.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Adrian Frost is an industry stalwart and one of the best known UK equity fund managers around. He began his career in 1983 at Deutsche Asset Management and rose up the ranks to become Head of UK Equities. In 2002, he joined Artemis to run the Artemis Income Fund and has been managing it ever since.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nick Shenton started his career at F&C Asset Management in 2003 working on UK and European equities. In 2007, he moved to Polar Capital to take up a role as a fund manager on a UK long/short equity hedge fund. He joined Artemis in 2012 to work alongside Frost as manager of the Income Fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Andy Marsh began his career in accountancy at Ernst & Young in 1997 before working in analyst roles at ING Charterhouse and Merrill Lynch. He moved to Investec Investment Bank in 2005 to take up a role as Head of Equity Sales. In 2006, he moved to Polar Capital to work as a fund manager before joining Frost and Shenton at Artemis in 2018.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have significant investment experience between them and have developed a strong working partnership. They’ve been investing through good times and bad and we think their skillsets make them one of the best teams in the business. We have a high level of conviction in all three managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With the trust now under the management of the Artemis Income team, it will adopt the same investment process the managers have followed since Frost became manager of the Artemis Income Fund in 2002.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers aim to outperform the FTSE All-Share over the long term, while providing a growing income and a dividend yield above what’s offered by the index. This means the management trio look for businesses they believe can pay a stable and resilient level of income, through the market cycle, regardless of the economic backdrop. Key to this is a company’s ability to generate free cash flow, which is a key area of focus for the team. The managers say there is a ‘competition for capital’ in the portfolio, and only their best ideas make it into the fund. They seek companies with recurring revenues which they believe will still have consumers, profits, and therefore dividends, in the future, regardless of disruption – although nothing is guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers spend a lot of time assessing company management and think their ability to allocate capital efficiently is vital to making a success of the business. There’s also analysis of the structure of different industries, how value is created within them and which companies have the best competitive position to take advantage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They aim to have a portfolio of between 45 and 55 companies with diversified cash flows, and therefore a diversified income stream. Most of the trust is invested in larger companies, with 95.3% of its assets currently invested here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of sectors, as the 31 March, the trust had the most invested in financials at 33.7%, followed by consumer discretionary and consumer staples companies at 20.6% and 14.4% respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This represents a material shift to the trust’s investments under Aberdeen’s management. For example, as at 28 February 2026, financials accounted for just 17.0% of the trust, followed by industrials at 16.1% and healthcare at 13.3%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should be aware the trust can borrow money to invest with the intention of increasing returns (known as gearing), but this could magnify losses in a falling market and increases risk. The managers are targeting gearing to be between 8–10%, as at 31 March, gearing stood at 7.9%.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams across Artemis are encouraged to think for themselves and invest according to their own style, so approaches to Environmental Social and Governance (ESG) integration across the firm vary. Recent meetings with the Artemis teams we back suggest ESG is an important factor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis has a firm-wide policy to support the aims of international conventions on cluster munitions and antipersonnel mines and therefore the firm will not knowingly invest in companies which produce these weapons. The firm also avoids companies involved in biological/chemical weapons, blinding laser weapons, incendiary weapons, weapons that produce nondetectable fragments, and depleted uranium, as well as companies with a tie to nuclear weapons in countries not included in the Treaty on the Non-Proliferation of Nuclear Weapons. Companies that grow or sell cannabis are also avoided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis votes on all their holdings, unless restricted from doing so, and fund managers engage with firms to develop their understanding, raise issues with management and monitor subsequent developments. The firm provides engagement case studies, and other information about its engagement and voting efforts, in an annual Stewardship report. Artemis also provides a monthly voting summary which includes rationales for votes against management and abstentions. Stewardship activity is carried out in line with the firm’s comprehensive voting and engagement policies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers of this investment trust integrate ESG analysis into their company research. They believe companies with strong ESG practices are more likely to support sustainable long‑term cash flows, while those that lag in ESG standards may see their long‑term cash flows become vulnerable.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis provides an attractive environment for fund managers, allowing them the freedom to run money how they see fit without imposing a house view on them. It’s also a collegiate atmosphere, with managers supporting and challenging each other. The managers of the fund are partners in the business. We think this structure is a good thing for investors, as the managers and the firm are focused on the long term and can run funds without distractions from short-term shareholder demands. They are rewarded from the profits of the business, based on their long-term fund performance and payment of the profit share can be deferred over several years.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing annual charge as at the 31 March 2026 was 0.48%. This is the same level of charges that applied during the financial year to the end of June 2025 under Aberdeen’s management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis have also waived the annual management fee for the first nine months from when they took over the trust on 2 March 2026. Investors should refer to the latest annual reports and accounts and Key Information Document for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently made some changes to the amount clients pay to invest with us. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The annual charge to hold investment trusts in the HL ISA, SIPP or Fund and Share Account is 0.35% (capped at £150 p.a. in each account) and 0.25% in the HL Lifetime ISA (capped at £45 p.a.). There are no charges from HL to hold investment trusts within the HL Junior ISA. As Investment trusts trade like shares, both a buy and sell instruction will be subject to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"HL share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s previous manager Charles Luke managed the fund since October 2006 up until the end of February 2026. During this period, the trust’s share price rose 239.60% underperforming the FTSE All Share Index which returned 271.77% and the average UK Equity Income Investment Trust which returned 267.84%. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Artemis Income team who are now running the trust, have an impressive record of investing in UK companies. Since Frost took over as manager of the Artemis Income fund in 2002, he has significantly outperformed the FTSE All-Share Index. Since the team became a trio in February 2018, they have underperformed the FTSE All-Share Index. Over this period, they have delivered returns of 75.27%* compared to 82.70% of the index. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The new managers have also committed to raising the annual dividend every year to uphold their AIC Dividend Hero status. The trust has increased the annual dividend for 52 years which is one of the longest records of any UK equity income investment trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the trust share price rose 11.89% which was behind the FTSE All Share index return of 21.54% and the average UK Equity Income Investment Trust return of 16.33% The trust’s net asset value (NAV) also rose 9.03% over this time period. Of course, much of this performance is associated with the old manager Charles Luke.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the trust’s investment in healthcare company Convatec Group was the largest detractor from performance. Investments in data companies RELX and Experian also weighed on returns. By contrast, holdings in several technology companies contributed positively to performance, including the overseas investment in Dutch semiconductor firm ASML, as well as Accton Technology and Oxford Instruments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 7.39% and has a dividend yield of 4.20%, although remember yields are variable and aren’t a reliable indicator of future 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fund managers with plenty of relevant experience","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ennett and Holmes benefit from the support and challenge provided by a strong fixed income team at Artemis, led by Stephen Snowden","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund could be a good choice for a bond portfolio willing to accept more volatility in search of a higher income","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund features on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Artemis High Income fund focuses on paying a high income to investors, mainly by investing in bonds, but it can also invest up to 20% of its assets in UK and European shares.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A focus on high-yield bonds and shares that pay a dividend makes it a little different from most bond funds, and a higher-risk option. The fund could be a good way to diversify a conservative bond portfolio, or a more adventurous shares portfolio seeking exposure to other asset classes. It could also be used as a more adventurous part of a portfolio being invested for income.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"David Ennett and Jack Holmes are co-managers of the fund. Ennett joined Artemis in February 2019 from Kames Capital, where he was Head of High Yield. Prior to this he was Head of European High Yield at Standard Life Investments and a high yield portfolio manager at Old Mutual Asset Managers. We think Ennett is a talented high yield bond fund manager with relevant experience which has resulted in him developing a good track record. He is focused on producing a high income for clients and we think he has the experience, support and resources to do a good job for investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Holmes joined Artemis in June 2019 from Kames Capital, where since 2016 he co-managed a range of high-yield bond funds. Ennett and Holmes benefit from the support and challenge provided by a strong fixed income team at Artemis, led by Stephen Snowden.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ed Legget also contributes to the running of this fund by selecting the shares that feature. He has been with Artemis since December 2015.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers look to identify bonds offering attractive yields and trading at attractive valuations from companies they believe will be able to service their debts and pay bondholders. They focus on finding cash generative companies which possess pricing power. This includes spending time analysing the dynamics of both the industry in which the company operates and the company itself. The managers will typically introduce new investments to the fund at a position size of 0.5%, rising up to around 3.5% for the positions where they have the highest conviction. AAA rated government bonds can exceed this position size though.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ennett and Holmes are focused on the fund’s objective to provide a high level of income to investors. They think including some company shares in the fund (which are selected by Ed Leggett) can add to the fund’s income and growth potential and complement some of the fund’s bond investments. Derivatives can also be used in the fund, which adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the end of February, the managers had 15.7% invested in shares and 74.4% invested in corporate bonds. A further 10.1% was invested in Government bonds. 58.6% of the fund is invested in high yield bonds which are more risky. The biggest change over the last 12 months has been an increase of 9.5% in the amount invested in high yield bonds. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have participated in a number of new issues over the last 12 months particularly in the high yield space. This includes UK sports and gambling company Flutter best known for their Skybet and Paddy Power brands, they also bought bonds from US cruise liner Carnival and US clothes manufacturer Levi Strauss. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand the managers also sold a number of bonds. This includes US waste management company GFL, European pharmaceutical company Stada and French recycling company Paprec. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have reduced duration over the last 12 months, having started with a duration of 4.5 years and brought this down to 3.3 years at the end of March 2026. Duration is measured in years and reflects how sensitive the fund is to interest rate changes. The higher the duration value, the more sensitive the fund is to interest rate changes.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ennett and Legget are partners at Artemis, and Artemis is a private company. We think this structure is a good thing for investors, as both manager and firm are focused on the long term and can run funds without the distraction of short-term shareholder demands. Fund managers are required to invest their own money into the funds they manage. This means the managers succeed when their investors do. We feel there are strong incentives in place for the managers to continue to strive for good performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the fixed income team at Artemis is smaller in number when compared to many of the larger asset managers in the industry, we have a positive view of the team, particularly Head of Fixed Income Stephen Snowden. We therefore think that Ennett and Holmes are suitably resourced to run their funds.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams at Artemis are encouraged to think for themselves and invest according to their own style, so the quality of ESG integration across the firm varies. Artemis does have a firm-wide policy to support the aims of international conventions on cluster munitions and anti-personnel mines and therefore the firm will not knowingly invest in companies which produce these weapons.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Artemis votes on all their holdings, unless restricted from doing so, and fund managers engage with firms to develop their understanding, raise issues with management and monitor subsequent developments. Artemis produces a monthly voting summary, and these summaries include rationales for some of the more controversial votes. Engagement case studies can be found in the firm’s annual Stewardship Report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are gradually taking ESG issues into account more when analysing companies for this fund. Along with the wider team, they engage with companies on sustainability issues and vote on key issues. That said, this is not a fund that is focussed on sustainability and the risk-return profile of the bonds they invest in remains the most important thing.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an annual ongoing charge of 0.72%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.16%. This means you’ll pay a net ongoing charge of 0.56%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform charge applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently made some changes to the amount clients pay to invest with us. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note charges can be taken from capital, which can increase the yield but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Ennett and Holmes took over management of the fund in September 2021, the fund has delivered a return of 19.00%* compared with a return of 6.04% for the IA £ Strategic Bond peer group sector average. Past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the 12 months to the end of March, the fund returned 6.47% compared to the IA £ Strategic Bond peer group sector average of 4.81%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The funds’ investments in high yield, investment grade and shares all added value. Shares added the most value with investments in banks such as Barclays, Natwest and Lloyds Banking Group being some of the strongest contributors to returns. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"High yield bonds also performed well. As the fund tends to have a lot invested in high yield bonds, it should be expected that their performance will have a meaningful impact on the overall fund return. Bonds from US sports retailer Dicks Sporting, French retailer IM Group SAS and US oil and gas company W&T Offshore were the strongest performers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some investments lost value though. With bonds from US retailer Foot Locker and US healthcare provider Owens & Minor losing value over the 12 months. Within the investments in shares, UK financials company 3i Group and UK housing company Vistry Group also lost value. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To generate a high income for investors, the fund invests in high-yield bonds and also invests in some company shares. Both of these can increase volatility and mean that typically, we don’t expect the fund to hold up quite as well as some other funds in the sector when bond markets go through a tough patch, but expect it to perform better than peers in a rising market. We think the fund has the potential to perform well over the long term, although there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund offers a distributing yield of 5.81%, although yields are variable and aren’t a reliable indicator of future income.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3Xh0oR9z9gBGaDpsgsn0AC","type":"Entry","createdAt":"2026-04-27T13:53:10.921Z","updatedAt":"2026-04-27T13:53:10.921Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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*Lipper IM to 31/03/2026.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:0:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1HcRkEYv0kXBJRii7Iy7iT","type":"Entry","createdAt":"2026-04-27T13:53:10.944Z","updatedAt":"2026-04-27T13:53:10.944Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Artemis High Income: April 2026 fund update | HL","seoMetaDescription":"Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Artemis High Income 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Growth, how stock markets have fared, and the performance of our Wealth Shortlist funds.","publishedDate":"2026-04-27","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0","$d:props:data:authorArticles:19:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5qMtw9ttRPmdrDqdnSbR5i","type":"Entry","createdAt":"2026-04-27T15:32:54.933Z","updatedAt":"2026-04-27T15:32:54.933Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Out of all the G7 countries (UK, US, Canada, France, Germany, Italy, Japan) the IMF have downgraded the UK’s growth expectations for 2026 and 2027 the most. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2026 they expect the UK economy to grow just 0.8%, half a percent lower than previously expected. They believe the UK is structurally more exposed to higher oil prices, which have significantly increased since the start of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/middle-east-crisis"},"content":[{"nodeType":"text","value":"Middle East Crisis","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’re already seeing the effects of this at the pumps, but businesses will also be feeling the cost and will likely be paying higher prices for transportation and manufacturing. Prices that could be passed on to the consumer. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If energy prices stay elevated it’s expected this will hit UK ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" throughout the rest of the year. Despite inflation being at 3.3% for March, expectations are that, due to higher oil prices, it will rise to nearer 4% by the end of the year.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How will this affect interest rates? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With growth looking weaker due to the war, typically the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bank-of-england"},"content":[{"nodeType":"text","value":"Bank of England","marks":[],"data":{}}]},{"nodeType":"text","value":" (BoE) would look at potentially lowering ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rates","marks":[],"data":{}}]},{"nodeType":"text","value":" in an attempt to boost growth and kickstart the economy. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But with inflation still above target and likely heading in the wrong direction, the BoE will be reluctant to lower interest rates in case that causes more pressure on inflation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before the war, some predicted the BoE could potentially cut interest rates four times in 2026. But this has now changed and it’s possible there will be no cuts and even potentially more rises. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you’re not sure an investment is right for you, ask for financial advice. Investments can fall as well as rise in value, so you could get back less than you invest.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How has the UK stock market performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last 12 months have been positive for UK markets. However, the beginning of 2026 has been very volatile following the Iran War. So there continues to be notable dispersion between different areas of the market. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/stock-market-summary/ftse-100"},"content":[{"nodeType":"text","value":"FTSE 100","marks":[],"data":{}}]},{"nodeType":"text","value":", representing the biggest UK companies, grew 22.63%* over the last year. This comfortably beat both the FTSE 250 ex Investment Trusts and FTSE Small Cap ex Investment Trusts indices, which returned 12.51% and 13.04% respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a useful reminder that the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" can perform differently to the economy. The FTSE 100 contains companies carrying out business all over the world, so are less reliant on a strong UK economy to succeed. As always, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There was also a stark difference in performance between growth and value companies, with the latter outperforming significantly. For value investors, banks continued their strong run with elevated interest rates. Oil and gas companies also performed well, more recently benefiting from the higher oil prices caused by the conflict. 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That imposing tariffs on other countries would boost US domestic production and create more jobs. But it was the scale of those tariffs that caught many investors off guard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In April 2025, on what he dubbed ‘Liberation Day’, Trump implemented a two-tier tariff structure. A baseline 10% tariff applied to all imports and a second tier of country-specific tariffs where Trump believed the US had been victims of unfair trading practices. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, what happened after, and what did it do to global markets? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. All investments fall as well as rise in value, so you could get back less than you invest. Past performance isn’t a guide to the future. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This ultimately led to Trump pausing the additional tariffs, leaving just the baseline tariffs in place until August 2025, giving countries a chance to negotiate new trade deals. Trump’s back and forth birthed the name TACO trade, or Trump Always Chickens Out.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where are tariffs now?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is where it gets a little complicated. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite Trump reimplementing additional tariffs on countries that failed to negotiate trade deals in time, the current tariff rate on all US trading partners is only 10%. All because of the US Supreme Court. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Court ruled that in using the International Emergency Economic Powers Act (IEEPA) Trump had exceeded his authority making the tariffs illegal. This also means that the US government will need to refund roughly $166bn in collected revenue from the companies who paid these tariffs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although his use of the IEEPA was deemed illegal, Trump still has other levers for implementing tariffs. In February 2026, utilising the Trade Act of 1974 – where he can implement up to 15% tariffs – he set tariffs at 10%. However, these tariffs can only last 150 days before having to be agreed by Congress and they’re set to expire on 24 July 2026. 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It invests in a diversified mix of private software and services businesses across Europe and North America by investing in HG’s three private equity portfolios.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust could be an option for a diversified approach to long-term growth or provide exposure to areas of the market that are difficult to access for many investors. Investors in investment trusts should be aware the trust can trade at a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/help#funds-shares-and-other-investments/investment-trusts/introduction/why-do-investment-trusts-trade-at-a-premium-or-discount-to-net-asset-value"},"content":[{"nodeType":"text","value":"discount or a premium","marks":[],"data":{}}]},{"nodeType":"text","value":" to its net asset value (NAV).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should remember that investing in just a few sectors like software and services is a higher risk approach compared to a more diversified one. We think investment trusts investing in a specific sector should usually only form a small part of a well-diversified investment portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s seven-strong independent board of directors, led by chairman Jim Strang, works as a team to approve all the trust’s investment decisions into the three HG funds. Strang became chairman in 2018 and has over 20 years’ experience in the private equity industry both as an investor and operator. Strang was previously a strategy consultant at Bain & Company, working with Bain's Private Equity Group. He has also previously worked as a UK equities fund manager, focusing on UK growth investments and assisting in the management of several investment companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The three funds in which this trust invests – Mercury, Genesis and Saturn - are managed by HG’s investment committee. This committee consists of nine members led by chairman Matthew Brockman. Brockman joined HG in 2010. He specialises in technology investments and is a board member for several of HG’s investment companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HG are a private equity investor, meaning they invest in privately listed companies rather than those that are publicly listed on a stock exchange. This approach can be higher risk. Their aim is to take a controlling stake in these companies and use their expertise to support management teams to help grow the company further.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HG specialises in investing in software and service companies which can mean anything from tax & accounting firms to financial technology companies. They typically avoid the early start-up companies private equity is usually known for. Instead, the HG team are looking for more mature companies that are often led by the founder and are demonstrating resilient and recurring revenue streams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once HG takes a stake in a company it will be placed in one of HG’s three funds. These three funds specialise in investments of different sizes. The Mercury fund focuses on investments between €100m and €500m, the Genesis fund on investments between €500m and €1bn and finally the Saturn fund on anything above €1bn. The trust will then invest in all three of these funds with the board deciding exactly how much to invest in each of them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The three HG funds give the trust exposure to eight different types of software and service companies. At the end of December 2025, enterprise resource planning (ERP) and payroll was the biggest sector in the trust, accounting for 28% of the portfolio. Tax and accounting made up 27% of the portfolio and legal & regulatory compliance businesses made up 20% of the portfolio. These companies may be anywhere in the world but typically are located in Europe and North America. At the end of December 2025, the UK made up 27% of the portfolio, North America 26% and Scandinavia 23%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust can also make co-investments. This is where the board of the trust invests directly in a specific company in the HG trust rather than through one of HG’s three funds. It is likely that this will be done for companies which are already owned in one of HG’s funds, thus doubling up on exposure. Over the trust’s financial year this type of investment has risen to 10% of the trust from 9%. The trust typically targets a range of 10-15% co-investments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s financial year to the end of December 2025, HG have found plenty of exciting new opportunities. They made four investments into new companies whilst also committing further capital to four existing companies. New investments include German ERP & Payroll company Scopevisio and North American legal and regulatory compliance company A-lign.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust also sold some investments over the year including a partial sale of ERP and payroll company P&I and automation and engineering company Trackunit. They sold their entire stake in technology service company Citation and tax and accounting company GTreasury.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should be aware that the trust can borrow money to invest with the intention of increasing returns to shareholders (known as gearing). At the end of February 2026, the gearing level was 14.13%. Gearing could magnify losses in a falling market and increases risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The HG Capital Trust is a FTSE 250 listed company and was established in 1989. It is managed by HG which was founded in 1990 as Mercury Asset Management before forming part of Merrill Lynch Asset Management in the late 1990’s. In 2000 the partners created HG, a fully independent private equity firm which remains wholly owned by its partners.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HG is now one of the world’s leading software and services investors. They have an experienced team of around 400 employees including 240 investment professionals with offices in London, Munich, New York, Paris, San Francisco, & Singapore. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Board and the Manager, HG, continue to increase their focus on ESG and sustainability. They share a firmly held view that not only should the financial returns to shareholders be attractive, but they must be delivered in a manner which is consistent with their responsibility to society. As a technology investor, The Board understands the need to ensure that those businesses in which they invest reduce their carbon footprint and contribute to tackling climate change.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing annual charge over the trust’s financial year to 31 December 2025 was 1.5%. This is marginally higher than it was 12 months before when the ongoing charge was 1.4%. Investors should refer to the latest annual reports and accounts and Key Information Document for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently made some changes to the amount clients pay to invest with us. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The annual charge to hold investment trusts in the HL ISA, SIPP or Fund & Share Account is 0.35% (capped at £150 p.a. in each account) and 0.25% in the HL Lifetime ISA (capped at £45 p.a.). There are no charges from HL to hold investment trusts within the HL Junior ISA. As investment trusts trade like shares, both a buy and sell instruction will be subject to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"HL share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has delivered strong returns. Over the last 10 years the trust’s share price has grown 407.09%*. In comparison the trust’s benchmark, the FTSE All-Share, has returned 151.00%. The average trust in the AIC Private Equity sector has grown 141.52%. Over this time the trust’s Net Asset Value (NAV) has also risen 368.42%. Remember that investment trusts can trade at a premium or discount to NAV.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s financial year to the end of December the trust’s share price fell 4.89% compared to the FTSE All-Share which returned 24.02%, while the average trust in the AIC Private equity sector grew 13.07%. Over this time the trust’s NAV rose 4.00%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During this period, UK ERP and Payroll company Access was the largest detractor from returns. The company has grown rapidly in recent years and become more complex. The management team are looking to refocus on underlying growth. North American legal and regulatory compliance company Litera has also fallen in value despite the company announcing strong profits and growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, Scandinavian ERP and payroll company IFS performed well over the trust’s financial year. The company continues to show high growth with a key focus on investing in AI. North American healthcare IT company Intelerad continued to grow revenue and margins making it one of the world’s leading enterprise imaging platforms. HG announced the sale of the company in November for a 62% increase compared to its previous valuation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the beginning of the year to the end of February, the trust’s share price has fallen by 21.50%. The software sector—where this trust has significant exposure—has declined sharply, as many investors believe recent advancements in AI could disrupt those businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have spoken to the HG team, and they believe the companies they own are performing well and should ultimately benefit from advancements in AI. However, this sentiment has not yet been reflected in the market. At the time of writing, the trust is trading on a discount of -28.97%. By comparison, at the end of February 2025, the trust’s discount was just -2.95%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s dividend per share for 2025 (to the end of December) was 5p, slightly lower than the previous year when the dividend per share was 5.5p. 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The managers’ long-term time horizon and the fund’s concentrated nature mean we have always expected performance to be volatile and look very different to the benchmark and peers at times. The fund can also invest in smaller companies, which are higher risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, in recent years the level of volatility has been higher than we expected and has increased compared with peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Performance was particularly volatile during the COVID‑19 pandemic in 2020 and through to 2022.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We were encouraged that the managers reflected on the experience and introduced enhancements to the way the fund is constructed. 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or society with high levels of governance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This sustainable tilt means the fund will perform differently to peers at times, so could offer some diversification to a traditional fixed income portfolio. It could also help to diversify a portfolio focused on other assets, such as company shares. More broadly, it could be considered for corporate bond exposure, but with a sustainability focus.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s run by a team of three investment managers: Kenny Watson, Aitken Ross and Jack Willis. Watson has managed the fund since October 2013, Ross since 2014 and Willis since 2021. All three joined Liontrust when their previous employer, Alliance Trust Investments, was acquired.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Watson began managing fixed income funds in 2004, and Ross and Willis have researched and analysed fixed income investments since 2012 and 2016 respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Connor Godsell joined the team in November 2023 to help run the fund. He joined from Aberdeen group, where he worked for seven years focusing on bond investing. While he isn’t a manager of the fund, he provides a lot of input into the team’s views on the economy and interest rate strategies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The previous head of the team, Stuart Steven, left Liontrust in 2023. This caused some disruption and a rejig of responsibilities. More recently there has been a further rejig of team structures at Liontrust. As a result, the team have merged with another fixed income team, expanding their total resource. These changes haven’t impacted process or decision making responsibilities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alongside this fund, the team also manages the Liontrust Monthly Income Bond fund and the Liontrust GF Sustainable Future European Corporate Bond fund, as well as the fixed income part of a small number of multi-asset funds. We think this is a reasonable workload given the portfolios are similarly managed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team can also draw on an Independent Advisory Committee, which is an external panel of sustainability experts who provide feedback on the investment process, highlight areas for improvement and act as an additional level of oversight.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is part of Liontrust’s Sustainable Future range of funds. These funds aim to help create a cleaner, safer and healthier society for the future and generate attractive returns for investors. The managers believe investing in sustainable companies provides greater return potential, and less risk than other companies, and that many other investors fail to value the sustainability of a business correctly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Their investment process revolves around a quarterly strategic outlook meeting, where the managers form their views on the future direction of economic growth, interest rates and inflation. This helps shape the way they construct the fund, and how much risk they’re willing to take. The team also conducts more frequent meetings to review positioning, discuss new opportunities and identify new risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sustainability and Environmental, Social & Governance (ESG) analysis is fully integrated into the team’s investment process. They aim to identify bonds issued by high-quality companies whose core products or services make a positive contribution to society or the environment. This sustainability analysis is completed within the team for every bond issuer in the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund also employs negative screening. This means it won’t invest in any company that makes more than 5% of its revenues from animal testing services, coal, oil & gas, gambling, intensive meat and fish farming, ozone depleting substances, pornography, tobacco or weapons systems. Nuclear and alcohol companies are screened according to strict criteria.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the managers use this process to find high-quality companies, that doesn’t mean they only invest in bonds with very good credit ratings. Once the team finds a high-quality company, they then consider all of the different bonds issued by that company, and invest in those which they believe will provide the best returns. This often leads the fund to have lots of investments in BBB rated bonds, which is the lower quality end of the investment grade category. This will sometimes result in the fund experiencing more ups and downs than the benchmark or peers, particularly over shorter time periods.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s managers each have different specialisms. Watson focuses on industrial, retail, high yield bonds and overall credit strategy. Ross looks at insurance, financial services, healthcare and has a focus on portfolio construction. Willis covers financials and considers how the fund is positioned for interest rate changes. Godsell has joined the team more recently and has a focus on the interest rate strategy, telecoms and how wider economic trends could impact the fund. There’s a fair degree of coverage overlap, which leads to a good amount of discussion and challenge amongst the team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banks, insurance, utilities and telecoms are currently some of the fund’s largest sector exposures, but there’s a broad spread of investments across a variety of sectors to ensure diversification. The fund currently has a higher level of duration than its benchmark. Duration is a measure of how sensitive the fund is to interest rate changes, the higher the duration value, the more sensitive the fund is to interest rate changes. The managers are invested this way because they think that over the long-term, interest rates and bond yields are likely to come down from current levels.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the sector positioning of the fund has remained broadly similar. In terms of credit ratings, the managers have decreased investments in BBB rated bonds from 64.63% to 61.69%. BBB rated credit is the lowest rating within the investment grade category, so moving some of the investments from BBB rated bonds represents a increase in the creditworthiness of the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have the flexibility to invest in derivatives and high yield bonds which add risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Liontrust gives managers the freedom to manage their funds according to their own investment and market views. The company simply asks managers not to deviate from their investment processes. Each manager's funds are regularly checked by other senior managers at Liontrust to ensure they're staying true to their investment processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like that all Liontrust fund managers invest a significant amount of their own money into the funds they run, and their incentivisation is tied to the performance of the funds they manage. We think these factors help to align their interests with those of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The quality of ESG integration varies across Liontrust. The firm gives fund managers the freedom to run their portfolios according to their own investment and market views. The company simply asks managers not to deviate from their investment processes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s Sustainable Future range of equity and fixed income funds do incorporate ESG analysis and invest to achieve positive change. Every team member is responsible for all aspects of financial and ESG analysis – ESG analysis is not farmed out to a separate team. The team produces regular insight articles, available via the Liontrust website. They also produce a Responsible Capitalism report, which explores the team’s views on a variety of sustainability-related issues.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm publicly discloses all voting decisions on a quarterly basis, although no rationales are provided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From April 2025, the fund will adopt a Sustainability Focus label under the new ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/responsible-investment/sustainability-labels"},"content":[{"nodeType":"text","value":"Sustainability Disclosure Requirements","marks":[],"data":{}}]},{"nodeType":"text","value":" set out by the Financial Conduct Authority.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, our analysis suggests that this fund’s carbon intensity is higher than we would have expected given its sustainability credentials. Companies with higher carbon intensity could face increased scrutiny from investors and regulators in future. After engaging with Liontrust on this, the primary reason is due to how much they have invested in bonds issued by companies from the utilities and banking sectors. Banks provide financing across all sectors and this often includes companies involved in high carbon intensive activities. Liontrust are comfortable with their exposure and is below that of the benchmark.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual charge of 0.57%. The HL platform fee of up to 0.45% per year also applies, except in the HL Junior ISA, where no platform fee applies. From March 2026, the amount clients pay to invest with us will change. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note that charges are taken from capital, which could boost the income, but reduces potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Watson and Ross began managing the fund in March 2014, the fund’s returned 47.90%* to the end of February 2026, compared to the average return of funds in the IA £ Corporate Bond sector of 44.36%. Remember, past performance is not a guide to the future. Like all funds, the value could fall as well as rise so investors could get back less than they invest.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the 12 months to the end of February 2026, the fund returned 7.36% vs 6.95% for the IA £ Corporate Bond sector average. Over 2025, bond selection was a positive for the fund, with investments in insurers particularly adding value. However, being underweight the utilities sector hurt performance relative to the benchmark. Many names in this sector are uninvestable due to the sustainable exclusions applied by the fund. Out of the names they could own, their selection was generally positive.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The management of duration provided returns broadly in-line with the benchmark. Over the year the managers tended to have a higher duration than their benchmark. Duration is a measure of how sensitive the fund is to interest rate changes, the higher the duration value, the more sensitive the fund is to interest rate changes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s worth noting the fund’s ESG exclusion criteria means it’s a different proposition to many in its peer group. This means the fund will perform differently to peers in the IA £ Corporate Bond sector, and its benchmark, at times. When the excluded areas are out of favour and their prices fall, the fund could do well. When they perform well, the fund will miss out. We ultimately think the managers have the potential to reward those who are prepared to take a long-term approach, although there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund was also more volatile than the average fund in the IA £ Corporate Bond sector over the 12 months to the end of February 2026. This has continued a broader theme for the fund over the last few years. Part of the reason for this was the higher level of duration compared to the benchmark.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the end of January 2026, the fund had a distribution yield of 4.42%, although yields are variable, and are not a reliable indicator of future income.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7gpIay0rHvaaEBzF3Xr123","type":"Entry","createdAt":"2026-03-19T15:48:10.591Z","updatedAt":"2026-03-19T15:48:10.591Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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[@ small-cap-companies-will-the-outperformance-continue]","articleType":"$d:props:data:authorArticles:0:fields:articleType","intro":"For a few years the big tech companies have been outperforming smaller companies. So far in 2026, that’s changed but will this continue, and where are the opportunities?","publishedDate":"2026-03-12","categories":["$d:props:data:authorArticles:0:fields:categories:0","$d:props:data:authorArticles:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2GBmEv5k8gZfNokApWtTp9","type":"Entry","createdAt":"2026-03-12T14:55:43.009Z","updatedAt":"2026-03-12T14:55:43.009Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smaller companies can be some of the most exciting businesses. They’re often at the forefront of innovation and still have the potential to grow into much larger companies. Smaller companies are also often under-researched which creates lots of opportunities to uncover hidden gems for those prepared to look. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the long term, smaller companies have outperformed larger counterparts. But in recent years, they’ve lagged as investors focused on a relatively small group of mega‑cap companies — particularly those seen as the immediate beneficiaries of artificial intelligence (AI).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But so far in 2026, smaller companies have stolen back their lead. 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Investments can rise and fall in value, so you could get back less than you invest. 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These are blended together to create a balanced investment trust. They also invest in higher risk smaller companies. This trust could form a core building block of an investment portfolio or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversify","marks":[],"data":{}}]},{"nodeType":"text","value":" a portfolio focussed away from the US. Investors in investment trusts should be aware that they can trade at a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/investment-trusts/faqs"},"content":[{"nodeType":"text","value":"discount or premium to net asset value (NAV).","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust is made up of four co-managers with two managers focussing on the growth portfolio and two focussed on the value portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The growth portfolio is managed by Felise Agranoff and Eric Ghernati. Agranoff became co-manager of the trust in August 2022. She joined JPMorgan in 2004 working on the US large cap fundamental research team before joining the growth team as a research analyst in 2006. She also co-managers a number of other funds including the US mid-cap growth fund, US all-cap fund and Growth advantage fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ghernati joined the trust in August 2024. He is responsible for the technology sector for the mid cap growth and small cap growth strategies and is co-portfolio manager of the JPMorgan US. technology strategy. Prior to joining JPMorgan in 2020, Eric spent six years as a buy side analyst for Lord, Abbett & Co., where he covered the technology sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The value portfolio is managed by Jack Caffrey and Graham Spence. Similar to Ghernati, Caffrey also became a co-manager of the trust in August 2024. He has been managing the focused dividend growth strategy since the inception of the offering. Before assuming this role in 2010, Jack was a Private Bank Equity Strategist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spence is the newest member of the team becoming co-manager in March 2025. Spence began his investment career in 2005 and has been a co-manager of JPMorgan’s value advantage fund since 2020 and a Portfolio Analyst of JPMorgan from 2013 to 2020.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team are also supported by two co-managers focussed on investing in smaller companies. Lawrence Playford and Eytan Shapiro manage a small cap fund which makes up a small part of this investment trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whilst the managers of the trust are experienced in their own right, they haven’t worked together on the trust for very long. However, they are supported by the extensive research team at JP Morgan.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust aims to invest in US companies with strong fundamentals that are not fully appreciated by the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both the growth and value managers follow a similar philosophy designed to identify durable businesses led by strong management teams. However, their processes differ.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The value managers look for companies who they believe are trading below their true value and have strong long-term prospects. They have particular interest in companies that have sustainable cashflow and a strong management team to unlock their true value. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whereas the growth managers look for companies that are showing strong earnings growth which they believe have structural tailwinds to exceed the markets expectations. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This creates a concentrated portfolio that consists of blending both growth and value companies. This typically makes up 90-95% of the trust with the remainder invested in a small cap strategy, also managed by JPMorgan. A concentrated portfolio can mean each investment can contribute significantly to returns, although this approach increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the managers have made a number of changes to the trust. They recently reinvested in electric car manufacturer Tesla. The share price had come under pressure as demand began to stall for electric vehicles, however, the team have growing confidence in the company’s autonomous driving technology. They also added healthcare company Johnson & Johnson and industrial company 3M.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, the managers sold three healthcare companies including UnitedHealth Group, Regeneron Pharmaceuticals and Eli Lilly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust also borrows money to invest with the intention of increasing returns (known as gearing). This could magnify gains in a rising market, but also magnify losses in a falling market, so it increases risk","marks":[],"data":{}},{"nodeType":"text","value":". At the","marks":[{"type":"underline"}],"data":{}},{"nodeType":"text","value":" end of January 2026 gearing was 5.5% - marginally higher than their longer-term average. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"JPMorgan is one of the world's biggest asset managers. It has investment professionals based all over the world, and the team behind this fund can tap into this experience and local knowledge.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"JPMorgan committed to integrate ESG factors into its investment processes for active funds in 2016 and ESG is now a foundation for investment decisions across the firm. J.P. Morgan funds take a variety of different approaches, from quantitatively scoring companies on various ESG measures to help with portfolio construction, to more qualitative analysis achieved through fundamental research and company meetings. All fund managers have access to the central Sustainable Investing team, as well as thematic research and analytics, which focus on climate change and carbon transition.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams are required to demonstrate their progress on integrating ESG to the Sustainable Investing Oversight Committee, a group of senior managers from across the business. Their progress is measured against a multi factor framework and must satisfy several conditions before it is certified as ‘ESG Integrated’. If the strategy does not meet this threshold, the investment team in question will need to incorporate feedback from the Committee and reapply to restart the review process. Investment teams are then subject to ongoing monitoring. We like this objective approach to internal ESG accreditation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm has detailed voting policies which are specific to each region they invest in and account for local customs. Investment teams and investment stewardship specialists in the relevant region are responsible for implementing those policies, based on their deep knowledge and experience of the country, sector and company. A detailed fund-by-fund and company-by-company voting record is available on the JPMorgan website, although voting rationale is not provided. Fund managers also regularly engage with the companies they invest in, and there are a number of case studies on their website and in their annual Investment Stewardship report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In February 2024, J.P. Morgan Asset Management controversially withdrew from the Climate Action 100+ collaborative engagement initiative, citing that it had built up its own stewardship capabilities. Following a meeting with the firm’s Global Head of Sustainable Investing, we were left feeling confident that it remains firmly committed to sustainability","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust's ongoing annual charge as at the end of January 2026 was 0.35%. Investors should refer to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/jpm-american-investment-trust-plc-hyr-2025.pdf"},"content":[{"nodeType":"text","value":"latest annual reports and accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundslibrary.co.uk/fundslibrary.dataretrieval/documents.aspx/?id=30439fa1-b3f1-44d6-b80c-454e87299965&user=QqOZJl0xv3wYXbzD2wom2ugYIa12tKmUwLS8z1qLrqE%3d&type=point_of_sale&r=1"},"content":[{"nodeType":"text","value":"Key Information Document","marks":[],"data":{}}]},{"nodeType":"text","value":" for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA, the HL platform fee of 0.45% (capped at £200 for a SIPP and £45 for an ISA) per annum also applies. Our platform fee doesn’t apply if held in a Fund and Share Account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment trusts trade like shares, both a buy and sell instruction will be subject to the HL ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":" within any Hargreaves Lansdown account, except online in the HL Junior ISA. From March 2026, the amount clients pay to invest with us will change. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the longest serving manager Agranoff joined the trust in August 2022 the trust share price has grown 53.32%* compared to 50.20% for the average trust in the AIC North America sector. The trust’s Net Asset Value (NAV) has also grown 54.50% over this time. Past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the trust has had a more difficult time, returning -4.84% compared to 11.19% for the average trust in the AIC North American sector. The trust’s NAV has grown 0.66% over this time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s investment in technology company HubSpot was one of the largest detractors over the last 12 months. Investors are concerned that the cloud-based software company could be at risk from the advancements of AI. Healthcare company UnitedHealth also detracted as they reported substantially lower earnings than the market was expecting, they are also exposed to government’s Medicare funding cuts which could damage future growth. 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Whilst the managers have the flexibility to invest in higher-risk emerging markets, they tend not to invest much there, which means it could work well alongside other investments dedicated to these regions. Alternatively, it may complement portfolios focused on more value orientated companies with recovery potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blue Whale Asset Management is backed by Peter Hargreaves, shareholder of Hargreaves Lansdown Ltd, which prohibits the fund from inclusion in the Wealth Shortlist.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stephen Yiu has been lead manager of the fund since launch in September 2017. His career began in the investment team at Hargreaves Lansdown. Since his departure in 2007, Yiu has worked at Artemis, New Star (now Janus Henderson) and Nevsky Capital. Yiu is supported by co-managers Matthew Stonebridge and Mohammed Mulla as well as two other dedicated analysts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alongside his fund management responsibilities, Yiu is Chief Investment Officer of Blue Whale Capital, the company he co-founded in 2016 with Peter Hargreaves. We consider this role to be complementary to his fund management responsibilities and not a distraction from stock selection. If the company launches new investment products in the future, we believe it would need additional resources to do so effectively.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yiu and his team conduct detailed analysis to uncover companies they believe are of the highest quality. Each analyst can look at any sector and the team spends a large amount of time combing through company data and keeping a close eye on the competition. They look for companies with strong balance sheets, significant growth potential and robust business models that are resilient to the threat of disruption and fluctuations in the wider economy. They also favour experienced management teams whose interests are well-aligned with their companies’ prospects.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once a potential candidate for investment has been identified, the team constructs a unique financial model to assess its valuation. Their forecasts are then sense-checked against what other analysts in the market are predicting. This usually provides a good indication of how expensive or cheap a company’s share price is compared with its potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently invests in 33 companies. This gives each holding the potential to make a big difference to the fund’s performance, but it’s a higher-risk approach. 71.9% of the fund is currently invested in North America with 16.0% invested in Europe and 11.8% invested in Asia. Companies in the technology sector account for 45.8% of the fund but this includes a diverse array of businesses, including semiconductor company Nvidia, transportation company Uber and communication services company Motorola Solutions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yiu made a number of changes to the fund over the last year. He sold US software company Microsoft and US social media and advertising platform Meta (Facebook). Both had performed well, but Yiu is cautious about the amount they’re spending on AI and whether this could start to affect their profitability. He also sold Japanese video game company Nintendo.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager also made several new investments. US transportation company Uber was added to the fund, as Yiu believes it has the quality growth characteristics he looks for. He also invested in South Korean memory chip supplier SK Hynix, which he believes is well positioned to benefit from the ongoing buildout of AI infrastructure.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blue Whale Capital is a small boutique asset manager, currently running just the one fund. Its investment team has a flat structure which means each member can propose ideas and voice their opinions in an open and collegiate environment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As well as the five investment professionals, the company benefits from two senior advisers, Mark Skinner and Jeremy Leadson, who between them have around 60 years’ experience in financial services. Co-founder Peter Hargreaves is Chairman. Additionally, Toby Hampden-Acton is the Chief Compliance and Risk Officer. This is a small team, but it should expand as the firm grows.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Blue Whale Capital, founded in 2016, became a signatory to the Principles for Responsible Investment (PRI) in February 2023 – the most recent firm under our coverage to do so.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager sees Environmental, Social and Governance (ESG) as a risk factor, and he considers how likely it could impact the performance of the companies he invests in. His high-quality investment approach means the fund won’t invest in companies generally perceived to be doing the most harm to the environment, such as thermal coal mining, where he believes profits will be held back by the shift to cleaner alternatives.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to voting, the manager will generally vote with management unless he believes doing so is against investors’ interests. He also engages with the companies he invests in, but the engagement process is not as systematic as that implemented by some other managers. The firm doesn’t produce any engagement or voting report (aside from a headline voting summary), making it much less transparent than most other mainstream fund houses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The WS Blue Whale Growth fund is normally available for an annual ongoing charge of 1.09%. We negotiated a 0.25% saving though, so it’s available on the HL platform for 0.84%. The HL platform fee of up to 0.45% per year also applies, except in the HL junior ISA, where no platform fees apply. From March 2026, the amount clients pay to invest with us will change. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has performed well since launch in September 2017 and delivered stronger returns to investors than the average fund in the IA Global sector. Over this period the fund has grown 253.95%*, ahead of the 106.31% return generated by the IA Global sector. Past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager’s growth-focused investment style has been in favour for most of the fund’s existence. It was a headwind in 2022 though when value investing fared better than growth investing. As global central banks started to raise interest rates to combat high inflation, shares priced largely on expected higher cashflows far into the future fell out of favour, sending their share prices down. In this type of environment, we expect this fund to lag.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the fund delivered a return of 25.38%, outperforming the IA Global sector return of 5.89%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that Yiu has added value with his stock selection, most notably in the technology sector. Investments in AI related companies performed particularly well. Yiu currently favours companies who are on the receiving end of the significant amount of spending on AI. 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","publishedDate":"2026-02-23","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5EICJZfziH5ywdJJXAF7PW","type":"Entry","createdAt":"2026-02-23T16:22:36.059Z","updatedAt":"2026-02-23T16:22:36.059Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With Japanese ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bonds"},"content":[{"nodeType":"text","value":"bond","marks":[],"data":{}}]},{"nodeType":"text","value":" yields hitting record highs, we’re looking at why, as well as the expectations for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rates","marks":[],"data":{}}]},{"nodeType":"text","value":" in 2026 for the US, UK and Europe. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you’re not sure whether an investment is right for you, ask for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice"},"content":[{"nodeType":"text","value":"financial advice","marks":[],"data":{}}]},{"nodeType":"text","value":". All investments and any income from them can fall as well as rise in value, so you could get back less than you invest. Yields are variable and not a reliable indicator of future income. Past performance also isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Japan","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Japanese bond ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yields","marks":[],"data":{}}]},{"nodeType":"text","value":" spiked in January with expectations of rising government debt following newly appointed Prime Minister Sanae Takaichi’s spending plans. With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" proving sticky, interest rates are expected to rise this year, also adding upward pressure on government bond yields. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Yields on the 10-year bond reached the highest levels since 2007 and the longer dated 40-year bond breached 4% for the first time ever. 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She also plans on suspending the current 8% sales tax on food for two years. This has fuelled concerns that looser ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/fiscal-policy-explained"},"content":[{"nodeType":"text","value":"fiscal policy","marks":[],"data":{}}]},{"nodeType":"text","value":" will add more pressure on government debt, leading to higher inflation. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Japanese bond yields previously had a very tight range as the Bank of Japan was buying bonds if yields started rising too much. This is called yield curve control. But this ended in March 2024, making the recent yield rises possible. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The US ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"US bond yields have come down over the past 12 months and remained relatively steady in the last few months after a volatile start. This volatility came from speculation about the impact of Trump’s tariffs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A big concern for bond investors was that the tariffs would spike inflation and force the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/federal-reserve"},"content":[{"nodeType":"text","value":"Federal Reserve","marks":[],"data":{}}]},{"nodeType":"text","value":" (Fed) to increase interest rates. But this hasn’t played out. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inflation ended the year at 2.7%. When Trump re-entered the Oval O 12-monthsffice in January it was 3% and fell to 2.3% in April just before the Liberation Day tariffs. Inflation didn’t rise as much as many expected and bond yields have been less volatile as expectations of interest rate rises decreased. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Going into 2026, the Fed held interest rates at 3.75% in January with expectations that rates will fall just once this year. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, Trump recently announced Kevin Warsh will replace outgoing Fed chairman Jerome Powell. Warsh is expected to take over in May. Trump has been very critical of Powell for not cutting interest rates and he’ll be expecting Warsh to be more amenable. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If Trump does get his way and Warsh can convince his other committee members to lower interest rates more than the market is expecting, we may get some more volatility in yields throughout the year.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The UK ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like in the US, after a volatile start to the year in 2025, yields more recently have been steadier. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a few reasons for this. One being that the Autumn Budget went mostly as expected, with Chancellor Rachel Reeves taking what many deemed the fiscally responsible route. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Also having an impact will be the relatively stable inflation numbers in the second half of 2025. Inflation came in at 3.4% in December which is still above the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bank-of-england"},"content":[{"nodeType":"text","value":"Bank of England’s","marks":[],"data":{}}]},{"nodeType":"text","value":" (BoE) 2% target. However, concerns of a slowdown in the labour market and low GDP growth has meant the BoE cut interest rates to 3.75% in December before holding steady in their January meeting. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Going into 2026, the expectation is that inflation will continue to fall, allowing the BoE to continue lowering interest rates. This, combined with the slowdown in the labour market and weak GDP growth, means economists are expecting at least two more rate cuts over the year. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Europe ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The European bond market has also been relatively stable over the last 12 months. There was some volatility around Liberation Day as investors weighed the impact of higher tariffs on exports to the US but, since then, bond yields have been stable. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What is helping is that unlike in the US and the UK where inflation remains stickier, in Europe it’s below target. In January 2026 it came in at just 1.7%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What this means for interest rates going into 2026 is that they will likely remain unchanged. With inflation on target and no immediate signs of labour market weakness, it’s unlikely the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Learn%20more-,European%20Central%20Bank,-The%20European%20Central"},"content":[{"nodeType":"text","value":"European Central Bank","marks":[],"data":{}}]},{"nodeType":"text","value":" (ECB) will feel the need to adjust rates anytime soon. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite expectations that rates will remain the same, the ECB have much more flexibility than other central banks who are balancing higher inflation with a slowing labour market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ECB could perhaps react much quicker to the data should there be signs of a slowdown given that inflation is under control. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have bonds performed over the last 12 months?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Performance has been different for different parts of the bond market over the last 12 months. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Higher-risk bonds within the high yield category have provided the highest returns, while UK government bonds have provided the lowest. This is largely because of the yields those bonds offer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies with a higher risk of defaulting have to offer higher returns so investors take the additional risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While returns varied within the different sectors, corporate bonds have tended to provide the highest returns. UK government bonds have also given investors positive returns, but to a lesser extent over the last 12 months. 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*Lipper IM, to 31/01/2026.","caption":"Past performance isn't a guide to future returns."}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5RQUrSjyA7ytxHVFK7zetr","type":"Entry","createdAt":"2026-02-23T16:22:36.152Z","updatedAt":"2026-02-23T16:22:36.152Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The IA £ Strategic Bond sector returns have been fairly consistently in the middle of the range over time, as you’d expect given funds in that sector can invest in all types of bonds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This highlights the potential benefits 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While the overall returns might not have been the highest available, the journey hasn’t been as bumpy.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have our fixed income Wealth Shortlist funds performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" bond ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" have delivered mixed performance over the past year. Some have outperformed their peer group, while others have underperformed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We would never expect them to perform the same though. If all your funds in a sector are performing well at the same time, they're probably just investing in similar areas. As always, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in funds isn't right for everyone. Investors should only invest if the fund's objectives are aligned with their own, and there's a specific need for the type of investment being made. 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We think it’s a more adventurous choice in the space. Because of this, the investment journey may be more volatile than some peers. For this reason, it could work well as part of a portfolio invested for income, focused on the long-term. It could also provide some bond exposure to a portfolio more focussed on company shares.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is co-managed by Shalin Shah and Matthew Franklin. Shah is a senior fund manager at Royal London, having joined the fixed income team there in 2008. Prior to working at Royal London, he worked at PricewaterhouseCoopers providing pension scheme investment advice and he’s a qualified actuary. Shah has been involved in managing the fund since 2016.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Franklin joined Royal London’s sterling credit team in 2014 as an analyst and works closely with Shah on a number of different funds. He’s co-managed this fund since January 2022.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Previous co-manager and Head of Fixed Income at Royal London, Jonathan Platt, retired at the end of 2024. While it’s a shame that his vast experience will no longer be available to Shah and Franklin to call upon, we rate Shah and the bond team at Royal London highly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team are prepared to invest in parts of the bond market a lot of other investors ignore. Looking for opportunities in under-researched areas like unrated bonds can throw up chances to boost returns. That said, this is a higher risk approach and means there’s potential for investments in the fund to be more volatile.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both managers also have management responsibilities on other funds, but they’re supported by a very well-resourced team, so we feel comfortable they can handle the workload.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shah and Franklin believe credit markets are inefficient and offer opportunities that active managers can exploit. They start by forming a view on the direction of the economy, considering factors like economic growth, inflation and interest rates. This helps them decide which areas to invest in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the team's edge comes from their detailed research into 'low-profile' parts of the market. Shah and Franklin feed off ideas from the wider fixed interest team but also do their own research to check if the quality of these bonds is high enough to be considered for the fund. These under-researched bonds may be unrated (their credit quality hasn’t been assessed by a credit ratings agency), complex and often secured against a company's assets. The managers can potentially add value by looking in this area of the market, but these types of bonds are higher risk, and the lack of credit rating can make them harder to trade, adding liquidity risk, particularly in a falling market. They tend to pay a higher income to compensate for the higher risk. Around 4% of the fund is currently invested in this area, the same as 12 months ago.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As an example, one of the bonds the managers invested in within this unrated category defaulted in 2023. The company had found it difficult to refinance their debt in time for them to make a payment due on the bond. This meant that they missed the payment and defaulted on the terms of the bond. They were able to refinance shortly after the payment due date and in turn paid the amount due to investors, plus interest. The outcome was that investors didn’t lose any money.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, it’s rare for bonds that are considered to be investment grade to default on their bond payments. This highlights the higher risk that can be associated with the way that the managers of this fund invest. While on this occasion the issue was resolved relatively quickly, it could be that in similar instances in future, there are bigger challenges facing the company and that refinancing isn’t possible. This could lead to a lengthy process for the managers to go through in order to get their money back.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a focus on A and BBB rated bonds, with 70.5% of the fund invested in these credit ratings at the end of December 2025. These ratings sit at the lower quality end of the investment grade corporate bond spectrum. The fund also invests in higher-risk high-yield bonds, which can add risk. The managers aim to be well diversified through exposure to a range of different sectors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have continued to be active in the bond market. They continue to find attractive opportunities in the water sector such as newly issues bonds by Yorkshire Water and Welsh Water. They’ve also found opportunities in the bank and insurance sector including new issues from Bank of Montreal and Massachusetts Mutual Life Insurance Company. They have trimmed a number of investments following strong performance, such as bonds issued by Legal & General, OSB and Close Brothers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers continue to believe that the yield on offer from investment grade corporate bonds compensates investors for default risk (the risk that companies don’t make all their bond payments). However, these bonds are currently expensive compared to history and the team are focused on diversifying risk across lots of companies. They are also focused on finding the best opportunities within bonds that are secured against a company’s assets as this provides some additional shelter if needed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe Royal London’s speciality is in managing fixed income portfolios. Their philosophy is that all well-diversified portfolios should include an element of income. They use a combination of top-down macroeconomic analysis and bottom-up security selection to manage their bond portfolios which has served them well over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are rewarded based on the long term performance of their fund, so their interests are aligned with investors. We think their incentivisation structure is better than most and encourages good behaviour, but it isn’t as long term as in some other groups.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All Royal London fund managers have access to environmental, social and governance (ESG) ratings and analysis produced by the firm’s central Responsible Investment team. The firm asks that all managers incorporate this into their investment decision making processes, but our meetings with Royal London fund managers suggest the quality of ESG integration from fund to fund is mixed. The firm’s sustainability branded funds fully integrate ESG, with the support of the Responsible Investment team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Responsible Investment team coordinates company engagement and engagement case studies can be found in the firm’s annual Stewardship and Responsible Investment report. The firm also publishes a summary of voting activity on its website, and an interface allows visitors to search for all voting activity relating to a specific company, or any time period, and includes a rationale in cases where the team voted against a proposal or abstained.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers consider ESG factors in their analysis. This helps them identify potential risks that could affect the business’s ability to repay its debts, increase costs or result in future litigation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, this is not one of Royal London’s sustainability branded funds, and it is not managed to an ESG mandate.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a standard annual ongoing charge of 0.35%. Our current platform charge of up to 0.45% per annum also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From March 2026, the amount clients pay to invest with us will change. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes.","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Charges can be taken from capital, which can increase the yield but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s more adventurous approach to investing in corporate bonds means it’s tended to be more volatile than others in the sector. Over the long term the fund’s generally performed well for those investors who’ve been prepared to ride out the dips. Since Shah become co-manager in October 2017 the fund has returned 29.29%*, outperforming the IA £ Corporate Bond sector return of 15.19%. Past performance is not a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last year saw positive returns for many bond investors. The fund returned 8.59%, outperforming the IA £ Corporate Bond sector return of 7.10%. Stock selection was the dominant driver of the fund’s performance. In particular, investments in bonds issued by banks and insurers added a lot of value for the fund over the period. The team tend to have a lot invested in these sectors which was beneficial as they outperformed the wider market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the year the managers have tended to have higher duration than peers. Duration is a measure of how sensitive the fund is to interest rate changes, the higher the duration value, the more sensitive the fund is to interest rate changes. This position had no impact on performance compared to peers over the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund doesn’t take large duration positions away from the benchmark, as the managers prefer to focus on bond selection to generate returns. At the end of December 2025, duration positioning was at 6.4 years compared to 5.5 for the benchmark.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the end of December 2025, the fund had a distribution yield of 5.56%, although yields are variable, not guaranteed, and are not a reliable indicator of future income.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7C3Mmd5puaADIKT9d5Jrpb","type":"Entry","createdAt":"2026-01-27T14:51:19.127Z","updatedAt":"2026-01-27T14:51:19.127Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual 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However, the fund did perform very well at the beginning of 2025 when the market fell because of US President Donald Trump’s tariffs and value stocks outperformed which is what we would expect for this fund.","marks":[],"data":{}}]}]},"emailSignUp":"false","heading":"Lazard Global Equity Franchise"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"620b7Qf6dIGZ6lrpiP2V5J","type":"Entry","createdAt":"2026-01-23T11:20:44.464Z","updatedAt":"2026-01-23T11:20:44.464Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"internalTitle":"Lazard Global Equity Franchise: December 2025 fund update","article":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4PIhZd2hR7lGt0KT9yX7vH","type":"Entry","createdAt":"2025-12-31T11:35:13.272Z","updatedAt":"2025-12-31T11:35:13.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":15,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Clifton Navy","titleAndPath":"Lazard Global Equity Franchise: December 2025 fund update [@ lazard-global-equity-franchise-december-2025-fund-update]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this fund update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Lazard Global Equity Franchise fund.","publishedDate":"2025-12-31","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4D9UnRrjDbqJVCtMVrcOP5","type":"Entry","createdAt":"2025-12-31T11:35:13.318Z","updatedAt":"2025-12-31T11:35:13.318Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has been managed by four experienced investors since launch in June 2015","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in undervalued companies - this is when a company’s share price doesn’t reflect what the managers believe is its true value","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Its investment style and some stock selection mistakes has hurt the fund’s recent performance but we have conviction in the longer-term outlook","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/lazard-global-equity-franchise-class-c-gbp-accumulation"},"content":[{"nodeType":"text","value":"Lazard Global Equity Franchise","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to deliver long-term growth by investing in companies across the global with predictable earnings and competitive advantages. The managers focus on companies they believe are undervalued – this means their share prices don’t yet reflect their growth potential. This style means the fund could work well alongside a more growth-focused fund or add diversification to a global investment portfolio. Overall, we believe this fund offers something different from other global funds.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Managers","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Four co-managers have managed this fund since launch in June 2015.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Matthew Landy is based in New York, while John Mulquiney is based in Sydney. They have over 30 and 25 years of investment experience, respectively. Before joining Lazard in 2005, they both worked as equity analysts for Tyndall Investment Management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Warryn Robertson is also based in Sydney and has over 30 years of industry experience. Robertson joined Lazard in 2001 and previously worked at PricewaterhouseCoopers Corporate Finance. Bertrand Cliquet is based in London and has over 25 years of industry experience. Prior to joining Lazard in 2004 Cliquet worked at Goldman Sachs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the managers are based in different locations and time zones, they still work as a close-knit team when analysing companies and making decisions. They communicate regularly and have managed the fund this way over many years. This set-up also makes it easier for them to meet more companies, no matter where they’re based. They’re also supported by two analysts – Gary Yan who’s based in New York and Anthony Rohrlach based in Sydney. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All four co-managers also run the Lazard Global Listed Infrastructure fund since launch in October 2005. The fund uses a similar investment process and style, but focuses only on infrastructure-related companies. Given the resource and overlap in style, we believe they can manage the workload of both funds. We like the challenge and support gained by working as a team, and we think this enhances their analysis.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers aim to invest in unloved companies from across the globe, and where the share price doesn’t yet reflect their true value. If they’re right and more investors recognise this potential over time, the share price could rise.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers start by looking for businesses they believe meet their “franchise” model. These are companies that have strong balance sheets, competitive advantages, and earnings they can more easily forecast.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers avoid parts of the market that don’t meet this quality criteria. They don’t invest in areas such as tobacco, defence, and oil and gas companies. They also don’t typically invest in banks. The team thinks these areas are too reliant on unpredictable external factors such as regulation, government defence spending, and commodity prices. This makes their earnings difficult to forecast and can put their finances under pressure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This helps whittle down the universe of companies they can invest in. Potential candidates are then analysed by the team to find their true value.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If a company is taken further, it enters the team’s ‘value rank.’ This ranks companies based on their current share prices and against their true value. The managers then pick the best opportunities from this model – the companies at the top of the value rank make up more of the fund, and those at the bottom are smaller. The model helps the managers to apply the investment process consistently.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in 25-50 companies. Currently they own 27 companies as they believe there aren’t as many undervalued opportunities available. This is a relatively small portfolio and means each investment can contribute significantly to returns, although this approach increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This approach also means the fund can be invested heavily in a few sectors and countries. For example, the fund currently invests 19.2% in financial companies, and 38.0% in Europe. The fund can therefore look and perform very differently to the benchmark (the broader global stock market). Given the focus on finding undervalued opportunities the fund is unlikely to invest as much as the benchmark in areas that are performing strongly at the time, which currently includes the US and technology sector. It also invests in smaller companies and emerging markets, which adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have stayed true to their philosophy during tougher periods, but the fund can change quickly depending on market conditions. With markets over the past few years becoming increasingly more concentrated, this fund is positioned very differently to peers and can offer important diversification.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past year, the managers added an investment in German healthcare company Carl Zeiss, UK drinks company Diageo and US healthcare company Kenvue. They also sold US payments company Visa after a period of strong performance. Spanish industrial company Ferrovial and US healthcare company Becton Dickinson have also been sold.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lazard is a well-established asset manager with offices all over the world. The company’s history in banking and foreign exchange dates to 1851. In 1953 the company launched the asset management side of its business in London. The company now operates in 26 countries across the world.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think Lazard enables a culture of allowing fund managers to invest as they see fit. The managers of this fund used some of their own money to launch it. We think this personal investment demonstrates their commitment and means their interests are more likely to be aligned with investors and focus on long-term performance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lazard doesn’t require its fund managers to integrate analysis of environmental, social or governance (ESG) factors into their security selection or asset allocation processes, but a significant portion choose to do so. Portfolio managers receive a monthly report containing ESG insights drawn from MSCI and Sustainalytics. Companies with the lowest ESG ratings, and those thought to be in breach of a UNGC principle are ‘flagged’ within the report, but there is no requirement for the managers to sell the investment. Managers also have access to a proprietary materiality map, which helps them identify the main ESG risks relevant to companies in each major sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Votes are exercised in alignment with the firm’s voting policy, though it provides less voting disclosure than some peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While ESG is integrated into this fund, it’s not a specialist responsible or sustainably invested fund and the manager can invest in some sectors not seen to rank highly based on ESG credentials.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is available for an annual ongoing charge of 0.82%. The HL annual account charge of up to 0.45% also applies except in the HL Junior ISA, where no annual account charge applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the fund launched in June 2015 the fund has returned 154.35% compared to 178.13% for the average fund in the IA Global sector. As always, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund also hasn’t performed as well as its benchmark, the MSCI World Index. This is largely because the fund’s value investment style has been out of favour for much of this time. Funds with a growth focus, which have tended to invest more in US and technology companies over the last decade, have done better. The fund has invested less in these areas because share price valuations have been higher and haven’t offered as much future performance potential, in the managers’ view.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Importantly, this fund offers diversification from a lot of other global funds that have increased their exposure to areas like the US and tech in recent years. While there’s nothing to say these areas won’t keep performing well, it’s unlikely for any sector, theme, or country to outperform indefinitely, as different investing styles come in and out of favour.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term, we expect the fund to do better when value investing is in favour, and the reverse is also true. A good example of this is in 2022 when the fund did much better than the market when value companies outperformed. The focus on business quality also means we expect the fund to hold up better than some other funds during down markets but may not rise as quickly during rising periods.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has lost 8.87% compared to a gain of 8.56% for IA Global sector","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not only has the fund’s value style of investing been out of favour but the managers’ stock selection has also detracted, especially in the US and the technology sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, financial service company Fiserv was a key detractor. Its share price fell because of a lawsuit against the company. The team have reviewed the company - they believe this is a temporary issue and that the company still meets their quality framework. Healthcare company Omnicom also struggled due to concerns that AI could hurt its business model. The team remain comfortable as Omnicom has previously been able to successfully navigate technological changes such as the rise of the internet, search engines and social media. They believe the company can do this again and its shares are attractively valued.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, European satellite company SES was a positive contributor to performance. It made notable operational achievements over the last 12 months as it expanded its satellite capabilities. Italian energy company Snam SpA and German healthcare company Fresenius Medical Care AG also performed well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s performance over this year has disappointed and we don’t usually expect it to perform this way. We have met the fund’s managers several times over the last year to discuss performance in detail, their reflections, and what we can expect in future. We believe the managers have remained true to their investment process, which has served them well for over 10 years, and that they remain focused on delivering for investors over the long term. There’s also a lot of potential pent up value in the fund, which could prove rewarding if and when broader investor sentiment turns towards the types of companies the managers invest in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, we think the team has the experience, skill, and support to deliver good long-term returns to patient investors, although there are no guarantees. 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Eclipsing the previous record of 34 days. Government shutdowns are nothing new, the first came in 1976 under Gerald Ford, and Ronald Regan faced eight over his two terms. But they’ve become a feature of the Trump administration. Before this latest standoff, the previous record happened seven years ago during Trump’s first term, alongside two shorter shutdowns that lasted just one and three days.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shutdowns usually happen when a spending plan cannot be agreed and signed into law by the president. The spending plan must be agreed by both chambers of congress, made up of the House of Representatives and the Senate.\nThe Republicans currently have a majority in both, but fell short of the 60 Senate votes required, meaning they needed to convince seven Democrat senators to join them and get the bill passed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What happens when the government shuts down? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the latest shutdown, thousands of non-essential government workers were furloughed. Other essential workers such as air traffic controllers and law enforcement were expected to work without pay. Their pay is then backdated when the government reopens. 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","publishedDate":"2025-12-19","categories":["$d:props:data:authorArticles:2:fields:categories:1","$d:props:data:authorArticles:2:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6nQmcTrjQsA3DIC3LNuVBF","type":"Entry","createdAt":"2025-12-19T12:58:29.189Z","updatedAt":"2025-12-19T12:58:29.189Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is the second time Saba have sought to remove EWIT’s independent board of directors after its failed attempt to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/investment-trusts/investment-trust-research/saba-requisitions-seven-investment-trusts?msockid=0775c0cb7a24618e1e5ad6c27bef6046"},"content":[{"nodeType":"text","value":"requisite seven investment trusts","marks":[],"data":{}}]},{"nodeType":"text","value":" earlier this year. Previously shareholders voted in favour of keeping the EWIT board of directors and rejected all proposals put forward by Saba. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Saba’s plans for the trust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This time Saba hasn’t disclosed its plans for the trust should shareholders vote in its favour other than to replace the current board of directors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Saba previously planned to serve notice on the trust’s current managers, which would provide the opportunity to hire new managers that are more aligned with its views, potentially Saba themselves.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This could lead to a change in the trust’s investment mandate, including investment philosophy and process, where the trust invests, its risk level and fee structure. Investors should consider whether the trust would still meet their investment needs if it were under new management, and the investment mandate changed. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"EWIT’s view","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"EWIT’s board recommends that shareholders vote against Saba’s proposal. They believe Saba’s new board of directors would not be truly independent and that the three nominated managers would have no experience of managing UK investment trusts or operating within UK regulatory frameworks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They also believe the current trust offers investors a unique portfolio of disruptive and transformative companies including private companies such as SpaceX and PsiQuantum. Shareholders benefit from investment manager Baillie Gifford's specialist expertise and access to early-stage, high-potential, investment opportunities and this is at risk should Saba take control. Investors should be aware that investment in unquoted companies is higher risk and they can be considerably less liquid than those traded on established stock exchanges. Investing in smaller companies also adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"EWIT’s board has already sought to address the trust’s previous period of weaker performance. In 2024 it undertook a comprehensive review and over the last 12 months with the trust has grown 16.2%* in net asset value (NAV) terms over one year compared to 6.0% for the trust’s benchmark. Past performance isn't a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This information isn’t personal advice. We can’t advise on which way you should vote. If you’re unsure what to do, please seek advice. All investments can fall as well as rise in value, so you could get back less than you invested.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The date for the general meeting is expected to be announced before Christmas. Shareholders will then be able to vote following the instructions below.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How to give an instruction","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Log in to your HL account using our website. It’s not possible to give instructions via the HL app","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Select ‘View shareholder meetings’","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"View your shareholder meetings and provide an instruction","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You’ll be taken to a website managed by a third party called Broadridge to complete your instruction. 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","publishedDate":"2025-11-03","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6MrWc2t77EkDtS7nsJqWke","type":"Entry","createdAt":"2025-11-03T16:37:00.346Z","updatedAt":"2025-11-03T16:37:00.346Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s been eventful in French politics. Prime Minister Sébastien Lecornu resigned after less than a month in office, becoming President Macron’s fourth prime minister since the snap election in 2024.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each of Macron’s prime ministers has failed to secure the political support needed to pass a budget that backed cutting France’s deficit. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, in a surprising move, Macron reappointed Lecornu as prime minister just five days later asking him to form a new government and, to try again to pass a deficit cutting budget for 2026. This move triggered two votes of no confidence against Lecornu from both ends of the political spectrum. 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","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Japan appoints their first female leader","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sanae Takaichi won the leadership election of Japan’s ruling Liberal Democratic Party, positioning her to become the country’s first female prime minister—if she secured enough support in parliament.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On 21","marks":[],"data":{}},{"nodeType":"text","value":"st","marks":[{"type":"superscript"}],"data":{}},{"nodeType":"text","value":" October, she succeeded, winning a clear majority in Japan’s parliament, taking the role of Prime Minister of Japan.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Japanese stock market reacted very positively to this news as they expect Takaichi to be an advocate for fiscal stimulus and loose monetary policy. On Monday, the Japanese stock market reached 50,000 for the first time amid these expectations. However, this optimism is tempered by concerns over inflation, which has slowly been falling since the beginning of the year. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Moving forwards, Takaichi will be working to forge new alliances in hopes of preserving the Liberal Democratic Party’s (LDP) fragile majority. While the LDP’s long time coalition partner, the Komeito party, withdrew their support, the Japan Innovation Party (JIP) lent their votes to confirm her appointment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The LDP and the JIP will be facing voters in 2028 at the next election. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Trump’s tariff","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"US President Donald Trump wasted no time after beginning his second term at the start of 2025, swiftly imposing tariffs on some of the country’s closest trading partners.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Trump campaigned on the belief that other nations had taken advantage of the U.S., and that tariffs were a means of restoring jobs and manufacturing, while also generating revenue to fund tax cuts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The back and forth between the US and multiple trading partners caused global stock market volatility throughout 2025. Between February and the end of April, global stock markets fell by 10.36%, before broadly rebounding again in the coming months.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In August, Trump’s initial “Liberation Day” tariffs took effect for countries that had not yet signed trade agreements. India was hit with additional tariffs for purchasing oil from Russia, and Trump also targeted semiconductor chips not manufactured in the US.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tariff concerns began to ease as investors adjusted to the new environment. However, Trump reignited tensions by threatening 100% tariffs on China, causing the U.S. market to drop 2.7% in a single day—the largest one-day loss since April. China threatened to retaliate, but Trump ultimately backed down, leading to a partial market rebound.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have global stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite all of this, global stock markets have seen positive results for the 12 months to the end of September. Over the past year, the broader global stock market has risen 17.38%*. As always though, past performance isn’t a guide to future returns. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the US stock market, which makes up a large part of the global market, grew 18.04%. The Mexican stock market was one of the best performing regions, returning 32.62%. 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","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/ftf-royce-us-smaller-companies-class-w-accumulation"},"content":[{"nodeType":"text","value":"FTF Royce US Smaller Companies","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to deliver long-term growth by investing in unloved US smaller companies, with the potential to come back into favour or recover in future. It could be a good way to add US exposure to a global portfolio, or work well alongside other US funds focused on larger, more growth-style companies. Smaller businesses are often among the most innovative and offer lots of growth potential, but they're higher risk than their larger counterparts.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by Lauren Romeo, who joined Royce and Associates in 2004 and became manager in 2010. We like the Royce team’s disciplined approach and think Romeo is an engaging and experienced fund manager with a passion for investing in smaller companies. Romeo is supported by a team with lots of experience, including the firm’s founder Chuck Royce who has been investing client money since 1973. We believe that the fund harnesses the skills of a talented team with a sensible investment approach. Romeo is also named as co-manager on some other funds in the US that invest with a similar philosophy as this fund. We’re satisfied that these responsibilities are manageable.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Romeo aims to invest in companies that are unpopular with investors and buy their shares at a price significantly lower than she feels they’re worth. They might be facing headwinds in the shorter term, so it's important they don't have too much debt. Romeo and her team spend a lot of time meeting with a company's managers to make sure they've got the skill and experience to turn the business around. They also speak to customers, suppliers and competitors to make sure the managers are executing their plan.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This analysis leads Romeo’s team to decide what they think a company's shares are worth. She thinks this process provides opportunities to spot companies that are undervalued. This could also provide some support when markets are weaker – if a company's share price is already lower than it should be, it might not fall quite so far as those that are more expensive. They won't get it right every time though and even when they do, it can take some time for other investors to realise the opportunity and to see the share price rise. This means there will be periods where the fund underperforms and seems at odds with the wider market, so this style of investing requires patience.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After speaking to Romeo, she still believes that smaller companies are the place to be. There are potential catalysts for smaller companies to perform well including the President’s One Big Beautiful Bill which has some positive tax initiatives for smaller companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Romeo has made a number of changes to the portfolio over the last 12 months. This includes the addition of technology company Onto Innovation who provide quality control in semiconductor chip manufacturing. Truck transportation company Saia was also added. Romeo sold this company in 2021, but following a 30% fall in the share price earlier this year believes it looks attractive again. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She also sold a number of companies. Building manufacturing company Louisiana Pacific was sold earlier in 2025. After the stock performed strongly Romeo thinks there are now better opportunities elsewhere. Biotech software company Simulations Plus was also sold after they made a large acquisition, with the high price paid being a concern for Romeo. Also sold was fashion company Steve Madden given the potential impact tariffs could have on the company. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by Royce and sits under the Franklin Templeton umbrella. Smaller-company value investing is Royce's specialism – it’s what they do and is where their expertise lies. This single focus distinguishes the firm from other asset managers in the US. Fund managers at Royce are required to invest substantial amounts in the funds they run and have variable bonuses based on the long-term performance of their funds. We feel this is a positive and ensures alignment with the interests of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Franklin Templeton was previously a laggard on ESG integration. But since its integration with Martin Currie (as part of the broader Legg Mason acquisition), the group has made significant strides forward, in part because of its ability to leverage Martin Currie’s expertise. Responsibility for carrying out ESG analysis sits with individual analysts and portfolio managers, and all stock research must consider the material and relevant governance, social and environmental factors that could impact a company’s ability to generate sustainable returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm offers a range of strategies that take a more hands-on approach to thematic investing and impact. All investment teams have access to a dedicated Stewardship & Sustainability Council, which brings together leaders in stewardship and sustainable investing from across Franklin Templeton’s investment management groups, covering every asset class and strategy range. The Council shares best practice and thought leadership with the wider business. There is a firm-wide commitment to avoid controversial weapons. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Franklin Templeton fund managers and analysts engage with executives and board members of the organisations they invest in to review issues they believe are material to the firms’ long-term prospects, supported by the firm’s ESG team. They also vote at shareholder meetings wherever possible, informed by three third-party voting advisors. The firm publishes regular ESG-focused articles and an annual stewardship report. It also outlines its voting activity on a fund-by-fund basis, although voting rationale is not available","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Romeo considers ESG (Environmental, Social and Governance) issues when researching individual companies. She thinks these factors have the potential to affect the long-term value of the investment and thinks sound understanding of how these factors could affect businesses is an important part of managing risk in the fund. That said, this is not a specialist responsible or sustainably invested fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The annual ongoing charge for this fund is 0.82%, but HL clients benefit from a saving of 0.33%, resulting in a net ongoing charge of 0.49%. This saving is provided through a 'loyalty bonus', which is tax-free in an ISA or SIPP. However, they may be subject to tax in a Fund and Share Account. The HL account charge of up to 0.45% per year also applies, except in the HL Junior ISA, where no account charge applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the fund’s lost 0.74%* and underperformed the gain of 4.51% for the IA North American Smaller Companies peer group. Past performance isn’t a guide to the future. We recently met Romeo and carried out our own analysis to find out more about this performance and the fund’s future potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund struggled when US President Donald Trump announced tariffs to some of the US's closest trading partners in April. This caused global stock markets, including US smaller companies, to fall significantly. The manager’s quality investment style means we usually expect the fund to lose less than the wider market during a shock of this type, but that won’t always be the case, which is what happened this time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund had less invested in utilities, banks and REITS (Real Estate Investment Trusts), which held up better than some other sectors as they were seen to be less exposed to global trade disruptions. This held back performance, but these companies tend not to have the quality attributes Romeo looks for. Our analysis shows the fund usually holds up better when markets fall over the longer term though. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Markets subsequently bounced back and, while the fund did too, it didn’t keep pace with the strength of the rebound. Unprofitable companies tended to do better, but the fund focuses on higher-quality companies with more attractive earnings, which again held back performance. We expect the fund to perform in this way though – to not keep pace when lower-quality companies are leading the market. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager’s stock selection was also weaker over the last 12 months. Investments in healthcare companies Enovis Corp, Bio-Techne Corp and Haemonetics Corp were some of the weakest performers. Communication company Ziff Davis also struggled as spending on digital marketing fell over the past few years. Advancements in AI and the use of ChatGPT could also mean less people require their content and articles for information. Romeo has since sold the company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some other investments performed well. Technology firm ESCO Technologies and industrial companies Sterling Infrastructure and Enpro Incorporated contributed strongly to performance. Sterling Infrastructure could benefit from the AI spending boom as it provides construction for data centres. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From our recent meeting with Romeo, we were pleased to hear she’s taken time to reflect on this recent period of weaker performance, reevaluate the fund’s investments, and make adjustments where needed. She’s since sold several companies that have failed to perform as expected or where she has lost conviction. Other new investments that have been added have performed well so far, though this is over a very short period of time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term and since Romeo became a co-manager in 2010, the fund’s grown 317.37%. While this is an attractive return, it’s behind the 504.88% for the average fund in the IA North American Smaller Companies sector. This is disappointing, however we still have conviction in Romeo’s abilities and the fund’s long-term performance potential. Romeo has remained disciplined in her quality approach of investing for 15 years and we believe she can provide investors with attractive returns over the long run, with the potential to provide some stability compared with peers during volatile times. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"well-diversified portfolio","marks":[],"data":{}}]},{"nodeType":"text","value":" should have exposure to a mixture of different investment styles, asset classes and geographies, and we think this fund offers something quite different. 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[@ us-stock-market-review-will-the-fed-finally-cut-interest-rates]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this sector review, we explore the likelihood of the US Federal Reserve (Fed) making its first interest rate cut of the year.","publishedDate":"2025-09-15","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"69oXqpQLKrLBT9sBcSdRLe","type":"Entry","createdAt":"2025-09-15T14:09:17.802Z","updatedAt":"2025-09-15T14:09:17.802Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/federal-reserve"},"content":[{"nodeType":"text","value":"Federal Reserve","marks":[],"data":{}}]},{"nodeType":"text","value":" chair Jerome Powell recently hinted that the Fed might finally lower interest rates in September this year. Market consensus now expects a 0.25% cut.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Earlier in the year, many anticipated a series of rate cuts throughout 2025. But the Fed has so far held rates steady at 4.5%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ongoing uncertainty around ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" and trade tariffs has led the Fed to take a cautious approach.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What’s changed? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A great deal has shifted in the US economy over the past few months.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let’s start with the labour market. In the first three months of the year, there were early signs the job market is showing some cracks. These weren’t significant enough to alter the Fed’s position.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The second quarter painted a different picture. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite all the concerns that tariffs and tax from Trump’s ‘Big Beautiful Bill’ could drive inflation higher, so far inflation has only edged up to 2.7%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s still above the Fed’s 2% target though. To reach the target, they might need to remain persistent and keep interest rates at their current level. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Fed’s next move will be a delicate balancing act – managing elevated inflation against a backdrop of a weakening labour market and slowing economic growth. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have US stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The US stock market grew 13.13% over the last 12 months to the end of August 2025. Smaller companies lagged their larger peers but still retuned a respectable 7.51%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s been a volatile 12 months though. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The market rallied following Donald Trump re-entering the White House as expectations that his pro-market agenda would keep the stock market trending upwards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But in April significant tariffs caused markets to tumble. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After the turbulence he paused the additional levies to allow trade agreements to be made, which gave the market confidence to keep rising. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More recently, the market has been volatile as investors continue to scrutinise AI companies which are some of the largest companies in the world. Money has poured into the so-called winners of AI which has seen some of their share prices reach all-time highs. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But some investors fear it’s gone too far and that AI isn’t yet having a material effect on companies’ profits. 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It has the power to revolutionise the ways companies operate. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the broadest sense, the integration of AI could potentially lead to improvements in productivity, cost efficiency, and decision-making.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It isn’t just technology companies that could benefit though. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AI could impact every sector – from healthcare, where AI can help with diagnosing diseases quicker than a human, to a retail company offering bespoke advertising tailored to a consumer. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The opportunities for companies to integrate AI could give them a competitive advantage and that’s got investors excited about their prospects.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you're not sure if a course of action is right for you, ask for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice"},"content":[{"nodeType":"text","value":"financial advice","marks":[],"data":{}}]},{"nodeType":"text","value":". Remember, all investments can rise and fall in value, so you could get back less than you invest. Past performance also isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What do the experts think?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our Research Team recently met Gary Robinson, co-manager of the Baillie Gifford American fund, currently on the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist,","marks":[],"data":{}}]},{"nodeType":"text","value":" and Baillie Gifford US Growth Trust. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He’s been a long-time admirer of AI, so we found out more about his current views.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Robinson is more excited than ever. He believes momentum is building and that AI is beginning to have a real impact on companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"OpenAI, best known for ChatGPT, is a private company (not currently listed on a stock market) but rumoured to produce $12bn in revenue over the coming year and recently announced 700mn weekly users – much more than many people expected. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies like Shopify have been able to significantly reduce their workforce and still grow due to the benefits of AI. During the pandemic in 2020 Shopify had 11,000 employees and this has been cut to 8,000. Growing the company without growing headcount bodes well for long-term profitability.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AI is also increasingly being used as a tool for deep research and brainstorming new ideas. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Robinson recognises there are limitations too and that AI is still a work in progress in the financial world, but he feels it’s heading in the right direction. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Is AI a bubble?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are a small number of companies that investors currently view as frontrunners in the AI race. AI-related stocks have consistently reached new highs as confidence in the long-term potential of the technology grows.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies like NVIDIA – which designs and manufactures the chips that power the latest AI models – has seen its share price rise significantly over the last few years as companies rush to buy its chips. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other companies like Microsoft, Amazon and Meta have spent a significant amount of money on trying to unlock the potential that AI could have on their business. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A concern for many was the recent study by Massachusetts Institute of Technology that found 95% of companies’ AI spending has failed to deliver measurable returns. While tools like ChatGPT and Copilot are widely used, their impact on company-wide profitability apparently remains limited.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For share prices to keep rising, investors will need to see a return from the AI spending. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There’s also evidence of herd mentality and investors piling into shares due to fears of missing out, rather than because of company prospects. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What’s next for AI? 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The fund can invest across the US market, but it tends to be invested in large companies that trade at attractive valuations that provide a balance of income today and dividend growth potential for the future. We think the fund could be a good way to add US exposure to a global portfolio or could sit alongside other US funds focused on more growth-style companies. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by John Bailer, a seasoned investor with over 20 years of experience under his belt. Bailer entered the industry in 1992 before becoming lead manager of the BNY dividends strategy in 2005. He’s now taken the success of this fund and in 2017 launched the UK version BNY Mellon US Equity Income Fund. He also runs the income sleeve for the BNY Mellon VIF Growth and Income fund and is back-up manager on the BNY Mellon US Dynamic fund. Given the commonality of approach, we’re comfortable that this is a manageable workload.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bailer is supported by back-up managers Brian Ferguson and Keith Howell in managing this fund. Ferguson has over 20 years of portfolio management experience and is a senior portfolio manager and research analyst at Mellon Investments. He’s managed the BNY Mellon Dynamic Value fund since 2003, a fund where Bailer is the back-up manager. Keith Howell joined BNY Mellon in 2006 as an analyst covering various sectors including financials, technology, and industrials. Howell became back up manager in 2021 after 15 years as an analyst. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think Bailer is well resourced to focus on the job in hand. Along with his back-up managers, he and the team are supported by around 20 analysts. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bailer aims to invest in companies that he believes can deliver a balance of a good income today, and dividend growth in the future. The process starts with a broad screen of the Russell 1000 as a good representation of the large-cap US market. Bailer uses this to identify businesses with high quality characteristics. These businesses will typically have strong balance sheets and free cash flows, sustainable and well covered dividends and attractive revenue and earnings growth rates.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bailer spends a lot of his time working with the wider analyst team at BNY Mellon as part of the idea generation process. This includes detailed analysis of companies to determine how much he believes the company’s shares are actually worth, and spotting those that are undervalued. Bailer wants to invest in companies that are trading at share prices lower than he feels they are worth in the long term, possibly reflecting some short-term headwinds. The manager works with analysts to consider what the upside and downside potential from here is. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bailer will also look at the whether the company pays a dividend to its investors and whether he believes the dividend will grow over time. Every company the fund invests in must pay a dividend at the point of buying. However, there have been special occasions where a company has cut their dividends and remained in the portfolio if the manager believes they will be re-instated in the future. Bailer believes if a company is paying a dividend, then this is a good indication of whether the management are allocating capital appropriately. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This process leads to a portfolio of 30-60 companies, generally split across three buckets. These buckets are valuations, momentum, and quality. The fund can be quite concentrated, so each investment can have a big impact on performance, increasing risk. There is also the flexibility to use derivatives which increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, Bailer has decreased the fund’s weighting to their healthcare sector exposure as well as the utilities sector. This has funded increases to investments in the industrial and financial sectors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, Bailer has initiated a position in healthcare company Johnson & Johnson and has quickly become a top 10 position for the fund. Bailer also initiated a position in media company The Walt Disney Co and financials company Charles Schwab Corp. Some names also did exit the fund, reflecting Bailer’s views of better opportunities elsewhere in the market. This includes technology company Dell Technologies, European healthcare company Sanofi and financial company PNC Financial Service Group. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BNY Mellon is a large, US-based firm so the managers have a lot of resources at their disposal. In September 2021, Mellon Investments merged its equity and multi-asset teams into Newton. While this has not impacted the way Bailer invests for this fund, it has given him access to a larger pool of research analysts that help with idea generation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are incentivised in a way that aligns their interests with those of long-term investors, which we like. However there have been some significant fund manager departures from the wider Newton and BNY business in recent years and we continue to monitor this situation closely.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team at BNY Mellon (formerly Newton) believes responsibly managed companies are better placed to achieve sustainable competitive advantage and provide strong long-term growth. The firm has invested a significant amount of time and resource into its Responsible Investment proposition in recent years, including the hire of Therese Niklasson, the Global Head of Sustainable Investment, who we have long held in high regard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A dedicated Responsible Investment team exercises the firm’s voting rights, coordinates engagement with investee companies and contributes to public debate on ESG matters. The team reports on their engagement progress in their annual Sustainability and Stewardship report, and their ‘Responsible Investment Quarterly Activities’ report (both available on the Newton website). They also offer a voting dashboard, which provides fund-by-fund search functionality and detailed rationales for votes against management and abstentions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All fund managers have access to a variety of tools, including a “Responsible Investment reviews” app which centralises a variety of research providers’ data, as well as their own, to help identify material ESG and sustainability issues for a single company, and a ‘net zero assessment’ tool assesses credibility of each company’s net zero transition plan. The firm has also launched a Stewardship app, a database which allows the team to better track progress on their engagement objectives, as well as outcomes from their engagement and voting activities. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm also runs a responsible range of funds which take ESG analysis further. They utilise the firm’s thematic research framework to identify and exploit responsible investment themes. Within the Responsible investment range, the Responsible Investment team has power of veto over companies held in the portfolios. This means the final decision is separated from the managers and provides an additional layer of challenge","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund usually has an annual ongoing charge of 0.82%, but with a 0.20% saving it’s available to HL clients for 0.62%. The HL platform fee of up to 0.45% per year also applies, except in the HL Junior ISA, where no platform fee applies. Charges are taken from capital. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over Bailer’s career managing US equity funds stretching back to 2005, he’s delivered long term outperformance of the IA North America peer group average. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has performed well over the last five years and has outperformed its peer group. Its returned 121.01%* versus 79.27% for the IA North America sector average over this period. For a lot of this period the manager’s value-style of investing has been out of favour, posing a headwind to performance. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, to the end of August, the fund has risen by 11.57%, compared with a return of 12.06% for the IA North America sector average. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the fund’s investment in energy company EQT Corp was the biggest contributor to returns followed by cruise line operator Royal Caribbean group who have benefited as there has been a surge in demand for cruise holidays. Communication company AT&T has also performed well. On the other hand, media and marketing company Omnicom Group was the largest detractor, as well as healthcare company UnitedHealth and technology company Applied Materials. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think Bailer has built a strong track record in US income investing and has done a good job over the long term for patient investors. The fund offers something quite different to some of its peers in the IA North America sector and Bailer is well supported and resourced for the task at hand. This gives us confidence in the fund’s long-term prospects. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently yields 1.90%. Although income is not guaranteed, and yields aren’t a reliable indicator of future income. 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term","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gary Robinson and Kirsty Gibson are prepared to invest in companies for long periods to increase the potential to benefit from long-term growth","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust uses a significant amount of its allowance to invest in private companies","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/b/baillie-gifford-us-growth-trust-ord"},"content":[{"nodeType":"text","value":"Baillie Gifford US Growth Trust","marks":[],"data":{}}]},{"nodeType":"text","value":" invests in US companies that the managers think have the potential to grow faster than the average company. They aim to invest for the long term to increase the potential to benefit from a company’s longer-term growth. These companies can be public or private (companies not currently listed on a stock market).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This trust could form part of an adventurous investment portfolio and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversify","marks":[],"data":{}}]},{"nodeType":"text","value":" portfolios which have little invested in the US. Investors in investment trusts should be aware that they can trade at a discount or premium to net asset value (NAV).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gary Robinson joined Baillie Gifford in 2003 and has experience of working in their Japanese, UK and European equity teams prior to joining the US equity team. Kirsty Gibson joined Baillie Gifford after graduating in 2012 and has co-managed the trust since March 2021. Robinson and Gibson co-manage a few other funds at Baillie Gifford, including the Baillie Gifford American fund. These are run in a similar way to this trust and invest in some of the same companies, so we think they’re able to devote enough time to each one.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This trust invests in disruptive businesses with strong growth prospects based in the US. The managers’ growth style of investing aims to benefit from investing in exceptional businesses and holding them for long enough to reap the rewards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust invests in both companies that trade publicly on the stock market, and private companies that don’t. The managers believe this offers greater opportunities. Investing in private, or unquoted, and smaller companies increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Robinson and Gibson can invest up to 50% of the trust’s assets (at the time of investment) in private companies. As at the end of July 2025, 27 private investments made up 33.8% of the trust’s assets, compared with 25 one year earlier. In addition to the private companies, the trust invests in 47 public companies. It has the flexibility to invest in derivatives, which if used adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s largest private investment, accounting for 11.6% of its assets at the end of July, is Space Exploration Technologies. The business designs, manufactures and launches advanced rockets and spacecraft. In the trust’s last financial year to the end of May 2025, the managers invested in three new private companies, Rippling a workforce management platform, Runway AI, an AI video platform company, and entertainment and technology company Cosm Experience.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust also borrows money to invest with the intention of increasing returns (known as gearing). This could magnify gains in a rising market, but losses in a falling market, so it increases risk. At the end of July gearing was 5% - the same as the previous year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Robinson and Gibson recently invested in DraftKings, with regulatory barriers easing around online sports betting in the US. They also invested in appliance business SharkNinja, which continues to perform well despite a competitive market. Warehouse company Lineage, IT service provider Globant, and nursing facility operator The Ensign Group were also added to the trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, the managers sold social media management platform Sprout Social as they expect growth to slow and saw better opportunities elsewhere. Investments in biotech company 10X Genomics and online education company Coursera were also sold.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford is an independent private partnership founded in 1908. It's owned by partners who work full time at the firm. Gary Robinson is a partner at the firm. This ownership structure means senior managers have a vested interest in the company, and its funds and trusts under management performing well. We think this has helped cultivate a culture with a long-term focus, where investors' interests are at the centre of decision making. We also like that managers are incentivised in a way that aligns their interests with those of long-term investors and should retain talented managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of Baillie Gifford’s funds and investment trusts are run with a long-term investment horizon in mind. The firm’s fund managers see themselves as long-term owners of a business, not short-term renters. So, assessing whether society will support, or at the very least, tolerate, the business model over the long term, and whether management will act as good stewards of shareholders’ capital is an important part of the investment process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated Environmental, Social and Governance (ESG) analysts sit with and report into both their respective investment teams, and the central ESG function. The firm’s ESG efforts are supported by a dedicated Climate team, an ESG Core team (responsible for voting operations, ESG data and ESG-related client communications). Individual investment teams are responsible for voting decisions and engagement for the companies they invest in. Investment in controversial weapons and cannabis is prohibited across the firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm reports all its voting decisions and provides rationale in situations where it votes against management or abstains, in a detailed quarterly voting report. There is also a quarterly engagement report which details the companies engaged with, and the topic discussed, and further engagement case studies are available on the website. All this information is brought together in the firm’s annual Investment Stewardship Activities report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford courted controversy in 2024 when it left the Net Zero Asset Managers’ Initiative, a group of asset managers that have committed to achieving net zero carbon emissions by 2050, and the Climate Action 100+ collaborative engagement scheme. We view this as a disappointing backward step but are encouraged that the group's net zero and engagement-related commitments remain unchanged.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although ESG is taking into consideration throughout the team’s investment process this is not a sustainable trust. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust's ongoing annual charge in the year to May 2025 was 0.72% - a marginal increase from 0.70% the previous year. Investors should refer to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.bailliegifford.com/en/uk/individual-investors/literature-library/funds/investment-trusts/us-growth-trust/annual/baillie-gifford-us-growth-trust-annual-financial-report-may-2025/"},"content":[{"nodeType":"text","value":"latest annual reports and accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" and Key Information Document for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA, the HL platform fee of 0.45% (capped at £200 for a SIPP and £45 for an ISA) per annum also applies. Our platform fee doesn’t apply if held in a Fund and Share Account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment trusts trade like shares, both a buy and sell instruction will be subject to the HL ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":" within any Hargreaves Lansdown account, except online in the HL Junior ISA.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the trust launched in March 2018 to the end of July 2025, its share price has grown by 162.60%*, outperforming the 137.35% gain for the average trust in the AIC North America sector. In this time the trust’s Net Asset Value (NAV) has risen 202.57%. Past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s had periods of strong performance, but struggled when the managers’ growth-focused investment style has fallen out of favour with investors, such as in 2022.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s financial year to the end of May the trust’s share price grew 24.48% compared to 10.31% for the average trust in the AIC North America Sector. The trust’s NAV returned 22.14%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Private aerospace company SpaceX was one of the largest contributors to performance. The business has successfully launched more satellites into orbit and grown its subscriber base for its internet service, Starlink. Educational technology company Duolingo and internet streaming company Netflix also performed well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some companies haven’t performed as well. This includes healthcare company Moderna, though the managers believe its pipeline of new drugs presents an exciting opportunity. Restaurant chain Sweetgreen and private companies Brex and Lyra Health also detracted from performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note the managers’ long time horizon and investments in private companies means performance can be volatile and look very different to the benchmark.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember all investments fall as well as rise in value, so investors could get back less than they invest. At the time of writing, the trust trades on a discount of 8.56%, marginally higher than its 12-month average discount of 8.42%. 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","publishedDate":"2025-08-28","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2Vl8MMlNR5PFLgcxzqLZoV","type":"Entry","createdAt":"2025-08-28T15:44:49.167Z","updatedAt":"2025-08-28T15:45:32.059Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is a great way to invest in disruptive businesses with strong growth prospects in the world’s largest stock market","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers benefit from the research carried out by a large bank of analysts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has typically performed well when its growth-style of investing has been in favour. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund features on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits into a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/b/baillie-gifford-american-class-b-accumulation"},"content":[{"nodeType":"text","value":"Baillie Gifford American","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to grow an investment over the long term. The growth style of investing employed aims to benefit from investing in exceptional growth businesses and holding them for long enough to reap the rewards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this fund could work well in a portfolio with little exposure to the US, invested for long-term growth. Its focus on large companies means it could also sit well alongside a US equity fund focused on medium-sized or higher-risk smaller companies, or a US fund with a value bias.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team behind the fund is made up of four talented investors. Tom Slater joined Baillie Gifford in 2000 and has risen up the ranks to become Head of US Equities. Slater is also manager of Scottish Mortgage Investment Trust and has been co-manager of this fund since 2016. Gary Robinson has been with Baillie Gifford since 2003 and has experience of working in their Japanese, UK, and European equity teams prior to joining the US equity team. Robinson has been co-manager of this fund since 2014.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kirsty Gibson joined Baillie Gifford after graduating in 2012 and has been a co-manager of the fund since the start of 2018. Dave Bujnowski is the fourth and final co-manager of the fund. After previously working for UBS and Coburn Ventures he joined Baillie Gifford in December 2018 initially as an analyst. During his time at Coburn Ventures, Bujnowski provided research for investors, including Baillie Gifford. As a result, he was familiar with the culture and investing philosophy at the company ahead of joining.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In May 2020, 17 months after joining Baillie Gifford, he was promoted to co-manager with the ability to make investment decisions on the fund. Bujnowski continues to be based in New York but remains in close and regular contact with the rest of the team, who are based in Edinburgh. The managers also have access to a wider team who spend time researching US companies, so we think they are well resourced to focus on the job in hand.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers invest in companies with high growth potential that they think could be capable of delivering exceptional returns over the long run. They believe that companies with resilient business models make for good long-term investments and that corporate culture can be a key component of company performance and ultimately investor returns, although of course there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Culture is difficult to measure and capture. But the managers believe it’s one of the most underappreciated drivers of long-term returns. Companies with a strong culture are often adaptable, durable and willing to invest for the future at the expense of short-term profits. And although there’s no exact science, they believe that it’s these kinds of companies that are often the ones to really deliver on their vision and purpose.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers spend a lot of time thinking about industry dynamics and developing trends across the economy, preferring to think of their investments in themes rather than sectors. These themes include, 20.1% of the fund being invested in companies involved in the digital transformation of commerce, 15.2% in digital infrastructure and 14.8% in content consumers will pay for. Many of these businesses disrupt old ways of doing things. In the digital transformation of commerce category, the trend the fund has the largest exposure to, you’ll find businesses like e-commerce platforms Shopify and Wayfair.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Founder involvement is another element that the managers view positively. They believe these individuals, who usually still have much of their wealth tied up in the business, often possess the strong vision that’s required to continue growing the company. The managers believe few companies are capable of delivering exceptional returns over the long run, so they prefer to run a relatively concentrated fund of between 30 and 50 companies. This means each one can contribute significantly to returns, although this approach increases risk. This concentrated approach combined with the type of companies the managers invest in can lead the fund to have larger ups and downs compared to peers. The fund also has a small amount invested in smaller companies, which are higher risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year the managers have made several changes to the portfolio. This included the addition of technology company’s AppLovin and Globant. Also added to was gambling company DraftKings. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In order to fund the additions the team also sold a number of names including digital media company Roku and social media management platform Sprout Social. The team have also trimmed their investments in a number of companies off the back of strong performance including streaming service company Netflix, e-commerce platform Shopify and food deliver service DoorDash. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford is an independent private partnership founded in 1908. It's owned by partners who work full time at the firm. This ownership structure means senior managers have a vested interest in the company, and its funds, performing well. Three of the fund’s co-managers, Tom Slater, Dave Bujnowski and Gary Robinson are partners at Baillie Gifford. We think this has helped cultivate a culture with a long-term focus, where investors' interests are at the centre of decision making. We also like that fund managers are incentivised in a way that aligns their interests with those of long-term investors and should retain talented managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of Baillie Gifford’s funds are run with a long-term investment horizon in mind. The firm’s fund managers see themselves as long-term owners of a business, not short-term renters. So, assessing whether society will support, or at the very least, tolerate, the business model over the long term, and whether management will act as good stewards of shareholders’ capital is an important part of the investment process. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated Environmental, Social, Governance (ESG) analysts sit with and report into their respective investment teams, and the firm’s ESG efforts are supported by a dedicated Climate team, an ESG Core team (responsible for voting operations, ESG data and ESG-related client communications). Individual investment teams are responsible for voting decisions and engagement for the companies they invest in. Investment in controversial weapons and cannabis is prohibited across the firm. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm reports all its voting decisions and provides rationale in situations where it votes against management or abstains, in a detailed quarterly voting report. There is also a quarterly engagement report which details the companies engaged with, and the topic discussed, and further engagement case studies are available on the website. All this information is brought together in the firm’s annual Investment Stewardship Activities report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford courted controversy in 2024 when it left the Net Zero Asset Managers’ Initiative, a group of asset managers that have committed to achieving net zero carbon emissions by 2050, and the Climate Action 100+ collaborative engagement scheme. It claimed membership of the organisations \"has become contested\", adding \"this risks distracting from our core responsibilities\". We view this as a disappointing backward step but are encouraged that the group's net zero and engagement-related commitments remain unchanged.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although the fund managers integrate ESG into every investment they make this is not an ESG or sustainable fund. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing charge for this fund is 0.52%, but HL clients benefit from a saving of 0.20%, resulting in a net ongoing charge of 0.32%. This saving is provided through a 'loyalty bonus', which is tax-free in an ISA or SIPP. However, this may be subject to tax in a Fund and Share Account. The HL platform fee of up to 0.45% per annum also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to outperform the S&P 500 index by 1.5% per year after costs over any five year period. Over the five years to the end of July 2025, they have not achieved this. The share prices of well-known US companies can react very quickly to new information. This can make it difficult to consistently perform better than the broader market over the long term. However, we think the talent and investment experience of the managers combined with the resources they have means they have the ability to do this over the long-term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Slater became head of the team in January 2016 the fund has outperformed the IA North America sector average. They delivered a return of 434.58%* compared to 264.88% for the sector average. However, more recently the fund hasn’t performed as well as we would have hoped, over the last 5 years the fund has returned 28.93% compared to 88.82% for the sector average. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s been a tough period but there have been times over recent years where the fund had performed strongly, most notably from 2019-2021. Many of the fund’s holdings were beneficiaries of the acceleration of some trends as a result of the pandemic, sending their share prices higher. However, as the US central bank embarked on an interest rate rising programme in 2022 to battle higher inflation, the managers' high-growth investment style fell out of favour with investors. This made investors less willing to buy companies with high growth potential, which has seen share prices of some of the fund's investments fall significantly. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Performance has been volatile and we don’t expect the fund to hold up as well as the index in a falling market however, it can rise quicker when markets rise. Like all investments, the fund can fall in value so investors could make a loss.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months to the end of July the fund has risen by 40.43%, ahead of the returns than the IA North America peer group average which returned 12.56%. Our analysis suggests the teams’ investment in technology company Cloudflare has been one of the biggest contributors to performance as has food delivery service DoorDash and e-commerce platform provider Shopify. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, healthcare company Moderna continues to hurt performance. However, the team remains confident that its future pipeline of new drugs presents a strong opportunity for growth. 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The managers invest anywhere in the world, including in higher-risk emerging markets, but they tend to invest more in developed regions like the US and Europe. The trust could be a building block for an adventurous investment portfolio or work well alongside other investments in unloved ‘value’ companies with recovery potential. Investors in closed-ended funds should be aware the trust can trade at a discount or premium to the NAV.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Spencer Adair took over as lead manager in May 2021 following the retirement of veteran manager Charles Plowden. Adair worked closely with Plowden having been deputy manager since 2015 and involved with the Global Alpha team since launch in 2005. Adair joined Baillie Gifford as a graduate in 2000 and became a partner in 2013. During his career he has worked across a variety of different teams including Japan, Europe and the UK.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Malcolm MacColl has been deputy manager since 2015 and worked with Adair for over 15 years. MacColl also joined as a graduate in 1999 and has been mostly focused on North American companies. Following Plowden’s retirement, MacColl was named joint senior partner at Baillie Gifford.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Helen Xiong was also named deputy manager in July 2024. She joined Baillie Gifford in 2008 and became a partner in 2020. Before becoming an investment manager in the Global Alpha team she had previously worked in the Developed Asia, UK, US Equity Growth, and Emerging Markets Equity teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are part of the Global Alpha team which includes three analysts, one of whom is solely dedicated to Environmental, Social and Governance (ESG) analysis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers also use a team of ‘scouts’ who are dedicated analysts, with at least 10 years’ experience, looking for investment ideas for the trust. These ideas are then discussed amongst the managers and key analysts. The managers also benefit from the wider resource available at Baillie Gifford which consists of over 100 investment professionals.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers invest in companies that fall into one of three growth categories – ‘stalwarts’ that are already dominant in their industry and should keep steadily growing, ‘rapid’ often early-stage and innovative companies with big potential, and ‘cyclical’ companies whose growth tends to be tied more to the strength of the economy. They invest both in large companies and higher-risk smaller companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As at the end of June 2025, the growth stalwarts category made up 35.5% of the portfolio. The team added a number of new names in this category over the last year, including US software companies Paycom and Salesforce. On the other hand, they sold US online pet food business Chewy and Japanese cosmetic company Shiseido.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rapid growth is the second largest category accounting for 33.2% of the portfolio. New additions in this category included US transportation company Uber and US energy business Enphase Energy. The managers also sold the trust’s investments in US healthcare giant Moderna and Norwegian digital marketplace company Schibsted now known as Vend Marketplace.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The cyclical growth category is the final category which makes up 29.5% of the portfolio. The team added US semiconductor supply company, On Semiconductor Corp, as well as Japanese semiconductor business Kokusai Electric Corporation. They also sold US consumer goods company Yeti and Norwegian cruise operator Norwegian Cruise Line Holdings Ltd","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a global trust, the managers can invest anywhere in the world, but they currently find the most opportunities in North America with 61.7% of the trust invested there. The rest is spread across developed markets in Europe, Japan, the UK, with some of the trust also invested in Asia and higher-risk emerging markets. In terms of sectors, the managers invest most in technology, industrials and consumer discretionary.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers also invest in higher-risk private companies that aren’t listed on a stock exchange. Over half of their unlisted exposure is through the Schiehallion Fund, an investment trust managed by Baillie Gifford that invests in later-stage private companies, which currently makes up 3.1% of the trust. The managers won’t invest more than 10% of the trust in unlisted companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers use gearing (borrowing to invest), which can boost gains but also increases losses, so is a higher-risk approach. At the end of July 2025 gearing stood at 8% the same as last year. They can invest in derivatives too which, if used, also adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monks Investment Trust was established in 1929 and is part of the FTSE 250 index. The trust is managed by Baillie Gifford, an independent private partnership founded in 1908. It's owned by its partners, who work full time at the firm. This ownership structure means senior managers have a vested interest in the company, and its funds and investment trusts, performing well. Both Adair and MacColl are partners at the firm. We think this has helped cultivate a culture with a long-term focus, where investors' interests are at the centre of decision making. We also like that fund managers are incentivised in a way that aligns their interests with those of long-term investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While most of the ideas added to Monks Investment Trust are sourced from senior analysts, Adair also encourages more junior analysts to present ideas. This could encourage an open and collaborative culture.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of Baillie Gifford’s funds are run with a long-term investment horizon in mind. The firm’s fund managers see themselves as long-term owners of a business, not short-term renters. So, assessing whether society will support, or at the very least, tolerate, the business model over the long term, and whether management will act as good stewards of shareholders’ capital is an important part of the investment process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated Environmental Social and Governance (ESG) analysts sit with and report into both their respective investment teams, and the central ESG function. The firm’s ESG efforts are supported by a dedicated Climate team, an ESG Core team (responsible for voting operations, ESG data and ESG-related client communications). Individual investment teams are responsible for voting decisions and engagement for the companies they invest in. Investment in controversial weapons and cannabis is prohibited across the firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm reports all its voting decisions and provides rationale in situations where it votes against management or abstains, in a detailed quarterly voting report. There is also a quarterly engagement report which details the companies engaged with, and the topic discussed, and further engagement case studies are available on the website. All this information is brought together in the firm’s annual Investment Stewardship Activities report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford courted controversy in 2024 when it left the Net Zero Asset Managers’ Initiative, a group of asset managers that have committed to achieving net zero carbon emissions by 2050, and the Climate Action 100+ collaborative engagement scheme. It claimed membership of the organisations \"has become contested\", adding \"this risks distracting from our core responsibilities\". We view this as a disappointing backward step but are encouraged that the group's net zero and engagement-related commitments remain unchanged.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although the trust takes ESG into consideration with every company in the portfolio it is not an ESG trust.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing annual charge over the trust’s financial year to 30 April 2025 was 0.43% a marginal decrease from last years ongoing annual charge of 0.44%. Investors should refer to the latest annual reports and accounts, and Key Information Document for details of the risks and charging structure. If held in a SIPP or ISA, the HL platform charge of 0.45% per annum (capped at £200 per annum for a SIPP and £45 for an ISA) also applies. The platform charge doesn’t apply if the trust is held in a Fund and Share Account, or in an HL Junior ISA.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment trusts trade like shares, both a buy and sell instruction will be subject to the HL share dealing charges.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monks Investment Trust has delivered strong returns since the Global Alpha Team took over in March 2015. The trust’s share price has risen 224.70%* from then until the end of July 2025, ahead of the average trust in the AIC global sector which has returned 166.95%. Over this time the trusts NAV (Net Asset Value) has grown 218.66%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Adair and MacColl were deputy managers during this time, and directly involved in the investment decision making process, so we think it’s fair to attribute this track record to both them and previous manager Charles Plowden. Past performance is not a guide to the future though and investments fall as well as rise in value so you could get back less than you invest.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s financial year to the end of April 2025, its share price fell -1.54% compared to a 0.85% return for the average trust in the AIC global sector. Over the same period, the trust’s NAV marginally grew by 0.09%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s investments in healthcare companies were among some of the biggest detractors to performance. US healthcare insurance company Elevance Health was the largest detractor as it was negatively impacted by the number of government aided customers falling as they lose eligibility through Medicaid. Danish healthcare giant Novo Nordisk has also struggled as recent trail data from their next generation of weight loss drugs failed to meet the markets expectations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not every healthcare company failed to perform though. US gene silencing company Alnylam Pharmaceuticals reported strong late-stage trial data regarding treatment of a rare heart condition. The team have since sold some of their holding to lock in some of the profits. US food delivery company DoorDash also performed well as they continue to grow the business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has long-term performance potential, but periods of volatility should be expected. As always, we suggest investors build diversified portfolios with exposure to a variety of investment styles, sectors, countries, and asset classes. Plus, you should regularly review your investments to make sure they continue to meet your needs and objectives.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 7.74% however, on average over the last 12 months it has been at a 10.46% discount. On average over 10 years the trust has traded at a discount of 3.97%. 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Smith is a seasoned investor and has built a strong long term track record","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith uses an established three rule process: buy good companies, don't overpay and do nothing","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith’s long-term performance has been very strong, however shorter term performance has been tested ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund does not currently feature on the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/fundsmith-equity-class-i-accumulation"},"content":[{"nodeType":"text","value":"Fundsmith Equity","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to deliver long-term growth by investing in high-quality companies from around the world. Terry Smith, the fund’s manager, focuses on larger businesses from developed markets, which means the fund could complement others investing more in higher-risk emerging markets or smaller companies. A quality growth focus means it could also work well alongside those investing in unloved companies with recovery potential.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith has had a long and esteemed financial services career, working his way from bank analyst at Barclays to Chief Executive of broker Tullett Prebon. He was also previously adviser to the Tullett Prebon pension fund, and appointed Andy Brown of Cedar Rock Capital to manage the investments. Inspired by Brown’s investment philosophy and process, Smith launched Fundsmith Equity in 2010. He initially ran it part time as he was still chief executive of Tullett Prebon, before leaving the business in 2014 to focus full-time on the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith’s been the sole manager of the fund ever since but has the support of a small team that has worked closely with him for many years. He also manages a sustainable version of this fund and is Chief Executive and Chief Investment Officer of the Fundsmith business. As both his funds are similar and the business is focused on a small number of portfolios, we think he’s able to devote enough time to managing the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given how long Smith has been in the industry, questions around his retirement are natural. Over the years he has made hires and surrounded himself with a tight knit team. Plans for his succession are in place but for the moment he remains integral to Fundsmith. Head of Research Julian Robins, a long-term colleague, was named as the likely successor to Smith when he does eventually decide to step back.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith has built an impressive long-term track record and we believe he uses a simple and straightforward investment approach. The fund doesn’t currently feature on the Wealth Shortlist though. To conduct our analysis, we require regular access to the fund manager and up-to-date, monthly portfolio data which Fundsmith choose not to disclose. We can’t make an exception to our process, so we won’t be considering the fund for the list as things stand.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Fundsmith Equity process follows three simple rules. Rule number one is to ‘buy good companies’. Smith hunts for what he believes are high-quality businesses which can dominate within their market niche. Companies with intangible assets are favoured, such as brand power, intellectual property, or a product or service that customers can’t do without and would struggle to replace, even when times are tough. His focus on resilient growth means he avoids companies whose prospects are closely tied to the fate of the economy like airlines and property developers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith looks closely at a company’s profits and pricing power – the ability to mark-up prices without impacting consumer demand. Companies must also be in a strong financial position, so businesses that require lots of debt to function such as banks and real estate are avoided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith mainly invests in companies from developed markets. At the end of July 2025, around 75% of the fund was invested in the US and the remainder in European countries like France, Denmark, Spain and the UK. Consumer-focused companies make up the largest part of the fund, and Smith also invests a significant amount into the healthcare and technology sectors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The second rule is ‘don’t overpay’. Smith only invests in companies he believes he can buy at a fair share price. But that doesn’t mean he isn’t prepared to pay for quality. Whilst some of these companies may be considered ‘expensive’ by some, Smith believes their ability to grow faster than their competitors is worth the premium price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith is a long-term investor and once he invests in a company, along comes rule number three – ‘do nothing’. He aims to hold onto companies for the long term, which helps the fund benefit from compounding growth. Trading infrequently also helps keep dealing costs down and increases performance potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process results in a portfolio of 20-30 companies, and at the end of July there were 27. This means each holding can have a significant impact on performance, both positively and negatively, which can increase risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In keeping with the manager’s long term approach, activity in the portfolio has been limited over the last 12 months. Smith did buy US animal healthcare company Zoetis. Smith thinks there is a strong pipeline for growth as pet ownership increased during Covid. Smith also bought US accounting software company Intuit and French eyewear company EssilorLuxottica. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months Smith sold a number of companies as well. US food and beverage company Pepsico was sold as he believes demand will be impacted by the growing use of weight loss drugs. Smith also sold US alcoholic beverage company Brown-Forman, who are best known for Jack Daniels Whisky, for a similar reason. Consumption of alcoholic beverages has also fallen with the increased use of weight loss drugs. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fundsmith is a boutique fund group with offices in Mauritius, London and the US. It was founded by Terry Smith in 2010 with the launch of Fundsmith Equity and has expanded to include a small stable of funds and investment trusts, most of which are run along the same lines. This dedication to the founding investment philosophy is attractive.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The business is employee-owned, with Smith owning the largest stake, and managers all investing significantly in the funds. This means both the business and the funds are run with the long term in mind, and managers’ interests are aligned with investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note that the fund is large in size, as the end of July it stood at around £21bn and we have not conducted full due diligence on the group’s risk and governance oversight. This is because the group’s funds do not feature on the Wealth Shortlist or in any of our other investment solutions.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team at Fundsmith aims to invest in high quality companies that are in control of their own destiny with the potential to generate a high return on capital. This generally discounts companies in areas like oil & gas production, mining, airlines, biotechnology and banks, but the flagship Fundsmith Equity fund does not have any specific exclusions, and it does invest in tobacco. While the team considers material Environmental, Social and Governance (ESG) issues as part of the wider investment case for each company they invest in, their ESG integration approach isn’t as formalised as that implemented by some other companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fundsmith also offer a Sustainable fund, which does have formal exclusions. The Sustainable fund avoids companies that generate meaningful revenues from the following areas: aerospace & defence, metals and mining, oil, gas and consumable fuels, tobacco, gas utilities and electric utilities, brewers, distillers and vintners and casinos and gaming. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2020, the firm formed a Stewardship & Sustainability Committee to centralise discussions around their stewardship and responsible investment-related policies, processes, and activities. While we feel Fundsmith has well thought out positions on many ESG topics, transparency on its ESG-related activities could be improved.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is available for an annual ongoing charge of 0.94%. We recognise the long-term value that Smith has added over and above these charges, although there’s no guarantee of that in the future. The HL platform fee of up to 0.45% per year also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has performed significantly better than its benchmark, the MSCI World, and its peers in the IA Global sector since launch in November 2010 to the end of July 2025. Over this time the fund has returned 610.50%* compared with 425.88% for the MSCI World index and 282.81% for the sector average. Remember past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the fund’s quality growth style has helped, our analysis suggests that Smith’s stock selection has been the primary driver of returns. His focus on quality has helped the fund hold up relatively well when markets are falling. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months, the fund has delivered returns of 3.84%. This was behind the benchmark which returned 12.31% and the IA Global sector’s average return of 9.21%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During this period our analysis suggests that Danish healthcare giant Novo Nordisk has been the largest detractor to performance versus the benchmark. Sales are expected to slow as demand for their weight loss continues to be impacted by rising competitor threats. French luxury brand LVMH also had a negative impact on relative performance as did not owning US semiconductor company Nvidia which continues to do well. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It wasn’t all bad though, the fund’s investment in US healthcare company Stryker performed strongly, as did US social media company Meta (Facebook) which continues to benefit from the advancements of AI. US tobacco company Philip Morris has also contributed to returns. 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Navy","titleAndPath":"Rathbone Global Opportunities: July 2025 fund update [@ rathbone-global-opportunities-july-2025-fund-update]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this fund update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Rathbone Global Opportunities 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and effective investment process","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He’s supported by deputy manager Sammy Dow and uses research from external company analysts","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Long-term performance versus peers has been very good, though the fund had a difficult period in 2022 when the manager’s growth style of investing was out of favour. However, since then performance has continued to be strong","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is on our Wealth Shortlist of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/r/rathbone-global-opportunities-class-s-accumulation"},"content":[{"nodeType":"text","value":"Rathbone Global Opportunities","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to grow an investment over the long term by investing in companies from around the globe. The managers mainly focus on developed markets like the US, Europe and the UK. Larger companies make up most of the fund, but the managers use their flexibility to invest in some higher-risk smaller companies too. The fund’s focus on growth means it could be a useful addition to an adventurous portfolio. It could also complement other funds investing in emerging markets or unloved value companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"James Thomson has been lead manager of the fund since November 2003, though his involvement dates back to its launch in 2001. Unlike many in the industry, he’s spent his entire fund management career working on this one fund. It receives his full attention, and we believe it fully reflects his investment philosophy. Over time he’s navigated the fund through a range of market conditions, including the 2008 global financial crisis. Although, like many, the fund didn’t come out unscathed, we think Thomson came away from the experience a better manager. He learnt valuable lessons and has shaped the fund differently as a result.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thomson is supported by deputy manager Sammy Dow, who joined Rathbones from JP Morgan Cazenove in July 2014. Up until that point his experience was primarily in equity sales, but he’s taken well to life as a fund manager and has a great mentor in Thomson. Since November 2018 he’s also managed another fund investing globally for institutional clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The duo have access to internal analysts at Rathbones, but they prefer to use a combination of both in-house and external research. Thomson’s performance to date suggests it works to good effect. We believe he’s a skilled stock picker with a good long-term track record in the IA Global sector, although past performance is not a guide to the future.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Thomson and Dow aim to invest in companies they consider to be under the radar or those that have been shunned by other investors but still have potential to grow over the long term. They may hold onto these companies as they get bigger or become recognised by more investors to benefit from the potential for longer-term success. Rather than using extensive quantitative tools, the managers use a combination of their experience and internal and external analysts to generate ideas. This helps build a 360 degree view of the company through a range of lenses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Detailed company analysis is used to assess whether they have the ingredients for what Thomson calls ‘the secret sauce’ – a nod to his American heritage. Typically, these companies should be easy to understand with hard-to-replicate advantages and the ability to gain more customers over time. They also favour those with unblemished pasts, rather than companies that are waiting for a catalyst to recover. The managers have tended to avoid companies with lots of debt and those whose fate is tied to the health of the wider economy. Meetings with company management also play a big role, and they prefer visionary and flexible management teams that under promise and overdeliver.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past year, the managers have marginally increased the fund’s exposure to US companies. They believe some of the most interesting investment opportunities are based there, and the US currently accounts for 72.61% of the fund. In terms of sectors, the managers have found the most opportunities in consumer discretionary and technology companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More recently, most of the managers’ new ideas have been in the US, including technology companies and e-commerce platform Shopify. The managers believe Shopify will become the go-to platform for smaller businesses to sell globally. US industrial company Parker Hannifin was also added to the portfolio, as the managers anticipate a resurgence in industrial spending. Additionally, they purchased US cruise company Royal Caribbean.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To fund these new investments, Thomson and Dow sold several holdings, including Danish healthcare giant Novo Nordisk. The managers believe the company’s key weight-loss drugs, Ozempic and Wegovy, have lost their competitive edge, and its new drug, Cagrisema, has so far disappointed. They also sold US energy drink company Monster Beverage and European cell tower operator Cellnex.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Thomson can invest in higher-risk emerging markets, he tends to invest little, and sometimes none of the fund in this part of the world. The fund does not invest in any companies based in emerging markets at the moment, though, given their global nature, some companies the fund invests in make some of their profits from emerging economies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a positive view of Rathbones as a parent company. Having been founded in 1742, it’s got plenty of history and tradition behind it. But the company’s also moving with the times with an increased focus on responsible investment. Importantly for the fund, the company allows Thomson the freedom to run it his way without imposing any ‘house views’ on him, although of course challenge and risk management is provided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are a tight-knit duo, which we believe plays to their strengths, and operate in an environment where challenge and debate are encouraged. They’re incentivised to focus on the longer rather than short-term performance of the fund. This aligns interests with long-term investors, which we view as a good thing.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At firm-level, Rathbones recognises that governance and other non-financial risks can be material factors when analysing investment risk and returns. Rathbones fund managers have been encouraged to integrate Environmental, Social and Governance (ESG) into their investment processes in recent years, but we think the quality of ESG integration varies from fund to fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, Rathbones does have a range of responsible products, where ESG issues are considered in a more structured way. The responsible funds benefit from the input of Rathbone Greenbank, a team with more than two decades’ experience delivering specialist ethical and sustainable investment portfolios.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm actively engages with companies on ESG issues and prioritises engagement where they feel they can make a real difference in addressing the world’s systemic environmental and societal challenges. Engagement progress is reported in the firm’s annual Responsible Investment report, as is a summary of voting activity. There is also a ‘Responsible Investment Insights’ page on the firm’s website, home to a wide range of thought leadership articles.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although this fund is not designated a ‘sustainable’ fund, the managers integrate ESG into their process and believe it can be a long-term risk to a company.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund usually has an annual ongoing charge of 0.77%, but with a 0.26% saving it’s available to HL clients for 0.51%. This is one of the lowest charges among actively-managed global funds and we think it represents good value for Thomson’s best ideas. The HL platform fee of up to 0.45% per year also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has performed well since Thomson started managing it in November 2003. Over this time, he’s returned 1225.35%* vs 516.04% for the average fund in the IA Global sector. While the manager’s growth style has contributed to its performance, our analysis suggests his stock selection has been the primary driver of returns. As always, past performance is not a guide to future returns and there will be times the fund falls in value, so you could get back less than you invest.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term, the fund has tended to grow faster than the global stock market when it’s rising, due to a focus on companies with strong growth potential. It’s also held up slightly better when markets fall as the manager invests in some companies with more defensive qualities. The fund won’t necessarily perform this way all the time though – for example, in 2022 the fund fell further than the market partly due to the growth-focused investment style falling out of favour with investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the fund has done well. Over this time, it has returned 6.94 vs 4.19% for the IA Global sector average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over this period, our analysis suggests that the fund’s investment in US healthcare company Boston Scientific contributed positively to returns, as its market-leading products in cardiovascular health continue to perform well. French aerospace and defence company Thales has also delivered strong performance, benefiting from increased defence spending by several countries. US hardware business Amphenol and UK retail company Next have likewise contributed to returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, the fund’s investment in Danish healthcare company Novo Nordisk, which has now been sold, detracted from performance. Disappointing trial data from its next generation of weight-loss drugs, along with increased competition, caused the share price to fall. Dutch semiconductor company ASML also hurt performance after its management team announced in the latest update that they expect slower growth in 2026 than previously anticipated. US healthcare company Dexcom has also struggled over the past 12 months.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We expect the fund to perform well over the long run. 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*Lipper IM to 30/06/2025.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3H61vEg5gfwpS5ZYbHjpyR","type":"Entry","createdAt":"2025-07-31T14:19:47.346Z","updatedAt":"2025-07-31T14:19:47.346Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Rathbone Global Opportunities: July 2025 fund update | HL","seoMetaDescription":"In this fund update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Rathbone Global Opportunities 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Rowe Price Global Value Equity to the Wealth Shortlist of funds chosen by our analysts for their long-term performance potential on 28 July 2025.","publishedDate":"2025-07-28","categories":["$d:props:data:authorArticles:9:fields:categories:0","$d:props:data:authorArticles:2:fields:categories:0","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"499WnKp6Cq1x9u4sqJneqg","type":"Entry","createdAt":"2026-01-19T11:13:08.812Z","updatedAt":"2026-01-19T11:13:08.812Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to deliver long-term growth by investing in companies across the globe. It uses a value investing approach, which means investing in companies where the manager believes the share price doesn’t reflect a company’s long-term potential, perhaps because of some short-term uncertainty.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s managed by Sebastien Mallet. Mallet is Vice President at T. Rowe Price Group and has over 20 years of experience investing in global companies using a value investment style. He began managing the Global Value Equity fund in 2012. There are few global fund managers with such a long and consistent track record in value investing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marta Yago is Associate Portfolio Manager on the fund. She joined T. Rowe Price in 2007 and became Associate Portfolio Manager in October 2023. While Yago has valuable experience, our conviction in the fund is mainly due to Mallet’s involvement given his length of experience in global value investing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mallet and Yago have the support of T. Rowe Price’s extensive global research team, which includes other value-focused managers and 171 research professionals based across 11 offices worldwide.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mallet’s used a consistent investment process for many years. He believes stock markets often overreact to uncertainty, which can cause share prices to move away from a company’s true value. If his assessment is correct and the company improves over time, its share price could rise as the market re-evaluates it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using the team’s research and ideas, Mallet builds a fund of 80–100 companies. He works closely with the analysts to understand the risks and rewards of each investment and assesses whether a company is higher quality and defensive, or a deeper value and potentially riskier one. By blending both types, Mallet believes the fund is better positioned to perform across a range of market conditions and will be less volatile. Mallet also has the flexibility to invest in emerging markets and smaller companies, both of which can increase return potential but add risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mallet has built a strong long-term track record. The fund has performed better than the average fund in the IA Global sector since launch in November 2012. Like many global value funds that don’t tend to invest as much in US or technology companies as growth-focused funds, this one hasn’t performed as well as its benchmark, the MSCI World Index, over this time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, our analysis shows this fund has performed better than many other global value funds as well as the MSCI World Value Index. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund also offers important diversification. While US and technology companies have done well in recent years, different sectors, themes and countries will come in and out of favour and perform well at different times. For example, the fund performed much better than the market in 2022 when value companies outperformed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term, we expect the fund to do better when value investing is in favour, and the reverse is also true. Given Mallet invests in some higher-quality companies we also expect the fund to hold up better than some others when markets fall but may not rise as quickly when they go up. For example, the fund held up well during the market volatility in March and April this year. Although this is a short period to judge performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, we think Mallet has the experience, skill, and support to deliver good long-term returns to patient investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’ve also published a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/research-and-news/t-rowe-price-global-value-equity-july-2025-fund-update"},"content":[{"nodeType":"text","value":"full fund update","marks":[],"data":{}}]},{"nodeType":"text","value":" to go alongside this notification on our website, where you can find out more about the managers, their investment process and the fund’s performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although we're adding the fund to the Wealth Shortlist, this isn't a recommendation to make any changes to an investment portfolio. 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T Rowe Price Global Value Equity I Share Class used to show performance figures since the fund's launch.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:0:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2rd5YxKT0W5QMJbKP7BVZr","type":"Entry","createdAt":"2026-01-19T11:13:08.857Z","updatedAt":"2026-01-19T11:13:08.857Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Wealth Shortlist Update: T. Rowe Price Global Value Equity | HL","seoMetaDescription":"We’ve taken the decision to add T. 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Rowe Price Global Value Equity","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to deliver long-term growth by investing in companies across the globe. It uses a value investing approach, which means investing in companies where the manager believes the share price doesn’t reflect a company’s long-term potential, perhaps because of some short-term uncertainty.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to ‘deep value’ companies, which can be lower quality and more volatile, the managers invest in higher-quality businesses that are temporarily undervalued. This broader and flexible approach creates a more balanced fund. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This style of investing can reward patient investors and could work well alongside a more growth-focussed fund or add diversification to a global investment portfolio. Overall, we believe this fund offers something different from other global funds. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has recently been added to our Wealth Shortlist of funds chosen by our analysts for their long-term performance potential.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sebastien Mallet is Vice President at T. Rowe Price Group and has over 20 years of experience investing in global companies using a value investment style. He began his career in 1997 as a financial analyst at France Telecom, before moving to Credit Suisse First Boston as a telecom banker.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mallet joined T. Rowe Price in 2005 as an analyst on the firm’s international mid-cap strategy. He began managing the Global Value Equity fund in 2012. There are few global fund managers with such a long and consistent track record in value investing. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Marta Yago is Associate Portfolio Manager on the fund. She joined T. Rowe Price in 2007 within the European Equity team and became Associate Portfolio Manager in October 2023. Prior to that, she worked at Citigroup in Investment Banking. While Yago has valuable experience, our conviction in the fund is mainly due to Mallet’s involvement given his length of experience in global value investing. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mallet and Yago have the support of T. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Using the team’s research and ideas, Mallet builds a fund of 80–100 companies. He works closely with the analysts to understand the risks and rewards of each investment and assesses whether a company is higher quality and defensive, or a deeper value and potentially riskier one. By blending both types, Mallet believes the fund is better positioned to perform across a range of market conditions and will be less volatile. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mallet usually invests in the higher-quality companies for up to three years for their true value to be reflected in the share price. Deeper-value companies are typically held for less time. Once a company reaches what Mallet believes is its true value, he’ll either sell or reassess if there’s further potential. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"56.14% of the fund’s currently invested in the US, although this is less than the amount in its global benchmark. Other developed markets like Japan and the UK feature in the fund, and Mallet can invest up to 10% of the fund in higher-risk emerging markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of sectors, the fund invests 24.65% in financials and 15.94% in technology companies. It also has the flexibility to invest in smaller companies, which can increase return potential but add risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recent additions to the fund include US financial giant Berkshire Hathaway, British insurer Admiral, Brazilian bank Banco do Brasil, and Chinese technology company Tencent. US healthcare companies Elevance Health and Thermo Fisher, as well as Japanese video game company Nintendo, were recently sold.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"T. Rowe Price is a well-established asset management firm with offices all over the world. The company’s history dates to 1937 when it primarily focused on investing in the US. Now it also covers other parts of the market including fixed income, multi-asset and alternatives. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We view Mallet as the key manager behind this fund, and currently most of our conviction lies with him. But we take comfort in the fact he has a good team around him as well as a robust investment process.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"T. Rowe Price believes that Environmental, Social and Governance (ESG) issues have the potential to impact investment risk and return. That’s why analysts integrate material ESG factors into their investment analysis, alongside other factors like valuation, financials, industry trends and macroeconomics. Fund managers use this analysis to help them balance risk within their funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managers and analysts are supported by specialist ESG teams which produce ESG research and build proprietary ESG tools, including the Responsible Investing Indicator Model (RIIM). The RIIM provides a uniform ESG due-diligence process which is applied across the firm, allowing analysts to discuss how an investment is performing against ESG metrics and comparisons to other businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies supporting countries that have repeatedly supported governments carrying out genocide or other crimes against humanity are excluded across all T. Rowe Price funds, including this one.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm produces an annual ESG report, which explains its approach and provides voting and engagement case studies. Votes are exercised in alignment with a robust set of voting guidelines, and full proxy voting histories publicly available on the company’s website, complete with rationales for votes against management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund isn’t focused on sustainability, but the managers integrate ESG analysis into their process and work closely with the responsible investing team to understand long-term risks to companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is available at an annual ongoing fund charge of 0.64%. The HL platform fee of up to 0.45% per year also applies, apart from in the Junior ISA where there is no platform fee.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s grown 284.81%* since launch in November 2012. It’s performed better than the 246.94% from the average fund in the IA Global sector. As always, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like many global value funds, this one hasn’t performed as well as its benchmark, the MSCI World Index, over this time. The value investment style has been out of favour for most of this time. Funds with a growth focus, which have invested more in US and technology companies, have done better. Value funds have tended to invest less in these areas as their share prices haven’t offered enough value.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, our analysis shows this fund has performed better than many other global value funds as well as the MSCI World Value Index. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund also offers important diversification. While US and technology companies have done well in recent years, different sectors, themes and countries will come in and out favour and perform well at different times. For example, the fund performed much better than the market in 2022 when value companies outperformed. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term, we expect the fund to do better when value investing is in favour, and the reverse is also true. Given Mallet invests in some higher-quality companies we also expect the fund to hold up better than some others when markets fall but may not rise as quickly when they go up. For example, the fund held up well during the market volatility in March and April this year. Although this is a short period to judge performance. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past year, Canadian materials company Wheaton Precious Metals helped the fund’s performance as metals prices, including gold, grew strongly. Canadian financial company Galaxy Digital and US financial company Coinbase also helped.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, US healthcare companies Elevance Health and UnitedHealth Group were weaker over the last 12 months to 30 June 2025. 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T Rowe Price Global Value Equity I Share Class used to show performance figures since the fund's launch.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"f0vsZjrK500uhCpNaFQ4M","type":"Entry","createdAt":"2025-07-25T10:23:46.315Z","updatedAt":"2025-07-25T10:23:46.315Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"T. Rowe Price Global Value Equity: July 2025 fund update | HL","seoMetaDescription":"In this fund update, Investment Analyst Aidan Moyle shares our analysis on the manager, process, culture, ESG integration, cost and performance of the T. 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The trust’s focus on cash generation means it typically invests in more established companies from developed regions like the US, Europe and Japan. It also has some exposure to emerging markets, as well as smaller companies, both of which are higher risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s invested quite differently from the benchmark, so performance can also be different, but these differences mean it could offer diversification against other globally focused investments. Blending both value and growth companies, the trust could work alongside other investments which have a more distinct style, or simply provide global diversification to a broader investment portfolio. Investors in closed-ended funds should be aware the trust can trade at a discount or premium to Net Asset Value (NAV).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alex Crooke has managed the trust since June 2003. A graduate of Manchester University, Crooke started his career in 1990 as a US equities analyst for Equitable Life Assurance Society. He joined Henderson (now Janus Henderson) in 1994 and is currently Head of Equities – Europe, Middle East, Africa and Asia Pacific.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He has plenty of resource at his disposal and delegates the stock picking to four individual managers at Janus Henderson. Each has a different area of expertise which Crooke carefully blends to create a diversified portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s split into four regional sleeves: Europe (including UK), North America, Japan, Asia Pacific (including China). Each sleeve has its own dedicated manager who’s given autonomy to invest where they see fit. While each manager implements their own investment style, what unites them is a focus on companies with strong cash flows.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Crooke’s responsible for selecting the underlying managers and choosing how much to invest with each one. He does this based on his view of the economic situation in each area, and which regions he believes can provide sustainable dividend growth. He tends to look at the world with a three to five-year view, so the managers don’t change too often. He’s flexible though and will react quickly in response to major economic events such as Brexit or Covid-19.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Asset allocation has changed dramatically since Crooke took charge in 2003. Back then over 50% of the trust’s assets were allocated to the UK. That figure’s now closer to 6%. The trust’s benchmark changed in 2017 from the FTSE All Share to the FTSE World to reflect the change in geographical diversification, although the investment philosophy and process didn’t change.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As at the end of June 2025, North America’s the largest sleeve with around 62% invested here. In contrast around 15% of the trust’s invested in Europe and 10% in Japan. Crooke also has a meaningful position in Asia Pacific at 8% which includes exposure to emerging markets which adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Crooke recently announced he has lowered the amount of managers he uses from six to four. Instead of having two sleeves that cover the UK and Europe separately he now has one that covers both regions. Following the departure of European manager Jamie Ross in February 2025. Crooke will now take on responsibility for this combined sleeve. The same has also taken place with the Asia ex Japan and China sleeves. This has reduced the amount of investments the trust has to approximately 100 companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each of the underlying managers has been active during the trust’s financial year to the end of October 2024. In North America, manager Jeremiah Buckey added a number of companies including media and advertising business Meta (Facebook). Buckley believes that Meta has accelerated its growth through the adoption of AI and will improve the experience for customers. He also added technology consulting company Booz Allen Hamilton and industrial company Eaton. He also sold a number of companies including one of the biggest banks in America, JP Morgan, and semiconductor company Texas Instruments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Elsewhere, the Pan Asia manager Sat Duhra has bought Indian technology company HCL Technologies, he also added Taiwanese technology company Han Hai Precision whilst also continuing to buy Taiwanese semiconductor company TSMC. He also sold a number of Australian companies including Woodside Energy, BHP Group and Pilbara minerals. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There were also changes in the European and the Japanese sleeves.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Crooke has flexibility to utilise gearing (borrowing to invest) which, if used, adds risk. Gearing at the end of June 2025 stood at 6%.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bankers Investment Trust was established in 1888 and is a constituent of the FTSE 250 Index. It’s managed by Janus Henderson Investors, a large investment firm with offices all over the world. The firm was formed in 2017 from the merger of two long-established groups – US-based Janus Capital Group and Henderson Global Investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They value experience, and so fund managers at the group have on average over two decades of investment experience. Sharing knowledge and ideas between investment teams is an important part of the culture. Managers have the flexibility to tap into the wider group’s resources for ideas and insights, but also have the freedom to do their own research and form their own views without having a ‘house view’ placed on them.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Janus Henderson aims to be a responsible steward of investors’ money, and Environmental, Social and Governance (ESG) is an important part of this. All fund managers have access to ESG scoring models and customised ESG research, but the firm believes ESG considerations should go beyond examining numbers. Company site visits, speaking to workers and questioning company management are just some of the ways fund managers are expected to actively assess a company’s ESG credentials.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams across Janus Henderson actively engage with the companies they invest in, and the firm’s longstanding Responsible Investment & Governance team provides centralised support on voting and engagement.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to voting, Janus Henderson has a Proxy Voting Committee, which is responsible for establishing the firm’s position on major voting issues and creating guidelines overseeing the voting process. The Committee is comprised of representatives from various business areas, including portfolio management, corporate governance, accounting, legal and compliance. The firm’s full proxy voting records are published annually, although no rationale is provided. There is more detail on voting and engagement, including case studies, in the firm’s annual ESG Company Engagement & Voting Review report and Responsibility report","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although this trust isn’t designated a ‘sustainable’ trust, the managers integrate ESG into their process and believe it can be a long-term risk to a company.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing annual charge over the trust’s financial year to 31 October 2024 was 0.51%. This is marginally higher than it was the previous year. Investors should refer to the latest annual reports and accounts, and Key Information Document for further details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA the HL platform charge of 0.45% (capped at £200 for a SIPP and £45 for an ISA) per annum also applies. The platform charge doesn’t apply if the trust is held in a Fund and Share Account, or in a Junior ISA.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As investment trusts trade like shares, both a buy and sell instruction will be subject to the HL share dealing charges where applicable.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alex Crooke has delivered strong returns since becoming the trust’s manager in July 2003. Over this period, the trust’s share price has grown by 755.62%* versus 733.80% of the AIC Global peer group. Its net asset value (NAV) has also grown by 156.25% over the last 10 years. Remember all investments will rise and fall in value, so you could get back less than you invest. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s last financial year to the end of October 2024, its share price grew 21.43% versus 27.33% for the AIC Global peer group. During this time the NAV increased 21.06%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Out of the four managers used by the trust, three of them underperformed their regional benchmarks and just one outperformed. The trust’s allocation to North America lagged the regional benchmark returning 20.3% compared to 30.3%. The largest detractor was retail and sporting goods company Nike. Coffeehouse chain Starbucks and agriculture company Deere also hurt performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s investments in Pan Asia also didn’t keep pace with their benchmark, returning 10.5% vs 21.5%. The manager not investing as much as the benchmark in China hurt performance but also picking the wrong companies in the region didn’t help. Consumer companies Anta Sports and PDD Holdings were key detractors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Before Crooke took over the Pan Europe sleeve it was ran by Jamie Ross and over the trust’s financial year was marginally behind the regional benchmark returning 16.4% vs 16.6%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best performing sleeve was the Japanese investments which returned 17.3% compared to 15.2% for the regional benchmark. Data company Hitachi was the largest contributor to performance. Industrial company Ebara also contributed, benefiting from the increased demand for semiconductor equipment. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s dividend per share for 2024 (to the end of October) was 2.688p, 5% higher than the previous year. This trust’s an AIC ‘dividend hero’ having increased its dividend for the 58th year in a row. No future dividends are guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust currently trades at a discount of 8.59% however, on average over the last 12 months it has traded at a discount of 10.15%. 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[@ global-stock-market-review-whats-next-for-global-interest-rates-economies-and-markets]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"Which key central banks around the world are cutting interest rates and which ones are holding steady? We take a closer look and share how global stock markets have been performing.","publishedDate":"2025-07-23","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1V65LNJuMmJSdmJlVqxw6O","type":"Entry","createdAt":"2025-07-23T14:54:38.054Z","updatedAt":"2025-07-23T14:54:38.054Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" still running above most central bank targets and some economies starting to show signs of a slowdown, investors are questioning what lies ahead for interest rates. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some central banks are taking action, while others remain cautious.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the start of the year, the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bank-of-england"},"content":[{"nodeType":"text","value":"Bank of England","marks":[],"data":{}}]},{"nodeType":"text","value":" (BoE) has cut the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"base interest rate","marks":[],"data":{}}]},{"nodeType":"text","value":" twice, bringing rates down from 4.75% to 4.25%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although inflation’s eased from its post-pandemic highs, it’s still elevated at 3.6%, above the 2% target. This supports the case for keeping interest rates higher and it’s something the BoE will be watching closely.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But the BoE must also contend with a weakening economy and a slowing job market. Typically, the BoE considers cutting rates to stimulate growth, but with inflation still above target, it could go either way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary"},"content":[{"nodeType":"text","value":"European Central Bank","marks":[],"data":{}}]},{"nodeType":"text","value":" (ECB) has reduced rates from 3.15% to 2.15% since the start of the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inflation in Europe has been less of a concern. In June, it was 2%, in line with the ECB’s long-term target. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With inflation under control, the ECB’s been able to shift its focus more toward supporting the economy. Trade tensions with the US also pose a risk to growth, so the ECB’s cut interest rates in an effort to keep the economy resilient.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Across the pond, the US ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/federal-reserve"},"content":[{"nodeType":"text","value":"Federal Reserve","marks":[],"data":{}}]},{"nodeType":"text","value":" (Fed) has held interest rates steady so far this year. A series of cuts toward the end of 2024 raised expectations it would continue into 2025, but that hasn’t been the case.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inflation remains close to the 2% target, with June’s figure reported at 2.7%, and economic growth also faltered in the first three months of the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, Trump’s policies introduce uncertainty around both inflation and growth. Lower taxes, higher tariffs, and the deportation of workers are considered to be inflationary. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Fed’s therefore taking a cautious approach, preferring to wait and assess the full impact of these policies before making any decisions. That said, markets are predicting that the Fed will cut rates at least twice by the end of the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Elsewhere, the Bank of Japan (BoJ) has been raising rates in 2025, as inflation has been rising for the first time in years. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The BoJ is now holding rates steady at 0.5%. Still, with inflation proving to be sticky, the BoJ could buck the global trend and continue raising rates further.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. All investments, and any income from them, can rise and fall in value, so you could get back less than you invest. Remember, past performance isn’t a guide to future returns. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Trump’s ‘One, Big Beautiful Bill’","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After more than 24 hours of debate, Trump’s landmark bill – promising tax cuts and increased spending – narrowly passed in the Senate and Congress, and was signed into law by Trump.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bill focuses on extending the tax cuts Trump introduced during his first term, which were set to expire at the end of the year. It also includes eliminating taxes on tips and overtime – key pledges from his campaign – as well as a significant increase in spending on border security.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This could be a positive development for markets – lower taxes could boost consumer spending and corporate profits. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, the US is still grappling with inflation, and increased government spending combined with Trump’s tariff policies could push prices higher. If inflation remains elevated, it’s unlikely the Fed will cut interest rates soon.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why is Trump’s bill controversial? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Democrats have argued that the bill is both fiscally and morally irresponsible. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To fund the tax cuts, Trump has reduced welfare spending, including significant cuts to Medicaid – a program that provides healthcare access to low-income citizens. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bill also includes cuts to clean energy tax credits and SNAP, a program designed to help lower-income individuals access food through government-issued benefits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Critics argue these cuts are unlikely to offset the cost of the bill, which is projected to add $3.3trn to the US national debt over the next decade.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have global stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite all of this, global stock markets have seen positive results for the 12 months to the end of June. Over the past year, the broader global stock market has risen 7.16%*.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The US stock market, which makes up a large part of the global market, grew 7.23% during this period. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It was a volatile 12 months, with markets initially reacting positively to Donald Trump becoming president. However, in April he surprised investors by announcing significant tariffs on some of the US' closest trading partners. After causing market turbulence, he paused the additional levies and trade agreements remain ongoing. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the Chinese stock market was one of the best-performing regions, returning 23.71%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Increased support from the Chinese government for its technology sector has given investors a confidence boost. Additional stimulus measures more broadly has also helped. That said, challenges remain, like a slowing property sector and subdued consumer spending.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Indian stock market was one of the worst-performing stock markets over the last 12 months falling 5.65%. After recent years of strong performance, investors might be looking for new opportunities elsewhere. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a sector level, the global financials sector performed best, returning 23.47%. Healthcare stocks lagged the wider market, returning -11.83%. ","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3PkpQwC5uQUvfdTdCSKZt","type":"Entry","createdAt":"2025-07-23T14:54:38.076Z","updatedAt":"2025-07-23T15:00:11.505Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"title":"One-year stock market performance","chartId":"chart1","chartCode":"$24","disclaimer":"Past performance isn’t a guide to future returns.","source":"Source: *Lipper IM, to 30/06/2025.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"01OzxCIkV9OpkWYY7Czp1m","type":"Entry","createdAt":"2025-07-23T14:54:38.092Z","updatedAt":"2025-07-23T14:54:38.092Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have our Wealth Shortlist funds performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Global ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" on the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" delivered mixed performance over the past year, with some faring better than others.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A year is a short time to assess the skills of a fund manager though. Managers with different strengths, styles and areas of focus will perform differently over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in funds isn't right for everyone. Investors should only invest if the fund's objectives are aligned with their own, and there's a specific need for the type of investment being made. Investors should understand the specific risks of a fund before they invest, and make sure any new investment forms part of a long-term ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified","marks":[],"data":{}}]},{"nodeType":"text","value":" portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For more details on each fund and its risks, please see the links to their factsheets and key investor information below.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6KCN87Z0MfIxGbnQTSKeRC","type":"Entry","createdAt":"2025-07-23T14:54:38.146Z","updatedAt":"2025-07-23T14:54:38.146Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"B5ZX1M7","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/a/artemis-global-income-class-i-accumulation"},"content":[{"data":{},"marks":[],"value":"Artemis Global Income","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" was the best-performing fund in the global sector of the Wealth Shortlist over the past 12 months. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Managed by experienced investor Jacob de Tusch-Lec, the fund returned 28.70%* versus 7.64% for the MSCI AC World Index and 7.06% for the average fund in the IA Global Equity Income sector. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We like de Tusch-Lec’s contrarian approach to investing, but it can lead to the fund investing very differently to its peers. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our analysis suggests de Tusch-Lec’s stock selection has been the main driver of returns over the past 12 months. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In particular, selections in Europe and Japan, as well as investments in financial service and industrial companies, have all benefited the fund’s performance. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund can invest in smaller companies as well as ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Learn%20more-,Emerging%20markets,with%20more%20ups%20and%20downs%20%2D%20than%20shares%20in%20more%20developed%20countries.,-ESG%20Investing"},"content":[{"data":{},"marks":[],"value":"emerging markets","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", which can increase risk. The manager can also use ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/learn/glossary/derivatives"},"content":[{"data":{},"marks":[],"value":"derivatives","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", which, if used, increases risk. Charges are also taken from capital. ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"CWhro60PWkKEkHv0UBDzh","type":"Entry","createdAt":"2025-07-23T14:54:38.251Z","updatedAt":"2025-07-23T14:54:38.251Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BBX4652","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/t/troy-trojan-global-income-class-o-accumulation"},"content":[{"data":{},"marks":[],"value":"abrdn Global Smaller Companies ","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"fund was the weakest-performing fund in the global sector of the Wealth Shortlist returning 3.40% over the past 12 months.","nodeType":"text"}],"nodeType":"paragraph"},{

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