Job Curtis is one of the most experienced UK equity income investors and began managing this investment trust in 1991
The trust has increased the dividend it’s paid to investors for 57 years
The trust aims to provide long-term growth in income and capital by mainly investing in large UK companies

How it fits in a portfolio

City of London Investment Trust aims to provide long-term growth in income and capital by mainly investing in large UK companies. Job Curtis looks for companies that generate plenty of cash to pay dividends and are conservatively run, in his view. This trust could form part of an income portfolio or a broader portfolio looking to add investment in larger UK companies.

When investing in closed-ended funds you should be aware the trust can trade at a discount or premium to net asset value (NAV).

Manager

Job Curtis has managed City of London Investment Trust since July 1991. This length of tenure is rare to see. He began his career in 1983 as a graduate trainee at Grieveson Grant stockbrokers, before joining Cornhill Insurance as an assistant fund manager from 1985 to 1987 and then Touche Remnant as a unit trust and investment trust manager. Following Henderson’s acquisition of Touche Remnant he subsequently joined Henderson in 1992. He works within a well-resourced and experienced team which includes highly regarded income investors such as Alex Crooke and Ben Lofthouse.

David Smith is deputy manager of the trust. Smith has managed the Henderson High Income Trust plc since 2013, the UK portfolio of The Bankers Investment Trust plc since 2017 and has worked with Job Curtis for a number of years.

Process

The trust invests in good quality, well-managed companies, which can be bought at a reasonable share price and contribute to the trust’s dividend. Job Curtis believes companies with sustainable and rising dividends will see their share prices grow over time. He likes larger, more stable companies which often have multinational operations that are robust enough to weather economic storms and still pay dividends. This provides UK investors with exposure to global growth through the portfolio’s overseas revenues. Curtis mainly invests in UK companies, although he can invest up to 20% overseas when he finds good opportunities. As of June 2023, 15% of the trust was invested in companies listed overseas, down from 17% a year earlier.

Over the last year, Curtis has made some changes to the portfolio. He’s increased the trust’s investments in companies listed in the FTSE 100, which are the largest companies in the UK. Curtis also added six new investments to the trust. One of these was Glencore, with the manager believing that the business is well positioned in metals to benefit from the transition to cleaner energy. The manager also bought shares in UK bank NatWest on the basis that the business is trading at an attractive valuation and is benefiting from more supportive financial conditions with higher interest rates allowing it to earn better margins.

The manager also sold a few investments from the trust. One of these was Microsoft, which has been held in the trust for around 12 years. The position was sold after the shares performed well following investor excitement around the company’s potential to benefit from the growth in AI. Chemical company Croda was also sold following a downgrade to its profit expectations.

The trust also borrows money to invest with the intention of increasing returns (sometimes known as gearing) which increases risk. At the end of the trust's last financial year in June 2023, gearing stood at 6.2%, down from 7.1% a year earlier. The manager can also use derivatives, which if used adds risk.

Culture

Janus Henderson Investors 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.

It values experience, and 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.

ESG integration

Curtis integrates environmental, social and governance (ESG) factors into his company analysis. Curtis focuses on ESG factors which may impact profits, cash flow and dividends and ensuring that companies have robust policies and processes in place to manage these risks. As a long-term investor, he believes this could help to drive long term dividends and also uncover risks that are less obvious through more traditional company analysis. The aim is to highlight businesses that use more sustainable practices and could thrive over the long term.

Janus Henderson aims to be a responsible steward of investors’ money, and 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.

Investment teams across Janus Henderson actively engage with the companies they invest in, and the firm’s longstanding Governance & Stewardship team provides centralised support on voting and engagement. The ESG Investment Research team carries out ESG analysis with a consistent methodology across markets with a focus on financial materiality.

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 and compliance. The firm’s full proxy voting history is 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 the ESG Quarterly Review – a summary of the firm’s ESG related activities.

Cost

The ongoing annual charge over the trust’s financial year to the end of June 2023 was 0.37%. 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 fee of 0.45% per annum (capped at £200 per annum for a SIPP and £45 for an ISA) also applies. Our platform fee doesn’t apply if held in a Fund and Share Account.

Part or all of the annual charge is taken from capital rather than income generated. This could result in a higher dividend yield but can limit capital growth.

As investment trusts trade like shares, both a buy and sell instruction will be subject to the HL share dealing charges.

Performance

The trust has performed strongly over the manager’s tenure which began in July 1991 and is well ahead of the FTSE All Share index* over that period. In recent years they have made effective use of revenue reserves built up in the good times, meaning the trust continued to increase the dividends paid to investors through the difficult coronavirus period. This was in spite of many UK companies cutting or suspending their dividends amid the uncertainty.

In the trust’s last financial year, the dividend paid to investors increased by 0.5p to 20.1p per share, which was covered by its revenues. This extends the trust’s record as the investment company that has increased its dividend each year for the longest period – now standing at 57 years. As always, past performance isn’t a guide to the future. Dividends are variable and not guaranteed.

Over the trust's last financial year to the end of June 2023, the trust’s net asset value (NAV) rose by 4.5% with the share price rising by 4.1%. This compares with a return of 7.9% for the FTSE All Share index over the same period, and an 8.1% gain for the AIC UK Equity Income sector.

The largest detractor from returns over the year was insurer Direct Line, which suffered from the premiums it receives from providing insurance, not keeping up with the rising cost of claims. House builder Persimmon was also a notable detractor as its share price reacted to the slowdown in the UK housing market. The biggest contributor to performance over the year was private equity company 3i. Its performance was driven by the company’s investment in a European discount retailer.

At the time of writing the trust trades at a premium of 0.03% and has a dividend yield of 5.23%, 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.

Annual percentage growth

Annual percentage growth

	Oct 18 – Oct 19	Oct 19 – Oct 20	Oct 20 – Oct 21	Oct 21 – Oct 22	Oct 22 – Oct 23
City of London Investment Trust Plc	8.69%	-21.60%	32.58%	5.11%	1.29%
FTSE All-share	6.79%	-18.64%	35.40%	-2.78%	5.89%
AIC UK Equity Income	3.40%	-20.65%	46.50%	-11.26%	2.75%

Past performance is not a guide to the future. Source: *Lipper IM to 31/10/2023.

FIND OUT MORE ABOUT CITY OF LONDON INVESTMENT TRUST INCLUDING CHARGES

VIEW CITY OF LONDON INVESTMENT TRUST PLC KEY INFORMATION DOCUMENT

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The managers’ focus on unloved companies differentiates it from many other funds in the UK All Companies sector. We think it could bring ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" to the UK part of a broader investment portfolio and sit well alongside a UK equity fund that focuses on companies expected to grow earnings at a more consistent pace.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alex Wright has been at Fidelity since 2001. He started his career analysing European companies and has focused on UK companies since 2008. As an analyst, he worked closely with Anthony Bolton and Sanjeev Shah, the fund’s two previous managers. We think it's positive that he learned his trade from such well-regarded investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright became a fund manager in 2008, initially focusing on UK smaller companies, but later broadened his remit to include companies of all sizes. He's been lead manager of the Fidelity Special Situations fund since January 2014 and has also been responsible for the Fidelity Special Values investment trust since September 2012. The two portfolios have a high degree of overlap, so we think this is a reasonable workload for an investor of Wright's calibre.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He's supported by co-manager Jonathan Winton and Fidelity's extensive analyst team. 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Maybe they've missed a profit target, or the management team made some unpopular decisions. Either way, he must believe the company is on the road to recovery. A company can recover in a variety of ways, such as introducing a new product line, expanding into new areas or hiring a new management team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate strategy plays an important part in a company's recovery, so the manager spends lots of time meeting company managers. He also meets the clients and suppliers of the companies he invests in to better understand how the company does business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the company improves, its share price should rise as other investors begin to recognise the change. As the price rises, Wright gradually takes profits and moves on to the next unloved opportunity. It's an investment style known as 'value' investing. Of course, not every company will recover, and some could fail altogether.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright has made some changes to the fund’s investments over the year, selling shares in companies that had performed well and recycling this into businesses with attractive turnaround potential. This included selling in its entirety and trimming investments in banks Barclays and AIB Group respectively and investing the proceeds into other banks like Lloyds. Wright also continues to find attractive opportunities in more defensive parts of the market, adding to investments in medical device company Smith & Nephew.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in smaller companies which, by their nature, can be higher risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fidelity was founded in 1969 and is a global investment manager. The company remains privately owned, meaning its managers can focus on the long-term interests of investors rather than short-term shareholder demands. That's helped the firm develop an investment-focused culture, where investment ideas are openly discussed and debated, and information is shared amongst the firm's various teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company's scale means investment teams are well-resourced and fund managers are well-incentivised. We think it's positive that all Fidelity fund managers are incentivised based on the longer-term performance of their funds and investment trusts. We think this aligns 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":"Fidelity has developed a structured engagement program which allows it to be systematic in its engagement on environmental and social issues. The firm also has a large Environmental, Social and Governance (ESG) team, which writes regular ESG reports on companies held by Fidelity fund managers. The firm votes where it’s possible to do so and quarterly voting reports are posted online, complete with rationales for votes against management and abstentions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In June 2019, Fidelity launched its own proprietary ESG ratings tool. It scores thousands of companies based on their ESG credentials on a forward-looking basis, with investment analysts tasked with the job of ensuring the ratings are up to date. The ratings system was later updated to include an assessment of each company’s ability to manage negative externalities. Fidelity also developed a climate rating which highlights companies where engagement is most necessary if the firm is to achieve its aim to halve portfolio emissions by 2030 and reach net zero by 2050.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Fidelity has made strides forward at the firm level, we don’t think this has fully fed through to the fund level. Although there is plenty of ESG information available to all Fidelity fund managers, we’re not yet convinced they all put it to full use.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is not run to a sustainable investment 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 0.92%. Investors should note that a higher fee relative to other funds in the sector means the fund manager has a higher hurdle to deliver future positive returns. 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’s performed well over the long term. It’s risen by 155.98%* since Wright took control in January 2014, compared with the FTSE All Share index return of 123.40%. We think this is an impressive achievement, particularly as there have been periods through this tenure when the manager's value-focused investment approach has been out of favour, though it has performed well as a style more recently. 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 23.34%, beating the 19.96% return from the FTSE All Share index. The manager’s value focused style has performed well over this period. Direct Line Insurance was a key contributor to the fund’s performance over the last year following its takeover by Aviva. Defence business Babcock International also performed well over the year. In terms of detractors, bank HSBC and defence business Rolls Royce performed well over the year, however the fund invested less than the index in these companies and so this provided a headwind. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 2.71%. 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differentiates the trust from some peers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager is supported by Jonathan Winton and a large, well-resourced analyst pool at Fidelity","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s performed well under Wright’s tenure as manager, significantly outperforming the FTSE All Share index","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/shares/shares-search-results/f/fidelity-special-values-ordinary-5p"},"content":[{"nodeType":"text","value":"Fidelity Special Values trust","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to grow an investment over the long term. The manager's focus on unloved companies differentiates it from many other UK-focused investment trusts, and it could bring ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" to the UK section of a broader investment portfolio. It could sit well alongside other UK trusts that focus on companies capable of growing earnings at a more consistent pace.","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":"Alex Wright has been at Fidelity since 2001. He started his career analysing European companies and has focused on UK companies since 2008. As an analyst, he worked closely with Anthony Bolton and Sanjeev Shah, the trust’s two previous managers. We think it's positive that he learned his trade from such well-regarded investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright became a fund manager in 2008, initially focusing on UK smaller companies, but later broadened his remit to include companies of all sizes. He's been lead manager of the Fidelity Special Values investment trust since September 2012 and is also responsible for the Fidelity Special Situations fund, which he’s managed since January 2014. The two portfolios have a high degree of overlap, so we think this is a reasonable workload for an investor of Wright's calibre.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He's supported by co-manager Jonathan Winton and Fidelity's extensive analyst team. We think Wright has the resources required 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":"Wright invests in large, medium-sized and higher-risk smaller companies that often go ignored by other investors. Maybe they've missed a profit target, or the management team made some unpopular decisions. Either way, he must believe the company is on the road to recovery. A company can recover in a variety of ways, such as introducing a new product line, expanding into new areas or hiring a new management team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate strategy plays an important part in a company's recovery, so the manager spends lots of time meeting company managers. He also meets the clients and suppliers of the companies he invests in to better understand how the company does business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the company improves, its share price should rise as other investors begin to recognise the change. As the price rises, Wright gradually takes profits and moves on to the next unloved opportunity. It's an investment style known as 'value' investing. Of course, not every company will recover, and some could fail altogether.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright has made some changes to the trust’s investments over the year, selling shares in companies that had performed well and recycling this into businesses with attractive turnaround potential. This included selling in its entirety and trimming investments in banks Barclays and AIB Group respectively and re-distributing this into other banks like Lloyds and Close Brothers. Wright also continues to find attractive opportunities in more defensive parts of the market, adding to investments in medical device company Smith & Nephew and tobacco manufacturer British American Tobacco.","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 August (the end of the trust’s financial year) was 5.4%, lower than the 7.9% 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":"Fidelity was founded in 1969 and is a global investment manager. The company remains privately owned, meaning its managers can focus on the long-term interests of investors rather than short-term shareholder demands. That's helped the firm develop an investment-focused culture, where investment ideas are openly discussed and debated, and information is shared amongst the firm's various teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company's scale means investment teams are well-resourced and fund managers are well-incentivised. We think it's positive that all Fidelity fund managers are incentivised based on the longer-term performance of their funds and investment trusts. We think this aligns 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":"Fidelity has developed a structured engagement program which allows it to be systematic in its engagement on environmental and social issues. The firm also has a large Environmental, Social and Governance (ESG) team, which writes regular ESG reports on companies held by Fidelity fund managers. The firm votes where it’s possible to do so and quarterly voting reports are posted online, complete with rationales for votes against management and abstentions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In June 2019, Fidelity launched its own proprietary ESG ratings tool. It scores thousands of companies based on their ESG credentials on a forward-looking basis, with investment analysts tasked with the job of ensuring the ratings are up to date. The ratings system was later updated to include an assessment of each company’s ability to manage negative externalities. Fidelity also developed a climate rating which highlights companies where engagement is most necessary if the firm is to achieve its aim to halve portfolio emissions by 2030 and reach net zero by 2050.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Fidelity has made strides forward at the firm level, we don’t think this has fully fed through to the fund level. Although there is plenty of ESG information available to all Fidelity fund managers, we’re not yet convinced they all put it to full use.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust isn’t run to a sustainable investment mandate.","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 the end of August 2025 was 0.68%. 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 fee of 0.45% per annum (capped at £200 per annum for a SIPP and £45 for an ISA) also applies. Our platform fee doesn’t apply if held in a Fund and Share Account or in a Junior ISA.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust's performed well over the long term. Its share price has risen 415.56%* since Wright became manager in September 2012, beating the FTSE All Share index's return of 179.94%. We think this margin of outperformance is an impressive achievement. 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 August 2025, its net asset value (NAV) rose by 14.3% with the share price rising by 21.8%. This compares with a return of 12.6% for the FTSE All Share index over the same period. A narrowing of the discount the trust traded on over the period explains why the share price return exceeded the NAV return. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Performance of the trust was aided by investing less than the benchmark in pharmaceutical company AstraZeneca, which struggled with concerns about its China operations and US drug pricing reforms. Holdings Standard Chartered, NatWest Group and AIB Group in the banking sector all performed well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year, the dividend paid to investors increased to 10.2p per share, a rise of 6.6% on the year before, which was fully covered by its revenues. Dividends are variable and not guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 3.31% to its NAV, which compares to a 12 month average discount of 4.79%, and has a dividend yield of 2.62%. 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":"4xOd6lRtugrwvysdfu4ZLs","type":"Entry","createdAt":"2025-12-08T10:25:47.547Z","updatedAt":"2025-12-08T10:25:47.547Z","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 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manager, process, culture, ESG integration, cost and performance of the City of London Investment Trust. ","publishedDate":"2025-11-24","categories":["$d:props:data:authorArticles:1:fields:categories:0","$d:props:data:authorArticles:1:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1hrh2BKffQamVSqQkJYpmI","type":"Entry","createdAt":"2025-11-24T11:13:50.741Z","updatedAt":"2025-11-24T11:13:50.741Z","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":"Job Curtis is one of the most experienced UK equity income investors and began managing this investment trust in 1991","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust aims to provide long-term growth in income and capital by mainly investing in large UK companies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has increased the dividend it’s paid to investors for 59 years, an investment trust record","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/c/city-of-london-investment-trust-ord-25p"},"content":[{"nodeType":"text","value":"City of London","marks":[],"data":{}}]},{"nodeType":"text","value":" Investment Trust aims to provide long-term growth in income and capital by mainly investing in large UK companies. Job Curtis, the trust’s manager, looks for companies that generate plenty of cash to pay dividends and are conservatively run, in his view. This trust could form part of an income investment portfolio or a broader portfolio looking to add investment in larger UK companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors in closed-ended funds should be aware the trust 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","marks":[],"data":{}}]},{"nodeType":"text","value":" 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":"Curtis has managed City of London Investment Trust since July 1991. This tenure is rare to see. He began his career in 1983 as a graduate trainee at Grieveson Grant stockbrokers, before joining Cornhill Insurance as an assistant fund manager from 1985 to 1987 and then Touche Remnant as a unit trust and investment trust manager. Following Henderson’s acquisition of Touche Remnant he subsequently joined Henderson (now Janus Henderson) in 1992. He works within a well-resourced and experienced team which includes highly regarded income investors such as Alex Crooke and Ben Lofthouse.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"David Smith is deputy manager of the trust. Smith has managed the Henderson High Income Trust since 2013 and the UK part of Bankers Investment Trust since 2017 and has worked with Curtis for a number of years.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust invests in good quality, well-managed companies, which can be bought at a reasonable share price and contribute to the trust’s dividend. Curtis believes companies with sustainable and rising dividends will see their share prices grow over time. He likes larger, more stable companies which often have multinational operations that are robust enough to weather economic storms and still pay dividends. This provides UK investors with exposure to global growth through the these companies’ overseas revenues.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Curtis mainly invests in UK companies, although he can invest up to 20% overseas when he finds good opportunities. As of June 2025 (the end of the trust’s financial year), 8% of the trust was invested in companies listed overseas, down from 10% a year earlier.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Curtis reduced the amount invested overseas in favour of UK listed companies over the year on the basis that UK shares continue to provide better value than their overseas equivalents. Three new investments included insurance business Admiral, inter dealer broker TP ICAP, and oil and gas exploration company Harbour Energy.","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 June was 5.3%, lower than the 7.1% 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":"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 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":"The trust is not run to a sustainable investment mandate.","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 the end of June 2025 was 0.36%. 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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 fund 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":"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":"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 this 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 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-3","data":{},"content":[{"nodeType":"text","value":"Meet the co-manager of the Artemis Income fund","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"lfkDAGaVoHvhgag3tQw4M","type":"Entry","createdAt":"2025-11-19T11:37:50.060Z","updatedAt":"2025-11-19T11:37:50.060Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"assetType":"video","youtubeEmbedCode":"qihhSJFNm-U","caption":"Industry veteran, Frost, reflects on his 43 year career in the industry, including 23 as manager of the Artemis Income fund.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3XU9WxUYtYf6pQMgy70ZOt","type":"Entry","createdAt":"2025-11-19T11:37:50.076Z","updatedAt":"2025-11-19T11:37:50.076Z","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":"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. 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’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. Most of the fund is invested in larger companies, with around 82.0% of its assets currently invested here. At a stock level, the larger positions in the fund include the likes of insurer Aviva, banks Barclays, Lloyds and NatWest and retailers Tesco and Next.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of sector exposures, financials account for the largest weighting at 31.2%, followed by consumer discretionary and consumer staples stocks at 22.6% and 11.5% respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the managers have made some changes to the portfolio, reducing the fund’s positions in data and analytics company RELX, and private equity business 3i Group. They remain positive on the prospects for both companies but felt it prudent to trim on valuation grounds, with plenty of attractive opportunities elsewhere.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The proceeds have been used to increase the fund’s investments in a number of existing positions. The result is larger stakes in Oil and gas company BP, shoe retailer Dr Martens and housebuilder Berkeley Group. These changes to the fund have boosted its dividend yield.","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. Recent meetings with the Artemis teams we back on the Wealth Shortlist suggest ESG is an important factor. However, this fund isn’t managed to a responsible mandate.","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.","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":"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 fund has an annual ongoing charge of 0.80%. Investors using the HL platform will benefit from a discount of 0.21%, to pay 0.59%. The saving is achieved through a loyalty bonus which may be taxable if the fund is held outside of an ISA or SIPP. The HL platform charge of up to 0.45% a year also applies, except in the HL Junior ISA, where no account charge applies.","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 significantly outperformed the broader FTSE All-Share Index since Adrian Frost took over as manager in 2002. Over the last 10 years, the fund has also done well and performed strongly for its investors. Over this period, its delivered returns of 131.51%* to investors, well ahead of the 116.15% return from the FTSE All Share index, and the IA UK Equity Income peer group average return of 83.58%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has delivered returns of 25.85%, outperforming both the FTSE All Share return of 22.50%, and the IA UK Equity Income sector average return of 16.98% over the same period. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the fund’s investments in fashion retailer Next, supermarket Tesco and tobacco company Imperial Brands have been among the strongest contributors to its performance over the period. At a sector level, the fund’s overweight to financials has also been a key contributor. On the other hand, its overweight to the communication service and consumer discretionary sectors posed a headwind, with online education provider Pearson a key detractor at the stock level.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers believe the fund is filled with cash generative businesses with the potential to be able to grow their earnings, and as a result the dividend they can pay to shareholders, for years to come.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 3.33%. 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Navy","titleAndPath":"Artemis UK Future Leaders: November 2025 trust update [@ artemis-uk-future-leaders-november-2025-trust-update]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this trust update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Artemis UK Future Leaders investment 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trust’s board","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a positive view of managers Mark Niznik and Will Tamworth who are both highly capable and experienced in investing in UK Smaller Companies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust currently trades at a discount, which could offer an attractive entry point to long term patient investors","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 UK Future Leaders trust aims to grow an investment over the long term by investing in UK smaller companies. The valuation focused approach means the trust invests differently to many of its peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smaller companies typically have more growth potential than larger ones, though they can be more volatile and higher risk. Companies of this size are often overlooked by analysts, meaning there are plenty of opportunities for investors prepared to scratch below the surface.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust could diversify the UK portion of an adventurous global portfolio or could complement a UK portfolio that is focused on larger, more established businesses.","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":"The trust’s co-managed by Mark Niznik and Will Tamworth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Niznik began his career at Legal & General in 1985, followed by a stint as a private client fund manager at Greig Middleton & Co. In 1992, he joined Perpetual, working on a range of UK smaller companies products. He then moved to Standard Life Investments in 2002 to work as a small and mid-cap fund manager, running a UK Opportunities strategy from its launch. In 2007, he joined Artemis and became co-manager of the UK Smaller Companies fund alongside seasoned investor and Artemis co-founder John Dodd. In January 2011, Dodd stepped back and Niznik became sole manager of the UK Smaller Companies fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tamworth began his career at Citigroup as an equity research analyst in the UK small and mid-cap team. He moved to Liberum in 2009, where he continued to work in small- and mid-cap equity research, specialising in support services. He then joined Artemis in 2015 and in March 2016 became co-manager of the UK Smaller Companies fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following a strategic review in 2024, the trust’s board decided to change investment manager, replacing Invesco with Artemis. As a result, on 10 March 2025, Niznik and Tamworth took over management of the trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a positive view of both managers. They are both highly capable and experienced in investing in this part of the market, and we believe managing the trust is complementary to their existing workload.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Meet the manager: Will Tamworth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4ptpgTDlCUmSnLsr0gLYAF","type":"Entry","createdAt":"2025-11-07T16:27:57.073Z","updatedAt":"2025-11-07T16:27:57.073Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"youtubeEmbedCode":"qfkiRhCA-l8","caption":"In this episode of HL's 'meet the manager', Joseph Hill is joined by Will Tamworth, co-manager of the Artemis UK Smaller Companies fund and Artemis UK Future Leaders investment trust.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7hBNRwFGPt63WrAyYBi9lP","type":"Entry","createdAt":"2025-11-07T16:27:57.092Z","updatedAt":"2025-11-07T16:27:57.092Z","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":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers believe smaller companies possess lots of growth potential. They aim to use their experience to uncover hidden gems and then benefit from investing in them as they grow in this under researched part of the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Niznik and Tamworth look for businesses that are leaders in their markets and have a good degree of visibility of their future earnings. These businesses should have strong balance sheets to support their growth and be driven by capable and experienced management teams. They should also be cash generative, and trade at attractive valuations, offering investors the prospect of good returns in the future. Not every stock will fulfil each of these criteria, so the managers are pragmatic in forming an overall view on how well a company fits the bill.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers won’t invest in companies that are pre-revenue because of their focus on cash generation. They are also sceptical about the prospect of investing in small businesses with very ambitious growth projections attached to their future performance expectations. The outcome of this process is a value style bias.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since taking over the trust in March 2025, the managers have made a number of changes in order to align its investments with their preferred investment approach. In general the managers felt they inherited a good quality portfolio but in many cases, at valuations they weren’t comfortable with. This period of elevated turnover was in line with our expectations, and we expect to see it normalise from here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are optimistic about the return potential of their holdings in the trust and have highlighted the strength of consumer finances as potentially being the key to unlocking it. They believe that household disposable income remains strong in the UK, but consumers are choosing to save, rather than spend. Once confidence increases, they expect to see more being spent and less being saved, which should benefit lots of companies held in the trust.","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 employed as of the end of September was 8.20%, though the managers can take this up to 15% should they wish.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition, there may be some investments in smaller companies which, by their nature, can be higher risk and illiquid or harder to trade. The managers have the ability to invest up to 5% of the trust’s assets in unlisted companies. However they’ve committed to only investing in companies listed on the stock market and will not invest any of the trust’s assets in private or unlisted businesses.","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 trust are partners in the business. We think this structure‘s a good thing for investors, as the managers and the firm are focused on the long term and can run funds and trusts without distractions from short-term shareholder demands. They are rewarded from the profits of the business, based on their long-term 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 ESG integration across the firm vary. Recent meetings with the Artemis teams we back on the Wealth Shortlist suggest ESG is an important factor. However, this trust isn’t managed to a responsible mandate.","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.","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":"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 January 2025 was 1.03%, slightly higher than the 1.01% for the year before. 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":"Going forwards, following the change of investment manager from Invesco to Artemis, the board announced a reduction in fees and Artemis agreed to waive their management fees until December 2025. It’s expected that this will reduce the fee from 1.03% to 0.84% for the year to end January 2026.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust experienced a number of years of underperformance prior to the strategic review which resulted in a change of management from Invesco to Artemis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Niznik and Tamworth took over management of the trust in March 2025, to the end of October 2025, the trust has delivered a share price return of 9.30%, compared with 9.33% for the AIC UK Smaller Companies sector average. Investors should note that this is a very short time period to consider performance over.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust currently trades at a discount of 12.37%, this compares with a discount of 16.60% at its year end in January 2025. Though it has narrowed over this period, it’s still a significant discount to NAV and we think this could offer an attractive entry point to investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s dividend policy is to target a dividend yield of 4% of the year end share price, paid from income earned within the portfolio and enhanced, as necessary, through the use of capital gains.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year to the end of January 2025, total dividends paid to shareholders amounted to 15.0p per share, in line with its dividend policy and representing a yield of 4.0% based on the share price as at 31 January 2025.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust currently has a dividend yield of 3.95%, although yields aren’t guaranteed and therefore aren’t a 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both highly capable and experienced in UK Smaller Companies","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s higher quality approach and focus on valuation means that we expect it not to fall as much as some other funds during down markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers work as part of a broader UK equities team at Artemis that we rate highly","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The 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 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/a/artemis-uk-smaller-companies-class-i-accumulation/key-features"},"content":[{"nodeType":"text","value":"Artemis UK Smaller Companies","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to grow an investment over the long term by investing in the smaller parts of the UK stock market. The valuation focused approach means the fund invests differently to many of its peers in the IA UK Smaller Companies sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smaller companies typically have more growth potential than larger ones, though they can be more volatile and higher risk. Companies of this size are often overlooked by analysts, meaning there are plenty of opportunities for investors prepared to scratch below the surface.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund could add diversification to the UK portion of an adventurous global portfolio or could complement a UK portfolio that is focused on larger, more established businesses.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s co-managed by Mark Niznik and Will Tamworth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Niznik began his career at Legal & General in 1985, followed by a stint as a private client fund manager at Greig Middleton & Co. In 1992, he joined Perpetual, working on a range of UK smaller companies products. He then moved to Standard Life Investments in 2002 to work as a small and mid-cap fund manager, running a UK Opportunities strategy from its launch. In 2007, he joined Artemis and became co-manager of the UK Smaller Companies fund alongside seasoned investor and Artemis co-founder John Dodd. In January 2011, Dodd stepped back and Niznik became sole manager of the UK Smaller Companies fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tamworth began his career at Citigroup as an equity research analyst in the UK small and mid-cap team. He moved to Liberum in 2009, where he continued to work in small- and mid-cap equity research, specialising in support services. He then joined Artemis in 2015 and in March 2016 became co-manager of the UK Smaller Companies fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a positive view of both managers. They are both highly capable and experienced in investing in this part of the market, and we believe their workload in managing this fund and an investment trust is manageable.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Meet the manager: Will Tamworth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2NJi11p6oBezMykRgy6lJj","type":"Entry","createdAt":"2025-11-07T13:50:25.005Z","updatedAt":"2025-11-07T13:50:25.005Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"assetType":"video","youtubeEmbedCode":"qfkiRhCA-l8","caption":"In this episode of HL's 'meet the manager', Joseph Hill is joined by Will Tamworth, co-manager of the Artemis UK Smaller Companies fund.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7N0b89hMPe3OiVG1DuhNwQ","type":"Entry","createdAt":"2025-11-07T13:50:25.022Z","updatedAt":"2025-11-07T13:50:25.022Z","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":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers believe smaller companies possess lots of growth potential. They aim to use their experience to uncover hidden gems and then benefit from investing in them as they grow in this under researched part of the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Niznik and Tamworth look for businesses that are leaders in their markets and have a good degree of visibility of their future earnings. These businesses should have strong balance sheets to support their growth and be driven by capable and experienced management teams. They should also be cash generative, and trade at attractive valuations, offering investors the prospect of good returns in the future. Not every stock will fulfil each of these criteria, so the managers are pragmatic in forming an overall view on how well a company fits the bill.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers won’t invest in companies that are pre-revenue because of their focus on cash generation. They are also sceptical about the prospect of investing in small businesses with very ambitious growth projections attached to their future performance expectations. The outcome of this process is a value style bias.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This process leads them to a portfolio of 60-90 stocks, with individual company position sizes generally not exceeding 3% of the fund. In terms of sector allocations, consumer discretionary and industrials are currently the largest exposures, representing 31.3% and 27.2% of the fund respectively. Public services contractor Serco Group and price comparison business Moneysupermarket.com are among the fund’s largest individual positions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have made some changes to the fund in recent months, including initiating a new investments in Greggs. They feel that Greggs’ balance sheet strength gives them scope to continue rolling out new stores at a time when some shorter term headwinds have overly affected the share price. The fund’s positions in other consumer facing businesses like Dunelm, Wickes and JD Wetherspoon were trimmed in order to fund the Greggs position.","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 ESG integration across the firm vary. Recent meetings with the Artemis teams we back on the Wealth Shortlist suggest ESG is an important factor. However, this fund isn’t managed to a responsible mandate.","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.","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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an annual ongoing fund charge of 0.86% but through HL, clients can secure an ongoing saving of 0.09%, reducing the net ongoing charge to 0.77%. This reduction is paid as a loyalty bonus, which could be taxable if held outside of an ISA or SIPP wrapper. The HL platform fee of up to 0.45% a 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":"Since Niznik became lead manager of the fund in January 2011, the fund has delivered returns of 274.09%* compared with 195.08% for the IA UK Smaller Companies peer group average. Past performance isn't a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a value focused investment strategy. Its higher quality approach and focus on valuation means that we expect it not to fall as much as some other funds during down markets, providing some shelter from the worst of market falls. However, this does mean we think the fund could lag its growth focused UK smaller companies peer group in a strongly rising market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has delivered returns of 3.64%, compared with a return of -3.03% for the UK Smaller Companies sector average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the fund’s investments in consumer staples and utility businesses have been among the better performing areas of the portfolio. Additionally, having less invested in the materials and real estate sectors has aided relative performance. On the other hand, its investments in technology and communication companies has been one of the key detractors from performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As of the end of September, the fund yields 1.82%. Income isn’t guaranteed, and yields aren’t a reliable indicator of future income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, we think the managers have the experience, skill and support to deliver good long-term returns to patient investors, although there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investments fall as well as rise in value, so investors could get back less than they invest. 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It has more in higher-risk small and medium-sized companies than some peers, so could work well alongside funds focused on more established, larger companies. The manager's focus on high-quality companies means it could also sit well alongside value funds that invest in companies believed to be overlooked and undervalued.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chris St John is lead manager of this fund. He joined AXA Investment Managers in 2005 and has lots of experience managing funds focused on small and medium-sized UK companies. The AXA WF UK Equity fund launched in 2016 and gives the manager freedom to invest in UK companies of any size.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He’s supported in managing the fund by Nigel Yates. Yates began his career as a financial analyst at NFU Mutual and spent 20 years with the business, progressing to fund manager over that period. He joined AXA in 2021 as a UK portfolio manager.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"St John and Yates are supported by the rest of AXA's UK Equities investment team and can also draw on the specialist knowledge of other fund managers from across the business where necessary.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager looks for themes that are likely to drive stock market growth over the long term and thinks about how they could change consumer behaviour. Then he identifies companies likely to benefit as those themes develop over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"St John and his team aim to invest in companies with specific characteristics, including high barriers to entry for competitors, the ability to raise prices without impacting demand for their products or services, and an experienced senior management team. They think the calibre of management teams is particularly important within small and medium-sized businesses because they can have a greater influence on the company's overall success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meeting those managers is a critical part of the team’s investment process. First-hand information and insight allows St John to test the quality of the company’s leadership, scrutinise their business model and evaluate the management team’s strategy to grow the business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the manager has made some changes to the fund. The amount invested in companies listed in the FTSE 100 (the largest 100 companies listed in the UK) has increased with the manager finding more opportunities here, with investments in companies listed on the AIM market, typically smaller companies, coming down. 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Chris St John is a well-incentivised fund manager who has remained loyal to AXA for a number of years and we think he's dedicated to the UK Equity team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the AXA WF UK Equity fund is an offshore fund so investors are not normally protected by the UK Financial Services Compensation Scheme.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At AXA, ESG specialists are split between a central team and the various investment teams. The firm’s internal research, analysis and rating database provides ESG information on thousands of companies. The system considers the ratings awarded by a variety of different providers, with the aim to arrive at a more balanced view. The scores can be challenged by portfolio managers and amendments will be considered by the ESG Monitoring and Engagement Committee following a period of analysis and discussion.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"White phosphorus-based weapons, those involved in the worst controversies, those with particularly low ESG scores and violators of the UN Global Compact are excluded from AXA’s range of funds that actively promote ESG characteristics. Companies involved in controversial weapons, tobacco, palm oil (those that haven’t achieved ‘sustainable palm oil’ status), soft commodities, coal, unconventional oil & gas and those that have a significant impact on biodiversity are excluded from all AXA IM funds. These firm level exclusions mean that Glencore and tobacco companies are not available for the manager to invest in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm provides a good level of transparency on its voting and engagement work, which includes an annual Stewardship report, and frequent responsible investment-related articles.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is not run to a sustainable mandate.","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 fund charge of 0.76%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.18%, which means investors pay a net on-going charge of 0.68%. Our platform charge of up to 0.45% per annum 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":"Since the fund’s launch in 2016, it hasn’t performed as well as the broader UK stock market. Over this timeframe the fund has delivered returns of 59.19%*, lagging behind the 109.34% return from the FTSE All Share index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the fund performed well for several years after its launch, the last few years have been difficult. It tends to invest more than the FTSE All Share index in medium and smaller-sized companies, which haven’t performed as well as larger companies in recent years. The fund’s growth bias has also posed a headwind as the value style of investing has held up better.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the fund has delivered returns of -0.05%, lagging behind the 12.58% return from the FTSE All Share index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the fund’s investments in technology related businesses and companies sensitive to the economic cycle have posed headwinds to performance. At a stock level, its investments in media business Future, building materials manufacturer Marshalls and identity technology company GB Group have been the largest detractors from performance. On the other hand, some of the fund’s investments have performed well. Telecomms business Currys, financial solutions provider Alpha Group and copper mining business Antofagasta all contributed to the fund’s performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that, for several years, the manager hasn’t consistently added value through stock selection. This is a key factor we analyse when assessing a fund manager, and represents their ability to pick strongly performing companies regardless of what size or sector they’re in. 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The fund could form part of an income-focused investment portfolio, or part of a broader portfolio looking to add investments in UK companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ciaran Mallon and James Goldstone have managed the fund since May 2020 when they took over from previous manager Mark Barnett.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mallon began his investment career in 1994 at HSBC where he was an investment analyst. In 1999, he moved to United Friendly Asset Management to become a fund manager, before joining Invesco in 2005. He’s since managed several UK equity funds focused on income and provides UK ideas for the equity portions of a bond fund and multi-asset fund. The same investment approach is used throughout.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Goldstone began his career in 2001 at Credit Lyonnais working in pan European equity sales, before moving to UK focused equity sales roles at HSBC and Dresdner Kleinwort. He joined Invesco from Banco Espirito Santo in 2012. He’s also co-manager of a few UK equity income funds at Invesco, working closely with Mallon.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to generate a high level of income, greater than that of the FTSE All Share index, as well as capital growth over the long term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers look for companies with a competitive advantage over their peers and aligned management teams who can allocate capital well. They like businesses to have strong balance sheets and be cash generative. They aim to build a fund made up of companies across a range of sectors, capable of flourishing in different economic environments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While UK equity income funds mainly invest in UK companies, up to 20% can be invested in overseas companies. Mallon and Goldstone make use of this flexibility, with around 17.6% of the fund invested in companies listed overseas, such as the US and France.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently has one investment in a company, Allied Minds, not currently listed on a stock market, which accounts for 0.10% of the fund’s value. This amount can change over time as the fund’s size changes. Investors should be aware that investment in unquoted companies is higher risk, and they can be considerably less liquid (their shares are harder to buy and sell) than those traded on established stock exchanges.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have made a number of changes to the fund’s investments over the last 12 months, including adding tobacco company Imperial Brands and energy business Shell to the portfolio. They’ve also reduced the size of the fund’s investments in retailer Tesco, and insurers Phoenix and Legal & General.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have the flexibility to use derivatives which adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ciaran Mallon and James Goldstone are based in Henley alongside the rest of the UK equities team. The team work together closely, creating a collegiate environment where challenge and debate is encouraged. The managers are given autonomy to invest the way they see fit but enjoy and make use of the resources that come with being part of a large organisation.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The approach to ESG integration differs between investment teams at Invesco. However, all teams are supported by a centralised team of ESG professionals, located in three regions; the US, Asia and EMEA. The Global ESG team is responsible for ensuring ESG best practice is upheld across the firm including through investment team ESG integration, research, voting and engagement. The team also supports the distribution team with client engagement and advises the product teams on ESG innovation. Invesco also has dedicated ESG specialists within certain individual investment teams, who are closely connected with the Global ESG team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fund managers leverage insights from a wide range of third-party research and service providers and have access to Invesco’s proprietary ratings tool, ESGintel, which provides data and insights on a large number of companies across the globe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s ESG approach, engagement case studies and headline voting records are all available in the annual Global Stewardship report. Invesco also offers a voting dashboard which allows a user to view how each fund voted on each resolution. However, no voting rationale is provided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While consideration of ESG related investment risks is integrated across the firm, this fund is not managed to an ESG mandate and therefore the risk and reward of any investment in the fund is most important.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note that this fund invests 26.54% of its assets in companies involved with the extraction of oil, gas or coal. This could leave the fund vulnerable to fluctuations in commodity prices, regulatory changes aimed at reducing carbon emissions, and potential shifts in consumer preferences towards sustainable alternatives.","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 fund charge of 0.87%. The HL platform fee of up to 0.45% a year also applies, except in the HL Junior ISA, where no account charge applies. The annual charge is taken from capital rather than income generated, which could boost 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":"Since Mallon and Goldstone became managers of the fund in May 2020, the fund’s grown 88.01% marginally behind the 88.12%* return from the FTSE All Share index over the same period. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the fund’s grown 11.65%, slightly lower than the FTSE All Share index which generated a return of 12.58%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that over this period, the fund’s investments in financial services business, as well as investing less than the benchmark in healthcare companies aided performance. On the other hand, the fund’s investments in utility companies, as well as consumer businesses sensitive to the economic cycle detracted from performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 3.57%. 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are-small-caps-set-to-shine-in-the-rest-of-2025-3-fund-ideas]","articleType":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3I3vraOcFJ85bKNN61lhwB","type":"Entry","createdAt":"2023-11-15T19:46:09.924Z","updatedAt":"2024-02-12T15:26:38.624Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":16,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"textArticle"}},"locale":"en-US"},"fields":{"na":"Personal finance // Investment ideas"}},"intro":"What’s next for small cap stocks and where is the opportunity? We take a closer look and share three fund ideas to consider.","publishedDate":"2025-09-05","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1kRYcmWTxgplsfvuaowbF9","type":"Entry","createdAt":"2025-09-05T11:52:44.563Z","updatedAt":"2025-09-05T11:52:44.563Z","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":"Major stock markets like the US have become increasingly dominated by mega-cap giants over recent years. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meanwhile small caps have been overlooked.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smaller companies are often under-researched by analysts in favour of the big household names which everyone is familiar with. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This creates lots of opportunities to uncover hidden gems, and it’s an area of the market where active managers can demonstrate their stock-picking edge.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smaller companies can be among the most exciting businesses around. Some are pioneers of emerging industries and are nimble enough to be able to adapt quickly to new opportunities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They’re often among the most innovative and offer lots of growth potential, as well as generating larger proportions of their revenues domestically. But they're also higher risk than their larger counterparts because they can be more volatile and sometimes harder to trade. Here are three funds we think have the potential to perform well over the long term. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They’re run by seasoned fund managers with decades of experience of investing through all types of market conditions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This isn’t personal advice or a recommendation to invest. Remember all investments and any income they produce can fall as well as rise in value, so you could get back less than you invested. If you’re not sure 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":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these 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 ","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, use the links to their factsheets and key investor information.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"CI6gN6SE1AshjU2782Wq4","type":"Entry","createdAt":"2025-09-05T11:52:44.586Z","updatedAt":"2025-09-05T11:52:44.586Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BMMV576","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Artemis US Smaller Companies","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"This fund aims to deliver long-term growth by investing in smaller companies based in the US, with the potential to grow over the long term.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund has been managed by Cormac Weldon since its launch in 2014. 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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 at this point.","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 retail and institutional 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 of 11. 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The companies the manager invests in are often market leaders and dominant within their field.","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 36 holdings in the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A focus on high-quality companies and sheltering capital is consistent throughout Troy. It’s what makes their approach different to many others, meaning performance will also be different at times. This approach aims to provide a growing income and shield investors from the worst of market falls, though the fund may fail to keep pace with rapidly rising markets. 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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’s formally incorporated ESG (Environment, Social and Governance issues) into its investment processes for several years and came from a strong starting point. The firm’s always focused on the sustainability of returns and is a long-term investor. In recent years Troy’s investment team has formalised the way it incorporates ESG and the way it talks to investors about it. ESG is integrated using a materiality-based approach, meaning the managers focus on the issues they deem to be most material. 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 a vote against. 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. 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The HL platform fee of up to 0.45% 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 4.30%*, underperforming the FTSE All Share index return of 13.01% over the same period. 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Forecasts expect this to peak at 4% when August’s number is released in September. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Driven primarily by higher food prices and air fares, doubts are now being sown about another interest rate cut this year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how can investors tackle the eroding effect of inflation on their portfolio? ","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 rise and fall in value, so you could get back less than you invest. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While no yield is guaranteed, and income payouts can go down as well as up, a well-diversified income portfolio, invested in a range of assets and geographies is a good place to start.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By investing in stocks that typically outpace inflation, like real estate or big name companies, income funds can generate inflation-adjusted income through strong earnings growth or regular ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/dividends"},"content":[{"nodeType":"text","value":"dividends","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these funds isn’t right for everyone. 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It 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 experience and longevity at Aegon mean she's co-manager on the Aegon Ethical Cautious Managed Fund and also supports the managers on the Aegon Global Sustainable Equity Fund and the Aegon UK Smaller Companies Fund. We think this workload is manageable for someone of her calibre. She's also got the support of the broader Aegon UK Equity team, including the fund's back-up manager Sajeer Ahmed.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"T8nXIvhv1Wdq37A7u27fX","type":"Entry","createdAt":"2025-08-11T14:55:46.029Z","updatedAt":"2025-08-11T14:55:46.029Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"heading":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Meet the manager of the Aegon Ethical Equity fund","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"assetType":"video","youtubeEmbedCode":"MpvJQMSARSk","position":"Center","title":"Audrey Ryan - Manager of the Aegon Ethical Equity fund"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"O9lfRlQ1Qbr7cpIWXJg5C","type":"Entry","createdAt":"2025-08-11T14:55:46.044Z","updatedAt":"2025-08-11T14:55:46.044Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"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":"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. The most recent results in 2025 indicate continued support for the fund’s approach to exclusions, with some areas like nuclear showing interesting trends to watch in future surveys.","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":"After this screening, 48 of the companies that feature in the FTSE 100 index, and 124 of the companies that feature in the FTSE 250 are uninvestable for the fund. Of the remainder, 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 it's worth, and how it’s been valued in the past.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, Ryan has made some changes to the portfolio. Chemicals business Victrex was sold following updates to the ethical screen in place, making the company no longer investable for Ryan. Banking group, Lloyds, was added as a new position, as was industrial business, Schneider Electric.","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 now known as Aegon Asset Management again.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In September 2020, Aegon completed an integration process which allowed the former Kames Capital business to leverage the expertise and research capabilities of the broader Aegon group, while 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. A few years on the changes appear to have bedded in well, although we will continue to monitor this. We're also mindful that there have been some significant departures from the company in recent years, although none have significantly impacted the UK Equity team, which has remained stable. We continue to monitor the situation closely and will write to investors if our views change.","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 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 line up for more than thirty 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. Companies involved in controversial weapons, or that earn more than 5% of their revenues from tobacco, 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. 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":"48 of the UK's 100 largest companies are excluded from the fund's investment universe for ethical reasons. The fund therefore 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 its performance can differ to that of more conventional UK equity funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ryan has done a good job for investors over the long term, outperforming the FTSE All Share index since she became manager of the fund in January 1999. Over this period, her fund has delivered returns of 446.03% well ahead of the FTSE All Share index return of 357.77%. 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 delivered a return of 0.90%, lagging behind the 12.06% return from the FTSE All Share index. Our analysis suggests that the fund’s investments in the technology, real estate and communication services sectors were detractors from returns over the period. On the other hand, its investments in the industrials sector were additive to performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests more than the index in sectors like technology, consumer discretionary and industrials which gives the fund a growth tilt.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, we think 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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*Lipper IM to 31/07/2025.","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":"QhBo06O7qQt860sMGDujP","type":"Entry","createdAt":"2025-08-11T14:55:46.136Z","updatedAt":"2025-08-11T14:55:46.136Z","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":"Aegon Ethical Equity: August 2025 fund update | HL","seoMetaDescription":"In this fund update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Aegon Ethical Equity 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Here are three investment trusts ideas trading at discounts to what they're worth.","publishedDate":"2025-07-31","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"27a6dfioG6wM97LYE2dsoC","type":"Entry","createdAt":"2025-08-01T09:42:02.242Z","updatedAt":"2025-08-01T09:42:02.242Z","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":"Everyone loves a bargain, and you can even find them on the stock market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/investment-trusts"},"content":[{"nodeType":"text","value":"Investment trusts","marks":[],"data":{}}]},{"nodeType":"text","value":" can trade on discounts to what they’re actually worth, otherwise known as their ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/investment-trusts/faqs"},"content":[{"nodeType":"text","value":"net asset value (NAV)","marks":[],"data":{}}]},{"nodeType":"text","value":", and that means there’s the potential for investors to go bargain hunting","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are three investment trusts we think have the potential to perform well over the long term. They are run by seasoned fund managers with decades of experience of investing through all types of market conditions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This isn’t personal advice or a recommendation to invest. Remember all investments and any income they produce can fall as well as rise in value so you could get back less than you invested. If you’re not sure 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":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"3 bargain investment trusts","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these trusts isn’t right for everyone. Investors should only invest if the trust’s objectives are aligned with their own, and there’s a specific need for the type of investment being made.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You should understand the specific risks of a trust before investing, and make sure any new investment forms part of 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":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All three of these investment trusts use gearing (borrowing to invest), which magnify both gains and losses and therefore increases risk. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Finsbury Growth & Income trust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2OHTzhQbcjLicvEaIJBVCa","type":"Entry","createdAt":"2025-08-01T09:42:02.260Z","updatedAt":"2025-08-01T09:42:02.260Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"0781606","investmentType":"investmentTrust","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/0781606"},"content":[{"data":{},"marks":[],"value":"Finsbury Growth & Income Trust","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" aims to grow both capital and income over the long term by investing in a relatively small number of high-quality UK companies. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Most of the trust is made up of large well-established companies that have strong brands or powerful market franchises.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"It’s managed by Nick Train who has over 40 years’ experience investing with a distinctive quality growth style. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Train invests in companies for the long term and once invested, lets the ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/learn/investing-behaviours#compounding"},"content":[{"data":{},"marks":[],"value":"power of compound growth","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" get to work. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Investing in a relatively small number of companies means each holding can have a meaningful impact on overall returns, but it’s also higher risk. The trust can also invest in derivatives which adds risk.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The trust could help to diversify the UK portion of a portfolio focused on smaller companies or add UK exposure to a portfolio invested overseas. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The trust is solely invested in publicly-listed companies and therefore we think the current 8.27% discount to the trust’s NAV (at the time of writing) is both reliable and could offer an attractive entry point.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5cLlExOsF9J9Qaa6axSQGB","type":"Entry","createdAt":"2025-08-01T09:42:02.276Z","updatedAt":"2025-08-01T09:42:02.276Z","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":"heading-3","data":{},"content":[{"nodeType":"text","value":"Monks Investment Trust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2NHhxGuXkjFMOAaDGklPJ0","type":"Entry","createdAt":"2025-08-01T09:42:02.293Z","updatedAt":"2025-08-01T09:42:02.293Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"3051726","investmentType":"investmentTrust","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/3051726"},"content":[{"nodeType":"text","value":"Monks Investment Trust","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to deliver long-term growth by investing in companies around the world, including in higher-risk emerging markets, but it’s mostly focused on developed regions like the US and Europe. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers invest both in large companies, but also in higher-risk smaller companies and private businesses, the latter two of which adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust is managed by Spencer Adair and Malcolm MacColl. Both are members of the Global Alpha team and are seasoned investors, having joined Baillie Gifford over 20 years ago.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"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.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust trades at a 9.88% discount to its NAV (as of the time of writing).","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5UAOkiASKR7fgX2K9JvVX","type":"Entry","createdAt":"2025-08-01T09:42:02.309Z","updatedAt":"2025-08-01T09:42:02.309Z","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-3","data":{},"content":[{"nodeType":"text","value":"JPMorgan Emerging Markets Trust","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1SZOM6ouNbBD9xA7niJe3b","type":"Entry","createdAt":"2025-08-01T09:42:02.325Z","updatedAt":"2025-08-01T09:42:02.325Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BMXWN18","investmentType":"investmentTrust","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/BMXWN18"},"content":[{"nodeType":"text","value":"JPMorgan Emerging Markets","marks":[],"data":{}}]},{"nodeType":"text","value":" trust aims to deliver long-term growth by investing in growing businesses across a diverse range of emerging economies like China, India, Taiwan, and Korea. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They invest in high-quality companies, with sustainable growth prospects, and hold them for the long term. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Austin Forey, a seasoned and talented emerging markets investor, has managed this trust since 1994. He’s supported by John Citron who joined JPMorgan in 2009 and has experience working across both the European and Emerging Markets Asia Pacific Equities teams. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While emerging markets offer lots of opportunity, they’re also higher risk and typically more volatile than developed markets. The trust could complement more value-orientated Asia and emerging market investments. 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company to pursue other opportunities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Andrew Lyddon will replace Nick Kirrage as co-manager of Schroder Income, which he will run alongside existing co-manager Tom Grady.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lyddon has been with Schroders for 19 years and previously been involved in the management of other UK and value funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simon Adler, who joined Schroders 16 years ago, will become Head of the Global Value team.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our View","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After a long period of stability, the Value team at Schroders has seen a number of changes recently. Previous co-head of the Global Value team Kevin Murphy departed in June 2024, followed by the experienced previous co-manager of the Schroder Income fund, Andrew Evans, departing in June 2025.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a positive view of Nick Kirrage as an investor and are disappointed to see him leave. He has an excellent long-term track record of investing in the UK stock market. We also feel he’s been an integral part of the development of, and culture within, the broader global value equity team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund uses a distinct value and contrarian investment approach which means it can look quite different to its benchmark at times. Our conviction in the fund was based on Kirrage’s skill set, capabilities and experience of consistently applying this approach.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kirrage’s departure means we no longer have sufficient conviction in the fund’s future performance potential and we have therefore removed it from the Wealth Shortlist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund was added to the Wealth Shortlist on 26 February 2024. Since then the fund has performed well for investors, delivering returns of 33.22% compared with 20.08% for the FTSE All Share*. Please note that this is a short timeframe to consider performance over. Past performance is not a guide to the future.","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 any investments match their investment goals and attitude to risk and are held as part of a diversified portfolio. 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potential and maturity","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Richard Bullas is an experienced UK small and medium-sized companies investor and benefits from the support of a well-resourced team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund had a disappointing last year, lagging behind the FTSE 250 ex IT index","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund 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/f/ftf-martin-currie-uk-mid-caps-accumulation"},"content":[{"nodeType":"text","value":"FTF Martin Currie UK Mid Cap","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to deliver income and capital growth over the longer term. The managers invest in medium-sized companies within the FTSE 250, which is made up of mid-sized companies that are often considered the ‘sweet spot’ between company growth potential and maturity. It’s home to some great domestic companies and also those that do business internationally.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund could be a useful option as part of the UK portion of an adventurous investment portfolio or work well alongside funds investing in large or higher-risk smaller UK businesses to achieve broader UK stock market exposure.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Richard Bullas has co-managed the FTF Martin Currie UK Mid Cap fund since 2013 and took over as lead manager in July 2020. He began his career in accountancy audit before moving to Aviva as an analyst. He joined Rensburg Fund Management, which later became Franklin Templeton Fund Management, in 2000. Bullas became a fund manager in 2006 and has covered the UK small and medium-sized companies’ sector for most of that time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bullas is supported by the broader small and mid-cap team comprised of Marcus Tregoning, Courtney Westcarr and Dan Green. Collectively they have a lot of experience and work together collegiately.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe the fund is in good hands under Bullas and our conviction lies in him. He has a strong track record investing in smaller companies, and we believe investing in medium-sized companies is a natural and achievable extension of his abilities.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Meet the manager: Richard Bullas","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7Fio2Rvnas54UOfMEV4wY5","type":"Entry","createdAt":"2025-07-18T15:16:27.585Z","updatedAt":"2025-07-18T15:16:27.585Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"assetType":"video","youtubeEmbedCode":"0Eajk0Qc1yw","caption":"In this meet the manager video, Richard Bullas, Lead Manager of the Martin Currie UK Mid-Cap fund, joins Joseph Hill in the studio.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"TGHKuxPdg6GFAt5w2PM7i","type":"Entry","createdAt":"2025-07-18T15:16:27.605Z","updatedAt":"2025-07-18T15:16:27.605Z","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":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bullas and his team hunt for businesses with strong growth potential. Their process centres around two key pillars – quality and valuation. This sets a high bar for companies to make it into the fund and aims to mitigate three key risks: business, financial and management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of quality, the team looks for companies whose earnings are sustainable over the long run, such as those with brand power and hard-to-replicate advantages. Management teams are essential to a company’s success so they must have a strong track record of delivery and be incentivised appropriately. These companies also need to be financially robust, so they look for companies that are highly cash generative and avoid those with lots of debt.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the team has evaluated a company’s quality, they assess how attractively its shares are valued. As long-term investors they want to understand the share’s upside and downside potential. The team typically forecasts the potential share price returns over the next three to five years. If the share price is attractive enough to benefit from these returns, they’ll invest. Companies are sold if they graduate into the larger FTSE 100 by growing in value. While the fund mostly invests in medium-sized companies, Bullas can also invest in smaller companies, which adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is relatively concentrated, typically featuring between 30-50 companies. There are currently 36 companies in the fund. This means each one has the potential to make a meaningful difference to performance, both positively and negatively, which can increase risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the manager’s approach to portfolio construction has evolved following a period of underperformance. A number of new investments, which are less correlated to existing ones, were added to the fund to broaden the portfolio and improve diversification. We view it positively the manager has taken time to reflect on a more difficult period and we’ll monitor progress from here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New investments include financials platform IntegraFin, food manufacturer Premier foods, infrastructure products and services provider Hill & Smith and financial solutions provider Alpha Group.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bullas and the team are based in Leeds. They have a collegiate culture, with lots of collaboration and support for each other. The team is part of Martin Currie, an asset manager within the wider Franklin Templeton group, so they enjoy the resources that come with being part of a large organisation. The Leeds office operates like a boutique fund group though, as the managers are given the freedom to invest largely without interference.","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 firm’s 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. This fund is not managed to a sustainable mandate.","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 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":"Since Bullas became co-manager in September 2013, the fund hasn’t quite kept up with its benchmark. From then until the end of June 2025, the fund’s delivered returns of 88.59%*, compared with 95.74% for the FTSE 250 ex Investment Trust index. Past performance isn't a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The last year has been a particularly tough one for the fund, which is what’s impacted the longer-term performance record. Prior to the last year, the fund had performed well since its launch and had delivered returns ahead of its benchmark.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the fund delivered a return of 0.26%, behind the 11.59% return from the FTSE 250 ex IT index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s style is to invest in quality companies that aim to grow their earnings year after year, but these companies have struggled compared to more value focused sectors, providing a headwind to performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Through 2024, the fund also had significant exposure to businesses sensitive to economic conditions. Following initial optimism about political stability with a new government in place, growing concerns around consumer confidence and the economy culminating in the autumn budget meant cyclical businesses suffered. Some saw profits hit, and their shares fall in value as a result. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund also didn’t invest in a number of businesses that make up a large part of the index, and that were taken over during the year, which benefited their share prices. This included the likes of investment platform Hargreaves Lansdown, soft drink producer Britvic and insurer Direct Line and was a headwind to performance. 2024 saw an unusually high number of takeovers across the FTSE 250 index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager didn’t invest in lots of these companies. Though the reason differs by company, in general lots of the companies taken over were not viewed as being of high enough quality to make it into the fund by Bullas. Bullas prefers to invest in companies he thinks have the ability to grow their earnings consistently year after year. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Though this has been a disappointing period of performance, we think the manager has stuck to his process and made sensible portfolio construction evolutions. 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investors","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given its focus on quality, we expect the fund to hold up better than the index in falling markets, and to lose ground relative to the index in a rising market","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Performance has been disappointing, but we continue to expect the fund to hold up better than the index in falling markets","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The 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 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/t/troy-trojan-income-class-x-income"},"content":[{"nodeType":"text","value":"Troy Trojan Income","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to generate a combination of income and growth over the long term. 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 makes him well placed to lead on this fund. He’s learnt from a number of excellent fund managers over his career to hone 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 of 11. 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 dividends paid to shareholders and could help the business reinvest for future growth. Companies may be able to achieve this with a sustainable competitive advantage over peers – known as ‘economic moats’. These serve as barriers to entry which are likely to deter potential competitors from entering the industry. The companies the manager invests in are often market leaders and dominant within their field.","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 37 holdings in the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A focus on high-quality companies and sheltering capital is consistent throughout Troy. It’s what makes their approach different to many others, meaning performance will also be different at times. This approach aims to provide a growing income and shield investors from the worst of market falls, though the fund may fail to keep pace with rapidly rising markets. Historically this has been the case, although this is no guarantee for the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months there have been some changes to the fund, including in April during the US tariff related market volatility. Hutchins took this opportunity to add to existing holdings including industrial company Spirax and investment platform AJ Bell.","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 has been formally incorporating ESG into its investment processes for a several years but came from a very strong starting point. The firm’s always been focused on the sustainability of returns and is a long term investor. In recent years Troy’s investment team has formalised the way it incorporates ESG and the way it talks to investors about it. ESG is integrated using a materiality-based approach, meaning the managers focus on the issues they deem to be most material. 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 a vote against. 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. The fund is not managed to a sustainable mandate.","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 1.03%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.40%. This means you’ll pay a net ongoing charge of 0.63%. 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 0.45% per year also applies, except in a Junior ISA where no platform fee applies. 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 Hutchins became manager of the fund in October 2019, the fund has delivered returns of 10.09%, compared with returns of 44.00% from the FTSE All Share index over the same period. This is disappointing and we would have expected the fund to have performed better over this period. 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. Style headwinds created a difficult environment with many of the companies that performed well over this period not being stocks that Hutchins invested in on the basis of them not meeting his quality threshold. This also 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":"Over the last year to the end of May 2025, the fund returned 8.48%, lagging behind the 9.35% return from the FTSE All Share index. Over this period, our analysis suggests that the fund’s investments in the technology and real estate sectors posed as a headwind to performance, as did having less invested in financials compared to the FTSE All Share index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, it’s investments in consumer staples as well as having less invested in energy and basic materials companies aided relative performance. At a stock level, distribution business Bunzl and industrial company Spirax were the main detractors from performance, while positions in HR outsourcer Paychex and retailer Next proved the main contributors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While we have been disappointed with performance, we do continue to expect the fund to hold up better than the index in falling markets, and to lose ground in a rising market. 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the manager, process, culture, ESG integration, cost and performance of the Liontrust UK Equity fund.","publishedDate":"2025-06-24","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":"3ECPeZvciNP3RWWovZZDxY","type":"Entry","createdAt":"2025-06-24T16:06:35.709Z","updatedAt":"2025-06-24T16:06:35.709Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":12,"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":"Imran Sattar became sole manager of the fund in November 2023","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"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","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"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":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund does not feature 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 ","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","marks":[],"data":{}}]},{"nodeType":"text","value":" fund 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. The manager primarily hunts in the FTSE 100 and FTSE 250 but also has the flexibility to invest in higher-risk smaller companies.","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 and Tom Gilbey.","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. Gilbey has six years of investment experience and has worked at Redwheel and Quilter Cheviot before joining Liontrust.","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 72.7% invested in businesses that feature in the FTSE 100. There is also a modest amount invested in businesses listed on overseas stock markets, at 6.1%. Industrials is the largest sector allocation in the fund at 16.3% of its assets, followed by healthcare companies at 15.1%. (Figures as at end of May 2025)","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the manager has made new investments into price comparison business MONY Group and engineering company Renishaw. Some companies have been sold from the portfolio too, this includes Fevertree, Sainsburys and BP after the manager’s conviction in the prospects for these companies fell.","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. It simply asks managers not to deviate from their investment processes. The quality of ESG integration therefore varies across Liontrust’s investment teams. 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.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team produces regular insight articles, available via the Liontrust website. Liontrust produce a stewardship report, which explores the teams’ 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":"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 a discount of 0.10% is available for HL investors, which reduces the charge to 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. 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":"Sattar has done a decent job since taking over as sole manager of the fund. Since he took the reins in November 2023, the fund has delivered returns of 27.60%*, marginally outperforming the FTSE All Share return of 27.50% Investors should be aware that this is a very 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":"Sattar was one of three managers named on the fund prior to this, featuring from July 2019 onwards. However the fund was run with a sleeved approach, blending managers with different styles into an overall portfolio. Therefore it’s only possible to attribute some, rather than all of the fund’s performance to his management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months to the end of May 2025, the fund has delivered a return of 7.49%, lagging the 9.35% return from the FTSE All Share index. Our analysis suggests that the fund’s investments in bank NatWest and US insurance focused data business Verisk have been among the most significant contributors to performance. On the other hand, industrial business Spirax and life science company Thermo Fisher have been among the key detractors from the fund’s performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund has a historical yield of 2.05%. Income isn’t 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":"1lijXkr27WZWbzK3zxRCPt","type":"Entry","createdAt":"2025-06-24T16:06:35.731Z","updatedAt":"2025-06-24T16:06:35.731Z","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 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Navy","titleAndPath":"Edinburgh Investment Trust: June 2025 update [@ edinburgh-investment-trust-june-2025-update]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this fund update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Edinburgh Investment 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Uphaugh and Chris Field","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager’s focus is on providing a balance between longer-term income and capital growth","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust achieved a share price return ahead of the increase in net asset value this year through a narrowing of the discount it trades on","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/e/edinburgh-investment-trust-ord-25p-share"},"content":[{"nodeType":"text","value":"Edinburgh Investment Trust","marks":[],"data":{}}]},{"nodeType":"text","value":" invests mainly in larger UK companies with an aim to provide a return in excess of the FTSE All Share index over the long term. 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 Aprill 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.","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 a small 5.3% allocation to overseas companies. 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 2025, Sattar made a number of changes to the portfolio. This included the purchase of new positions in utility company National Grid and financial markets infrastructure and data provider, London Stock Exchange Group. Retailer Marks and Spencer, and utility business Centrica were sold from the portfolio, with the manager feeling that both companies were fairly priced following successful turnarounds.","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 (the end of the trust’s financial year) was 5.0%, higher than the 3.1% 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":"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. It simply asks managers not to deviate from their investment processes. The quality of ESG integration therefore varies across Liontrust’s investment teams. 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.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"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":"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 2025 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":"If held in a SIPP or ISA the HL platform fee of 0.45% (capped at £200 p.a. 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 or a Junior ISA. As investment trusts trade like shares, both a buy and sell instruction will be subject to our share dealing charges within any HL account except online deals in a Junior ISA.","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":"Sattar has done a good job since taking over as manager of the trust. Since he took the reins in February 2024, the trust has delivered a share price return of 27.60%* to investors, ahead of the 19.93% return from the FTSE All Share index. Please note this is a short timeframe to consider performance over.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the 12 months to the end of March 2025, the trust’s NAV rose 8.30%, while its share price rose 11.30%. This compares with a return of 10.50% for the FTSE All Share index. Please remember that past performance isn’t a guide to future returns. The difference between the trust’s share price return and the NAV return is explained by a narrowing of the discount the trust trades on.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over this period, the main contributors to the trust’s performance included its position in bank NatWest Group following strong returns to shareholders and an improvement in sentiment, as well as Verisk the US insurance focused data company. Relative performance vs the FTSE All Share index was also aided by the trust not owning shares in Diageo or Glencore which had a difficult time. On the other hand, the trust’s investments in medical products business Convatec and pest control specialist Rentokil were among the key detractors from performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year to the end of March 2025, total dividends paid to shareholders amounted to 28.8p per share. This is a 5.9% 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 3.80p per share of the total dividend figure. 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Grady joined Schroders in September 2015 after beginning his career in accountancy. At Schroders he initially joined the Prime UK Equity team and has spent his time analysing UK companies. Grady joined the Value team in January 2025 before being recently promoted as co-manager of the Income fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our View","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a positive view of Andrew Evans as an investor and are disappointed to see him leave.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Grady has a decade of relevant experience analysing UK companies, but he’s less well known to us and he has limited fund management experience currently. We’ve already met him and will continue to get to know him as an investor over the coming months.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Apart from Kevin Murphy leaving the team in 2024, the Value team has remained relatively stable. We view this as a collegiate, capable and experienced team with a strong investment philosophy and disciplined investment process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund uses a distinct value and contrarian investment approach which means it can look quite different to its benchmark at times. With an approach like this, a high degree of philosophical alignment is necessary between the managers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At present, our conviction in this fund is based on Kirrage’s skill set, capabilities and experience. 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Most of the trust 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":"It could help diversify the UK portion of a portfolio focused on smaller companies or add exposure to UK companies to a portfolio investing overseas. When investing in closed-ended funds, investors should be aware the trust can trade at a discount or premium to net asset value (NAV). The income goal of this trust is to grow dividends steadily over time, rather than trying to provide the highest yield today.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust is managed by Nick Train, who co-founded Lindsell Train Limited in 2000. He has over 40 years’ experience in investment management and during that time has established a unique investment approach. Before founding Lindsell Train, he was Head of Global Equities at M&G Investment Management, where he joined as a director in 1998. Prior to that, Train spent 17 years at GT Management, managing their income fund for 13 years and his final role was as Chief Investment Officer for Pan-Europe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In addition to managing this trust, Train manages the Lindsell Train UK Equity fund with the support of deputy fund manager Madeline Wright as well as the Lindsell Train Investment Trust. He also co-manages the Lindsell Train Global Equity fund with Michael Lindsell and James Bullock. Given the significant degree of overlap across these portfolios’ holdings and the fact that they all use a similar investment process, we believe that Train can dedicate enough time to each.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train seeks out a small number of high-quality UK companies that he believes can deliver good long-term total returns – growth in both capital and income. He defines a quality company as being durable, with the ability to grow earnings and generate a high level of cash in different economic environments to deliver attractive returns to investors. The trust’s objective is to deliver a growing income over time as Train believes the consistency of long-term dividend growth is more important than a high but potentially unreliable yield. He’s therefore willing to accept lower yields if he believes dividends can carry on growing over the long run, though of course this isn’t guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train invests in companies for the long term and once invested, lets the power of compound growth get to work. Investing in a relatively small number of companies means each holding can have a meaningful impact on overall returns, but it’s also higher risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust was invested in 23 holdings at the end of its financial year in September 2024 with the top 10 holdings making up 90.5% of the portfolio. The top three holdings, Experian, London Stock Exchange and RELX, were all sizeable individual positions at 13.5%, 13.0% and 12.3% respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s portfolio has evolved over recent years from a portfolio dominated by consumer brands to one that is more focused on digital businesses able to thrive at scale. Consumer brands still represent a significant part of the portfolio at 29% of the trust’s assets, but this is down from 49% six years earlier. Over that same time period, digital businesses have gone from accounting for 40% of the trust’s assets to 62%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has also become more UK orientated as a result of Train’s view that the UK stock market is very attractively valued compared to international peers. The trust is now invested solely in UK listed businesses, down from 18% in 2019.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust uses gearing (borrowing to invest), which can improve gains but also magnify losses in a falling market and therefore increases risk. At the end of the trust's last financial year in September 2024, gearing stood at 0.7%, however their limit is 25%. They also have the flexibility to use derivatives, which if used, adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nick Train is a founder and one of the major owners of the Lindsell Train business. We view this positively as ownership of the business aligns his long-term incentives with the interests of investors. The distinct investment philosophy that he and Michael Lindsell have created runs strongly through all their funds and trusts, and the entire business is geared towards running the portfolios the ‘Lindsell Train way’.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The duo and their team spend a lot of their time reading, learning and compiling information on companies they own shares in and those on their watchlist. They have tended not to recruit experienced people, preferring to train and develop graduates who can be moulded into the Lindsell Train way of thinking.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6sx1rhhyVVAU1ZtQ7KJALg","type":"Entry","createdAt":"2025-03-10T16:11:30.377Z","updatedAt":"2025-03-10T16:26:16.836Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":15,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockInfoBox"}},"locale":"en-US"},"fields":{"title":"Sign up for Investment trust updates","infoSummary":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Get ","nodeType":"text"},{"data":{},"marks":[],"value":"leading investment trust commentary, performance analysis and insight from HL's expert research team. 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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. The firm’s full voting history is available in PDF format on its website, 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 September 2024 was 0.61%. 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":"If held in a SIPP or ISA the HL platform fee of 0.45% (capped at £200 p.a. 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 or a Junior ISA. As investment trusts trade like shares, both a buy and sell instruction will be subject to our share dealing charges within any HL account except online deals in a Junior ISA.","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 Train took over the trust in December 2000, he’s delivered strong long-term returns. Over this period, the trust has generated returns of 746.93%*, compared with 267.77% for the FTSE All-Share index. Remember past performance is not a guide to future returns. 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 last financial year to the end of September 2024, it delivered a share price return of 3.4%, with the trust’s net asset value (NAV) rising by 8.2%. A widening of the discount the trust traded on over the period explains why the share price return lagged the NAV return. Over this period, the FTSE All Share index rose by 13.4%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Among the main detractors over the year were luxury fashion company Burberry and consumer good business Diageo. Some companies in the trust have performed well over the year though. One of the best performers was data and technology business Experian, and information-based analytics and decision tools provider RELX.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year to the end of September 2024, total dividends paid to shareholders amounted to 19.6p per share. This is a 3.2% increase on the previous year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust currently trades at a discount of 7.62 % and has a dividend yield of 2.15%, 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":"2bOR0WjRdVKp62tXTaRD1d","type":"Entry","createdAt":"2025-06-06T16:02:51.500Z","updatedAt":"2025-06-06T16:02:51.500Z","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 growth 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*Lipper IM to 31/05/2025.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:10:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"11NhRl5MZdeIv8d3miv0rP","type":"Entry","createdAt":"2025-06-06T16:02:51.524Z","updatedAt":"2025-06-06T16:02:51.524Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Finsbury Growth & Income: June 2025 trust update | HL","seoMetaDescription":"In this update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Finsbury Growth & Income 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Trust","file":{"url":"//images.hl.uk/vvl3z0p6qtad/770Nj9thPCVeXHSr25cNjb/cc8d8f2ec5762d76ca7dcd9e4f581f67/Finsbury.jpg","details":{"size":158406,"image":{"width":1260,"height":840}},"fileName":"Finsbury.jpg","contentType":"image/jpeg"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"tokN64WQ3R4ngYdOITBGq","type":"Entry","createdAt":"2025-06-03T15:57:59.143Z","updatedAt":"2025-06-04T09:25:42.143Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":36,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Millennium Mint","titleAndPath":"UK small cap stocks set to shine? – 2 fund ideas that could benefit [@ uk-small-cap-stocks-set-to-shine-2-fund-ideas-that-could-benefit]","articleType":"$d:props:data:authorArticles:10:fields:articleType","intro":"Are UK smaller companies due for a change in 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Here’s what could be next for UK small cap stocks, plus two fund ideas.","publishedDate":"2025-06-03","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"21XPow23upx7knRe4gFP5u","type":"Entry","createdAt":"2025-06-03T15:57:59.240Z","updatedAt":"2025-06-03T15:57:59.240Z","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 UK stock market hasn’t been popular with investors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For most of the past decade, stretching back to 2016, investors have sold more UK stocks than they’ve bought, and not by a small margin. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The pain has arguably been felt most acutely in the smaller companies sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fund managers here have had to continually sell undervalued holdings to meet redemptions from investors selling.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But why are investors selling and not buying smaller companies?","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A cautious UK consumer","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One reason that could explain the lack of investment in the sector is confidence. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How much UK consumers are saving can help tell the story.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The savings rate figure, which represents the percentage of household income after taxes and benefits which is saved and not spent, has hit 12%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s the highest level since 2010 (excluding the start of the pandemic) and compares to just 3.7% in the US.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ONS analysis shows much of these savings in recent years have been held as cash rather than invested, suggesting British households are in wait and see mode.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, any pickup in UK consumer confidence and spending could fuel growth. And smaller companies could be the key beneficiaries, given they make more of their money within UK borders, than larger companies do.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We asked Fund Manager Will Tamworth what it might take to unlock this.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What will it take to boost confidence and get UK consumers spending?","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Will Tamworth, Co-manager, Artemis UK Smaller Companies fund","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4NEqrna3Cm1BQeO0Eb7F9E","type":"Entry","createdAt":"2025-06-03T15:57:59.273Z","updatedAt":"2025-06-04T09:25:42.268Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":21,"revision":3,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\"Real incomes are rising, unemployment is low, and consumer debt has been falling as a proportion of income for 17 years. The UK consumer is in a better position than commonly perceived. What’s missing? Confidence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But confidence can change quickly. The increase in National Insurance is now behind us and there hasn’t been a big increase in unemployment (and we don’t expect there will be). As job security improves, consumer confidence will move in lockstep.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"UK interest rates have fallen from 5.25% to 4.25% and are expected to continue to trend gradually lower. As interest rates fall, the incentive to make early mortgage payments reduces (mortgages below 4% are available) as does the returns on savings. The opportunity cost of spending is lower.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We shouldn’t overlook the knock-on implications. Many of the beneficiaries of consumer spending – retailers, pub companies, travel – are big employers. As consumer spending picks up, there’s an economic benefit which stimulates further spending. Getting the first person onto the dancefloor is the hard bit, but once there, others will follow.\"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hargreaves Lansdown may not share the views of the author.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Looking small for big value","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Downward pressure on stock prices has seen UK companies trading at well below their long-run average valuations, and particularly in small cap. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lots of takeovers and a slowdown in IPO activity reflects this – these are effectively two sides of the same coin. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Depressed stock prices create a ripe environment for takeovers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The average takeover in the UK stock market in 2024 came in at a whopping 44% premium to the share price before the bid.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From a business owner’s perspective, the motivation to IPO when valuations are low, is understandably limited. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s been a tough time, and with the headwinds faced, investors would be forgiven for thinking the sector had been best avoided. But that would’ve meant missing out on some pretty good returns. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In weighing the effect of this up, we asked Fund Manager Henry Lowson for his view.","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 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice/investment-advice"},"content":[{"nodeType":"text","value":"financial advice","marks":[],"data":{}}]},{"nodeType":"text","value":". Remember, unlike cash, all investments and any income from them 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":"Has the lack of IPOs left you short of good investment opportunities?","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Henry Lowson, Lead manager, Royal London UK Smaller Companies fund","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\"One exciting aspect of small cap investing is the size of the universe and therefore the potential to find undiscovered ‘gems’. ","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2o4Y8tMbTcFnelXSbNzUUD","type":"Entry","createdAt":"2025-06-03T15:57:59.330Z","updatedAt":"2025-06-04T09:25:42.289Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"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":"While it is true that the universe has shrunk in recent years as a consequence of both the dearth in IPO activity (particularly since 2021) and the frenzy of merger and acquisition activity, there are still nearly 1000 investment opportunities across the FTSE Small Cap, FTSE AIM and the FTSE 250 indices. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It remains a stock pickers ‘paradise’.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Well publicised outflows from the UK stock market, together with a tougher macroeconomic backdrop, have created the opportunity to buy well managed, high growth and cash generative companies on extremely appealing valuations. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Therefore, there is now a very real opportunity to generate attractive returns from both a recovery in company earnings and in rising valuations from these levels.\"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hargreaves Lansdown may not share the views of the author.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Want to know more about UK small cap stocks? – 2 fund ideas","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking forward, we think the long-term case for UK smaller companies is compelling. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There’s an opportunity for investors to add excellent long-term growth potential to their portfolios at attractive valuations. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smaller companies tend to be under researched, which creates lots of opportunities to uncover hidden gems. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this is an area where investors need to be active and we have two UK Smaller Companies funds 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":", featuring managers we think can demonstrate their stock-picking edge. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in smaller companies is higher risk – investors should invest for the long term and be prepared for volatility along the way. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" 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 portfolio","marks":[],"data":{}}]},{"nodeType":"text","value":".","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":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Artemis UK Smaller Companies","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3lkAG7my99a6a7YXmp2fZQ","type":"Entry","createdAt":"2025-06-03T15:57:59.347Z","updatedAt":"2025-06-03T15:57:59.347Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"B2PLJL5","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Mark Niznik and Will Tamworth and aim to grow an investment over the long term by investing in UK smaller companies. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The managers employ a valuation-focused approach, meaning the fund invests differently to many of its peers. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The managers won’t invest in pre-revenue companies because of their focus on generating cash. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"They’re also sceptical about investing in small businesses with very ambitious growth expectations. The outcome of this process is a value style bias. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This higher-quality approach and focus on valuation means we expect the fund not to fall as much as some others during down markets. 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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 the wider Janus Henderson Global Equity Income team, which is stacked with experience. Three team members– Job Curtis, James Henderson and Alex Crooke – have more than three decades of investment experience individually. 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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 (although companies generating power from natural gas may be allowed if their strategy includes a clear plan to transition to renewable energy power generation).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All investments must also be compliant with the UN Global Compact (a United Nations pact on human rights, labour, the environment and anti-corruption). The screening process is monitored and checked by Janus Henderson’s Ethical Oversight Committee and appointed third party Vigeo Eiris, one of the largest environmental, social and governance (ESG) research companies globally, so we’re confident there’s sufficient oversight.","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 3.05% of the fund, reflecting the opportunities Jones sees in the UK market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the manager has continued to trim the fund’s investment in private equity business 3i to ensure the position doesn’t grow too large following good performance, and in Vodafone over competition concerns in Germany.","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 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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s annual ongoing charge is 0.85%. This is a little higher than other equity income funds on the Wealth Shortlist and investors should be mindful this sets a higher hurdle for the manager to deliver positive returns. 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":"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 204.04%*, compared with a return of 160.35% for the FTSE All Share index, and 155.10% 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 6.85%, slightly behind the 7.53% return generated by the FTSE All Share index, but ahead of the 5.91% return generated by the IA UK Equity Income sector average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that having less invested in the energy and basic materials sectors than the index aided performance, while having more in industrials was a headwind.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investments in the bank NatWest and telecommunications company BT Group have been positive contributors to performance. On the other hand, investments in engineering business Renishaw and precision instruments company Spectris haven’t performed as well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s exclusions mean we expect it to perform differently to the broader UK stock market and its peers in the IA UK Equity Income sector. We think Jones has done a good job of growing the income paid over time, particularly given the additional challenge of managing a fund that excludes some of the UK market and delivering good total returns for investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund has a historic yield of 4.00%, although income is variable, not guaranteed. 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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":"Over the last 10 years, the fund’s return has lagged behind 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 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/i/ifsl-marlborough-multi-cap-income-class-p-accumulation/key-features"},"content":[{"nodeType":"text","value":"Marlborough Multi Cap Income","marks":[],"data":{}}]},{"nodeType":"text","value":" 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 can also make them higher risk. 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. The focus on smaller companies increases risk and the potential for volatility.","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 Hargreave Hale in 2007 which is the investment manager to the fund. Hargreave Hale was bought by Canaccord Genuity in 2017, however there has been no change to the investment approach post-acquisition or since launch. Before joining he was an analyst specialising in UK and European smaller companies.","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 sits in the IA UK Equity Income sector but invests differently from some peers as a result of its exposure to small and medium-sized companies. This approach follows from the manager’s philosophy that smaller companies tend to outperform their larger counterparts over time – although this is not guaranteed, and smaller companies carry greater risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Through conducting its own 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. 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 pay-out over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following analysis of financial statements and meeting companies’ management, Chand Lall is responsible for deciding how much to invest in each company. He prefers to hold a larger number of stocks in the fund than some peers. As of February there were 92 stocks held in the fund. That’s more holdings than some other UK equity income funds, but this does reduce 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, consumer discretionary and industrials stocks with 26.6%, 21.5% and 21.3% invested in these sectors respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager has made some changes to the fund over the last 12 months. This has included the sale of the fund’s shares in Canadian mining company Lundin Gold on valuation grounds following a period of strong performance. Oil and gas company Shell, and biotechnology business Bioventix were also sold following unsatisfactory meetings with the respective management teams of those companies. ","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 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":"Some Marlborough fund managers have suggested they’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":"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 0.78%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.19%. This means you’ll pay a net ongoing charge of 0.59%. Our 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":"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":"Over the last 10 years, the fund has delivered returns of 25.44%* to investors. This is significantly behind the 75.37% return from the FTSE All Share index, and the 59.85% return from the IA UK Equity Income sector average over the same period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As is typical of funds with significant investments in smaller companies, returns have been volatile, especially compared with those focused on larger, more stable businesses. Past performance isn't a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months to the end of April 2025, the fund has delivered a return of -4.36%, performing worse than the FTSE All Share index which rose by 7.53% and the IA UK Equity Income sector average return of 5.91%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the fund’s investments in miniature figures maker Games Workshop and construction company Morgan Sindall Group have been among the most significant contributors to the fund’s performance. 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It’s only the second time we’ve run it – the first was in 2022 – but already we’re seeing some clear shifts in attitudes, and where HL clients want us to focus our efforts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here’s what we learnt.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. 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A big jump was 81% of clients being comfortable investing in companies that make money from nuclear energy, compared to 61% in 2022. There is an argument the energy crisis and climate transition have helped shift perceptions – with nuclear seen as part of the solution, not just a source of risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the other end of the scale, deforestation and animal testing were the least palatable areas. These are themes where the link to environmental harm or ethics is clear, and where many clients don’t want their money to be involved – regardless of potential returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There were also generational divides. Older clients, for instance, are more comfortable with military contracting than younger investors – a reminder that ESG views can be shaped by life experience as much as values.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Engagement over exclusion","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the most revealing questions asked whether clients would be willing to invest in a fund that didn’t fully align with their ESG values – if the fund manager was actively pushing for change on their behalf.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nearly half said yes. That’s a powerful endorsement of stewardship and engagement – the process of using influence to encourage better behaviour from companies and fund groups. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This reinforces our belief that responsible investing doesn’t have to avoid whole sectors or companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Find out more about HL’s approach to engagement in our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/__data/assets/pdf_file/0004/19643170/2023-Stewardship-and-Engagement-Report.pdf"},"content":[{"nodeType":"text","value":"Stewardship and Engagement Report","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meanwhile, 34% said they’d rather avoid these investments entirely – a figure that’s increased from 29% in 2022. 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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 ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/risk"},"content":[{"nodeType":"text","value":"risks","marks":[],"data":{}}]},{"nodeType":"text","value":" of a fund before they invest, and make sure any new investment forms part of 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":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All investments can fall as well as rise in value, so you could get back less than you invest.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2u1EDLNgasvQHw6toa8djX","type":"Entry","createdAt":"2025-04-22T15:35:59.814Z","updatedAt":"2025-04-22T15:35:59.814Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BD6DRD5","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"BNY Mellon Sustainable Real Return","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/bny-mellon-sustainable-real-return-class-w-accumulation"},"content":[{"nodeType":"text","value":"BNY Mellon Sustainable Real Return","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to reduce volatility by providing some shelter during market wobbles, while also delivering some long-term growth in a sustainable way, by investing in companies that comply with their in-house environmental, social and governance (ESG) criteria. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund's sustainable 'red lines' mean companies that violate the UN Global Compact Principles (a UN pact on human rights, labour, the environment and anti-corruption) are not considered for the fund. It also won't invest in companies that make more than 10% of their revenues from tobacco, alcohol, gambling and several other contentious industries. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers believe that responsibly managed companies are better placed to achieve sustainable competitive advantage and provide strong long-term growth. 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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 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":"The managers have the flexibility to invest in derivatives and high yield bonds which add risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite the fund’s sustainability credentials, investors should note that, of the 100 funds under research coverage, this is one of the most carbon intense. The companies within the fund may face increased scrutiny from investors and regulators, as well as higher costs associated with carbon emissions management and potential carbon pricing mechanisms, potentially impacting the fund’s performance.","marks":[],"data":{}}]}]},"emailSignUp":"false"}}],"authors":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5jq3JWyP750Y2cD4s3lscJ","type":"Entry","createdAt":"2023-12-11T17:36:24.630Z","updatedAt":"2026-10-06T08:08:14.745Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":96,"revision":12,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"author"}},"locale":"en-US"},"fields":{"titleAndPath":"Tara Irwin [@ tara-irwin]","profileImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4JmbD0ExC1CWhnwlfyv4Tv","type":"Asset","createdAt":"2023-12-18T15:26:50.275Z","updatedAt":"2026-04-17T15:01:09.888Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":3,"locale":"en-US"},"fields":{"title":"Tara Irwin","file":{"url":"//images.hl.uk/vvl3z0p6qtad/4JmbD0ExC1CWhnwlfyv4Tv/62856f09af224b9185b46ac8d163dbbc/Tara_Clee.jpg","details":{"size":394151,"image":{"width":1200,"height":1200}},"fileName":"Tara Clee.jpg","contentType":"image/jpeg"}}},"name":"Tara Irwin","role":"Senior ESG Analyst","shortBio":"Tara's part of our ESG team. 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The UK Listed Smaller Companies fund had assets of £201m as of the end of March 2025, having seen estimated outflows of £183m over the last 12 months. The fund has a strong long-term track record but for the last four years has underperformed peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati has launched two additional funds in recent years but these have not yet achieved scale.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our view","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a business predominantly focused on investing in UK smaller companies, Amati has not been alone in seeing outflows as investors have favoured investing in other regions like the US in recent years. Pessimism from investors on the prospects for the UK economy has meant that the UK Smaller Companies sector has seen significant outflows. Generally, smaller companies derive a greater share of their revenues domestically compared to larger companies and are more sensitive to higher interest rates. So this area of the market has faced a number of headwinds. Smaller companies are typically higher risk compared to their larger counterparts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Coinciding with this and despite an attractive long-term track record, the UK Listed Smaller Companies fund has experienced a sustained difficult period of performance, lagging behind the IA Smaller Companies sector average in each of the last four years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There has been a sustained and significant fall in the level of assets managed by the business, resulting in a decline in profitability and costs increasing as a proportion of assets under management. As a result, because of these outflows and poor performance we feel it’s right to remove the fund from the Wealth Shortlist.","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 any investments match their investment goals and 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.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We've also recently produced a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/research-and-news/amati-uk-listed-smaller-companies-april-2025-fund-update"},"content":[{"nodeType":"text","value":"full fund update","marks":[],"data":{}}]},{"nodeType":"text","value":" on this 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Companies of this size are often overlooked by analysts, meaning there are plenty of opportunities for investors prepared to scratch below the surface. The fund could add diversification to the UK portion of a more adventurous portfolio, or one focused on larger, more established businesses. Its growth focus could also complement other investments in out-of-favour value companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We've recently taken the decision to remove the Amati UK Listed Smaller Companies fund from 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":" following a sustained and significant fall in the level of assets managed by the business. You can read more in our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-notifications/wsl/2025/wealth-shortlist-update-amati-uk-listed-smaller-companies"},"content":[{"nodeType":"text","value":"fund notification","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 fund is managed by Dr Paul Jourdan and Scott McKenzie using a collaborative approach which enables them to have eyes in all corners of the market and leave no stone unturned.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dr Paul Jourdan co-founded Amati Global Investors in 2010 and was initially the sole manager. His fund management career began in 1998 and he’s since built up a wealth of experience analysing companies listed both in the UK and around the world. Jourdan is also the chief executive of Amati Global Investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Scott McKenzie joined Amati in 2021 from Saracen Fund Managers and has over 25 years’ experience managing UK equity portfolios.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are supported by analyst Dr Gareth Blades, who joined in 2019. His academic and life sciences background means he’s particularly involved in researching healthcare companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gregor Paterson joined the business in July 2024 and has over two decades of experience working in the UK smaller companies space, both as an analyst and a corporate broker.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the end of March 2025, experienced co-manager David Stevenson retired from his role at Amati. He will continue to support the business as a Director.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team’s process centres around detailed company research, and they invest the fund differently to the benchmark. They look for companies with the potential to grow faster than their competitors, usually through carving out a niche in a growing market or disrupting the traditional way of doings things. These tend to be high quality, financially robust companies with talented management teams. They avoid those that are speculative, highly indebted, or lack the edge to compete with larger, better resourced businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This analysis whittles a universe of around 1,000 companies to a final portfolio of currently 51 holdings. They invest where the company share prices look attractive when compared with what they believe are the growth prospects. The team invest with the long term in mind. They start by investing 1-2% in each company and, if desired, build this over time to a maximum of 5%. Investments that exceed that size are trimmed. Other factors such as poor governance, a fading outlook or finding a better alternative will also trigger a sale.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2024, the managers made some changes to how the fund is constructed in response to a period of poor performance. This included investing less of the fund in the very smallest listed companies in the UK, reducing the fund’s exposure to some themes, reorganising stock coverage and making the portfolio flatter by reducing some top position sizes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers added some new positions to the fund in 2024. These included holiday provider Jet2, utility provider TelecomPlus and fund manager Pollen Street.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati Global Investors, the business behind the fund, specialises in investing in small-to-medium-sized UK-listed companies. The business is majority-owned by its employees, and all staff are encouraged to invest in it. This means the managers and staff have their interests aligned with those of the business as a whole and investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati’s fund managers consider a number of ESG-related issues in their investment process, including issues arising from supply chains, climate change and contamination, unequivocal social negatives such as profiting from addiction or forced labour, board membership, remuneration, conflicts of interest (such as related party transactions), business leadership and culture. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company also adopts a Clean Trade approach, which means avoiding companies that support the most oppressive regimes and engaging positively with those that uphold Article 1 of the International Covenants on Civil and Political Rights, particularly in relation to the extraction of natural resources. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati fund managers and analysts actively engage with the companies they invest in, and the team uses all votes. A quarterly voting record is published to the firm’s website, although there is little in the way of rationale.","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 0.86%. 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’s long-term performance record is strong with the fund significantly outperforming its benchmark since Paul Jordan became manager. However, it has been weaker in recent years with the fund underperforming the IA UK Smaller Companies sector average in each of the last four years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has delivered a return to investors of -5.18%*, falling by more than the -2.89% average return from the IA UK Smaller Companies peer group. Our analysis suggests that the fund’s investments in the technology sector in particular proved a headwind to its performance over the year. Having less invested in consumer defensive stocks was also challenging for performance. There were some positives though, with the fund’s investments in healthcare companies and economically cyclical businesses contributing to performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in smaller companies is higher risk and investors should invest for the long term and be prepared for volatility along the 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trust aims to achieve growth in capital ahead of inflation, and steadily grow the income it pays to investors over the long term. It primarily does this by investing in a portfolio of shares, with a UK bias, but the trust’s independent professional services business provides differentiation to this. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust could form part of a portfolio invested for income or add UK exposure to a broader portfolio. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Laura Foll joined Janus Henderson in 2009 on the graduate scheme. She was subsequently named a global analyst and later an assistant fund manager on the Global Equity Income Team. Foll has been co-manager of the trust since August 2019.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"James Henderson began his career as an accountant trainee at Binder Hamlyn. He joined Henderson in 1983 as a trainee fund manager and has managed a number of investment trusts since 1990. Henderson has been a PM on the Global Equity Income Team at Janus Henderson since 2003 and a co-manager of this trust since June 2003.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Denis Jackson has been CEO of Law Debenture since January 2018, having joined the group in July 2017. He joined from Capita where he was Director of new business development and previously spent almost 20 years at Citigroup.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"81% of the trust’s assets are invested in a portfolio of around 150 shares, with a UK focus. 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Though the trust aims to steadily grow the income it pays to its investors over the long term, not every stock held in the portfolio needs to pay a dividend.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the year, the managers added new positions in food retailer Sainsbury, fund manager Schroders, and hotel operator Whitbread to the trust’s portfolio of shares.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The remaining 19% of the trust’s assets is accounted for by the independent professional services business (IPS). The IPS business delivers a range of professional services to other businesses to help them manage complex financial and legal obligations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The IPS business is broadly split into three sections;","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pensions – providing trustee services","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate trust - operating internationally to provide trustee services to a broad range of debt issuance markets acting as the bridge between bond holders and bond issuers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate services – secretarial services, structured finance and whistleblowing services","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As there are a range of underlying businesses operating in these sections serving different end markets, they are unlikely to all grow at the same pace. 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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 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.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"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":"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 2024 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":"If held in a SIPP or ISA, the HL platform fee of 0.45% per annum (capped at £200 per annum for a SIPP and £45 per annum for an ISA) also applies. The HL platform fee doesn't apply if held in a Fund and Share Account. 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The trust also has a strong dividend growth record, raising or maintaining the income paid out to investors for the past 46 years, 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 December 2024, its shares rose in value by 15.9% and its net asset value rose 13.6%, compared with a return of 9.5% for the FTSE All Share index. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the year, in the equity portfolio, aerospace and defence company, Rolls Royce and retailer Marks and Spencer were among the top contributors to performance. Rolls Royce benefitted from a recovery in flying hours following the pandemic and a renewed cost focus. Meanwhile Marks and Spencer excelled with a refreshed clothing range moving earnings forecasts higher. Energy businesses AFC Energy and Rio Tinto were the main detractors. AFC Energy’s shares suffered following a slower than expected roll out of its hydrogen fuel technology, while Rio Tinto struggled following a subdued period for commodity prices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the IPS business, the corporate trust and corporate services divisions grew at 12.7% and 11.0% respectively, while the pensions division shrunk 4%. This gave the IPS business a 6.2% growth rate for the year. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust's financial year to the end of December 2024, total dividends paid to shareholders amounted to 33.5 per share. 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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-growth-class-i-income"},"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 a portfolio of 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 and has worked at the business ever since. 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 become 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-3","data":{},"content":[{"nodeType":"text","value":"Meet the manager: Anthony Cross","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"0BZAyCL80BMEVaAysb2ah","type":"Entry","createdAt":"2025-03-18T10:56:58.221Z","updatedAt":"2025-03-18T10:56:58.221Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"assetType":"video","youtubeEmbedCode":"TO-yV3wwulY","caption":" Joseph Hill is joined in the studio by Anthony Cross, Co-manager of the Liontrust UK Growth fund.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2xI4XW1zChc2KU8fOgcCAf","type":"Entry","createdAt":"2025-03-18T10:56:58.239Z","updatedAt":"2025-03-18T10:56:58.239Z","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":"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 is mostly focused on larger companies, with 71.4% invested in businesses that feature in the FTSE 100, with the rest of the fund invested in medium sized and smaller companies. Industrials is the largest sector allocation in the fund, accounting for around 26.9% of its assets, following by consumer discretionary companies at 18.1% and health care stocks at 16.8%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the managers have made some changes to the fund. These have included the addition of new positions in medical product provider, Convatec, wealth manager Quilter and food packager, Hilton food group. ","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. 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 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. 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.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"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. 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":"That said, this fund is not managed to a sustainable mandate.","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%. Our 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":"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 425.52%*, compared with 290.12% for the FTSE All Share index, representing the broader UK market over the same period. 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 7.62% to investors, behind the 18.37% return from the FTSE All Share index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests the fund’s lower exposure to financials compared with the benchmark has been painful and a key detractor from performance. Additionally, its investments in technology and energy companies have been a headwind. On the other hand, the funds exposure to industrials has been a positive, as has having less invested than the benchmark in the basic materials and utilities sectors. 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Smaller companies typically have more room for growth than larger ones, though they’re more volatile and higher risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund could add diversification to the UK portion of a more adventurous investment portfolio, or one focused on larger, more established businesses. Its growth focus could also complement other investments in out-of-favour value companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Henry Lowson has spent his investing career focused on UK small and medium-sized companies. He joined AXA Framlington in 2005 where he was mentored under veteran UK investor, Nigel Thomas. He joined Royal London in September 2016 and became lead manager of the Royal London UK Smaller Companies fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Henry Burrell has served as deputy manager since January 2020 after joining Royal London in 2017 to focus on UK small and medium-sized companies. He has over a decade of experience in the investment industry, having started out on the Smith & Williamson graduate scheme. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alongside this fund, the duo also manage a Mid Cap fund which targets slightly bigger companies using a similar process. Given the overlap in approach we believe the managers can comfortably handle these responsibilities. 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The managers aim to use their experience to uncover hidden gems in this under researched part of the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share prices can rise and fall based on short-term news or market sentiment, but over the long run they tend to be driven by the quality of the company. That’s why the managers conduct detailed company analysis to ensure the companies they invest in possess the traits that should enable them to grow more sustainably than most.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers take a long-term view and assess companies using the acronym ‘SIMBA’: scalability, innovation, management, barriers to entry and unique assets. They require companies to possess at least four of these characteristics to be considered for investment. They place significant emphasis on the capabilities and track record of company management, which is why they conduct over 400 company management meetings each year. This helps them gain a deeper understanding of their character, alignment with investors, and strategy for future success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers look to invest in companies when their share prices look attractive when compared with their growth prospects. This leads them to favour quality companies that possess the financial resilience and leadership skills to thrive or survive when times get tough.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This analysis whittles their investment universe down to around 65-80 companies. New investments make up between 1-1.5% of the fund and this can go up to 3% as the managers’ conviction grows. This limit helps to keep the fund diversified.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have made some changes to the fund over the last year. One of these was the addition of pub group, Marstons. The managers are optimistic on the prospects for the business following a reduction in debt and feel its shares trade at a discount to its true value. The managers also trimmed a number of holdings that had performed well including investment platform AJ Bell and food producer, Cranswick.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Royal London Asset Management was established in 1988 and is a subsidiary of Royal London, the UK's largest mutual life and pensions company. It’s well known for managing fixed income funds, but it’s also making headway in equity funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK team has a flat structure and appears to be a tight-knit community which encourages challenge and debate. Lowson and Burrell 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":"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 ESG (environmental, social and governance) 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":"This fund is not managed to a responsible mandate and investors should note that it has one of the highest ESG risk profiles of the 100 funds under HL’s 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":"The fund has a standard annual ongoing charge of 0.77%. 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":"Lowson has managed this fund since September 2016 and has a track record of running UK smaller companies funds going back to 2012.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During Lowson’s period at AXA Framlington, the UK smaller companies fund he managed between May 2012 and May 2016 delivered returns of 107.08%*, significantly ahead of the 82.30% return for the FTSE Small Cap ex IT index. Performance hasn’t been as good during his time with Royal London though. Since he became manager of this fund, it’s delivered returns of 39.39%, behind the 61.02% return from the FTSE Small Cap ex IT index. Our analysis suggests that the fund’s investments in the technology sector as well as stock selection within the healthcare sector have been key contributors to this. We remain confident the managers continue to employ their well-established process and are well placed to pick out smaller companies with strong growth potential, although there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the fund delivered a return of 1.75%, behind the 10.71% return from the FTSE Small Cap ex IT index. Our analysis suggests the fund’s investments in technology companies, as well as lower exposure to financials and real estate companies compared the benchmark, have been painful and detracted from performance. On the other hand, its investments in healthcare and defensive consumer stocks have been positives.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in smaller companies is higher risk and investors should invest for the long term and be prepared for volatility along the way.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"VndUMYCMhdRZMXJ3q1Edn","type":"Entry","createdAt":"2025-03-11T16:14:41.545Z","updatedAt":"2025-03-11T16:14:41.545Z","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 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Evans","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a distinct value style bias and the managers employ a contrarian approach to grow income and capital over the long term","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We were pleased to see Nick Kirrage return to manage the fund last year - we have a positive view of his skill set, capabilities and experience ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The 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":"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/s/schroder-income-class-l-accumulation"},"content":[{"nodeType":"text","value":"Schroder Income","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to provide income and capital growth over the long term by investing in a diversified portfolio of UK companies. The fund has a distinct value style bias and the contrarian approach employed means it can look quite different to the index at times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the fund could diversify an income focused portfolio or offer value exposure to a more general portfolio. ","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 Nick Kirrage and Andrew Evans.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kirrage joined Schroders in 2001 as an analyst in the Pan European research team where he focused on sectors like transport, metals & mining and aerospace and defence. He began managing value focused portfolios in 2006 and was a founding member of the global value team at Schroders in 2013. Kirrage managed the Schroder Income fund from May 2010 – October 2022 and came back onto the fund as manager again in June 2024 following the departure of Kevin Murphy. Kirrage is head of the global value team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Evans began his career in 2001 at Dresdner Kleinwort as a Pan European transport analyst. He also worked at Columbia Threadneedle, focusing on UK equities, before joining Schroders in 2015. He’s been managing this fund since November 2022.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Kirrage and Evans also manage other funds at Schroders using the same process and value approach. As a result, we feel these responsibilities are complementary.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers benefit from the support of the 12 strong value team who manage a range of different strategies but employ the same investment process across multiple regions. We have a positive view of the collegiate approach, capability and experience of this team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last year, previous longstanding co-manager of the fund, Kevin Murphy, departed the business to pursue another opportunity elsewhere. While we were disappointed to see Murphy depart given his track record and experience, we are pleased to see Nick Kirrage co-managing the fund again. We have a positive view of Kirrage’s skill set, capabilities and experience.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6TfDac5MnXHiSQsrIeYw09","type":"Entry","createdAt":"2025-02-11T14:49:33.573Z","updatedAt":"2025-02-11T14:49:33.573Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":13,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"heading":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Meet the manager: Nick Kirrage","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"assetType":"video","youtubeEmbedCode":"dgObGjfI36Q","caption":"Nick Kirrage, co-manager of the Schroder Income Fund, discusses the attractiveness of the UK stock market and how the fund's value focused investment strategy seeks to take advantage of the opportunities on offer. ","position":"Center","title":"Nick Kirrage"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2BIwzANBFoL3kK7q21wAWq","type":"Entry","createdAt":"2025-02-11T14:49:33.621Z","updatedAt":"2025-02-11T14:49:33.621Z","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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process begins with valuation screens designed to identify companies that have experienced large share-price falls or falling profits. The managers aim to remove the impact of the economic cycle by looking at measures like share price relative to a company’s average earnings over 10 years. This helps them condense the investable universe to focus on the cheapest stocks. This focus on out-of-favour companies is called value investing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers then perform detailed research on companies that have screened well with the aim of weeding out those that are value traps – companies that are cheap for good reason. This research process involves building financial models, identifying key drivers of the business and assessing its balance sheet strength. The managers will also look to normalise key measures of a company’s success like revenues, margins and returns over time rather than just looking at one point in the cycle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A company’s income generation profile is considered throughout the process. The managers don’t just consider the current dividend a company pays, but also the potential for that dividend to grow and a company’s ability to grow its capital value in order to support that income growth over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stocks with attractive risk/reward ratios are purchased with positions sized according to the managers’ assessment of the risks involved, with the larger positions in those with lower risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team focus on reflection, mitigating behavioural biases and learning from previous decisions. They do this in a structured and systematic way, resulting in small iterations to the process over time. We think this is a good discipline to have and encourages continual improvement.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is relatively concentrated which increases risk and is currently invested in 43 businesses, with the typical range from 30-50. The largest sector allocation is to financials, which accounts for 29.3% of the fund’s assets. This is followed by consumer staples and consumer discretionary stocks which account for 16.5% and 15.5% respectively. The largest individual stock positions are in tobacco companies British American Tobacco and Imperial Brands.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schroders is a UK-listed multinational asset management company that employs thousands of investment professionals across 38 locations around the globe. The business is home to many high-calibre fund managers, which the managers can call upon for support.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the value team being the only team organised by style in the business demonstrates Schroders’ commitment to supporting this team through thick and thin.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kirrage has remained loyal to the company for well over two decades, and, with the exception of Murphy leaving in 2024, the broader team has remained relatively stable too. We think the managers are incentivised in a way that aligns their interests with those of long-term investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schroders has invested significantly in ESG resources and tools in recent years. Each investment desk has access to a variety of data sources that have been brought together into a proprietary platform called SustainEx, which allows investment teams quantify a company’s positive and negative contributions to society. The ESG agenda at Schroders has significant support from senior management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All Schroders funds were required to pass the firm’s inhouse ESG accreditation process by the end of 2020. All new funds must also be ESG accredited, and investment teams must reapply for accreditation on an ongoing basis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ESG accreditation process is managed by the Sustainable Investment team. They sit on the investment desk and are objective in their approach. There’s a set list of criteria that funds must meet to become accredited, and the process is substantial – no fund has ever gained accreditation on the first attempt. Fund managers are also expected to demonstrate improved levels of ESG integration over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Schroders Sustainable Investment team acts as a focal point for ESG, proxy voting, and engagement. When it comes to proxy voting, Schroders has structured policies in place and is transparent on the reasons proposals have been voted against. On the ESG engagement side, the firm’s activities and outcomes are monitored, tracked and reported in its quarterly Sustainable Investment reports and annual Sustainability reports. There are also a range of ESG-related insight and thought leadership articles available on the firm’s website.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note that, as of 20/11/2024, this fund invests 26.68% of its assets in companies involved with the extraction of oil, gas or coal. This could leave the fund vulnerable to fluctuations in commodity prices, regulatory changes aimed at reducing carbon emissions, and potential shifts in consumer preferences towards sustainable alternatives.","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 0.89%, but we’ve negotiated a 0.30% saving so it’s available to HL clients for 0.59%. 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":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the fund's charges are taken from capital rather than income. This increases 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 Nick Kirrage first became manager of the fund in May 2010, the fund has performed well, delivering outperformance of the FTSE All Share index for patient investors. Over this period, the fund has delivered returns of 207.37%. Compared with 146.86% for the FTSE All Share index. We think this is a good achievement considering that the fund’s value style of investment has had some significant periods out of favour with investors over that timeframe. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note though that performance over this entire period can’t be attributed to Kirrage as he was not a named manager on this fund between October 2022 – June 2024. Andrew Evans was co-manager over this period though Past performance isn't a guide to the future. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The contrarian nature of this approach means that investors need to adopt a long-term view as there will be times when the fund’s style will be out of favour and the fund could underperform.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months to the end of January 2025, the fund has delivered a return of 22.05%, performing better than the 17.06% return from the FTSE All Share index. 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But is there a way your investments can help?","publishedDate":"2025-01-31","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory","$d:props:data:authorArticles:27:fields:categories:0"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1n5i5c41eb8OaqeDvTpJs4","type":"Entry","createdAt":"2025-01-31T12:23:13.297Z","updatedAt":"2025-01-31T12:23:13.297Z","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":"With the recent devastating wildfires ravaging Los Angeles, we’re left with a sobering reminder of how destructive extreme weather has become. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2024, Brazil suffered its worst drought on record, affecting nearly 60% of the country. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eastern Spain was drenched by a year’s worth of rain in just eight hours, and the United Arab Emirates saw a similar deluge in under 24. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meanwhile, heatwaves in parts of Asia reached levels that scientists say were 45 times more likely due to human-driven warming. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Philippines endured six typhoons in the span of a single month – storms estimated to be 25% more likely because of climate change – displacing over 13 million people. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each event underscores a growing reality – as global temperatures rise, extreme weather is becoming both more frequent and more severe.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"35HUOdw6p0yVYZNnEqzy6z","type":"Entry","createdAt":"2025-01-31T12:23:13.319Z","updatedAt":"2025-01-31T12:23:13.319Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"chartId":"chart1","chartCode":"$22","source":"Source: Met Office Hadley Centre and Climatic Research Unit","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7p3zNQWr5GUs7C2YEw0oyZ","type":"Entry","createdAt":"2025-01-31T12:23:13.335Z","updatedAt":"2025-01-31T12:23:13.335Z","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":"2024 was officially the warmest year on record. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Scientists agree the main driver behind last year’s record heat was human-induced climate change, though natural factors like El Niño also played a part. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, the growing scientific consensus offers a roadmap for potential solutions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Renewables, carbon capture, and ecosystem restoration can help offset emissions and protect against climate shocks. Forests, peatlands, and coastal wetlands can lock away large amounts of carbon, while also acting as natural buffers against storms and flooding.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Climate-focused investment solutions are becoming more important to investors. Not only do they aim to shelter portfolios from the negative effects of global warming, but they also help support the shift to a more resilient, sustainable economy. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are two fund ideas that put sustainability at the heart of their strategy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. Remember, investments can rise and fall in value, so you could get back less than you invest. Past performance isn’t a guide to the future. If you’re not sure if an investment’s right for you, ask for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice/investment-advice"},"content":[{"nodeType":"text","value":"financial advice","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these 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 ","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 and charges, use the links to their factsheets and key investor information.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6SmJbq94XIjHxGWhUfWOEc","type":"Entry","createdAt":"2025-01-31T12:23:13.354Z","updatedAt":"2025-01-31T12:23:13.354Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"B8HPRW4","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FP WHEB Sustainability Impact","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The team aim to identify longer-term themes based on critical environmental and social challenges facing society, and then invest in companies providing solutions to these challenges. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Managers Kenny Watson, Aitken Ross, Jack Willis and Connor Godsell aim to find bonds issued by high-quality companies whose core products or services make a positive contribution to society or the environment. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This sustainability analysis is undertaken for every bond issuer in the fund.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The managers believe investing in sustainable companies provides greater return potential, and less risk, than other companies. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The managers apply revenue-based exclusions, in controversial areas like tobacco, coal and armaments. 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The managers’ focus on unloved companies differentiates it from many other funds in the UK All Companies sector. We think it could bring ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" to the UK part of a broader investment portfolio and sit well alongside a UK equity fund that focuses on companies expected to grow earnings at a more consistent pace.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alex Wright has been at Fidelity since 2001. He started his career analysing European companies and has focused on UK companies since 2008. As an analyst, he worked closely with Anthony Bolton and Sanjeev Shah, the trust’s two previous managers. We think it's positive that he learned his trade from such well-regarded investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright became a fund manager in 2008, initially focusing on UK smaller companies, but later broadened his remit to include companies of all sizes. He's been lead manager of the Fidelity Special Situations fund since January 2014 and has also been responsible for the Fidelity Special Values investment trust since September 2012. The two portfolios have a high degree of overlap, so we think this is a reasonable workload for an investor of Wright's calibre.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He's supported by co-manager Jonathan Winton and Fidelity's extensive analyst team. 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The firm developed a structured engagement program which allows it to be more systematic in its engagement on environmental and social issues, became involved in more collaborative engagement initiatives and introduced ESG data into fund managers’ quarterly reviews to raise awareness of ESG issues. The firm also bolstered its dedicated ESG team, which writes regular ESG reports on companies held by Fidelity fund managers. The firm votes where it is possible to do so and quarterly voting reports are posted online, complete with rationales for votes against management and abstentions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In June 2019, Fidelity launched its own proprietary ESG ratings tool. It scores thousands of companies based on their ESG credentials on a forward-looking basis, with investment analysts tasked with the job of ensuring the ratings are up to date. 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It’s risen by 107.34%* since Wright took control in January 2014, compared with the FTSE All Share index return of 84.07%. We think this is an impressive achievement, particularly as there have been periods through this tenure when the manager's value-focused investment approach has been out of favour. 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 16.41%, beating the 9.47% return from the FTSE All Share index by a good margin. Housebuilder Cairn Homes, life insurer Just Group and engineering business Keller Group have been among the most significant contributors to performance. In terms of detractors, specialist polymers maker Victrex and engineering business John Wood Group were among the largest at the stock level.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 1.64%. Income isn’t guaranteed, and yields aren’t a reliable indicator of future income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright is an experienced manager who's prepared to think and invest differently from the crowd. Investment styles go in and out of favour over time. We're encouraged the manager has never deviated from his longstanding investment approach. We think this fund has good growth potential over the long term, although there are no guarantees. 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The manager's focus on unloved companies differentiates it from many other UK-focused investment trusts, and it could bring ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" to the UK section of a broader investment portfolio. It could sit well alongside other UK trusts that focus on companies capable of growing earnings at a more consistent pace.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alex Wright has been at Fidelity since 2001. He started his career analysing European companies and has focused on UK companies since 2008. As an analyst, he worked closely with Anthony Bolton and Sanjeev Shah, the trust’s two previous managers. We think it's positive that he learned his trade from such well-regarded investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright became a fund manager in 2008, initially focusing on UK smaller companies, but later broadened his remit to include companies of all sizes. He's been lead manager of the Fidelity Special Values investment trust since September 2012 and is also responsible for the Fidelity Special Situations fund, which he’s managed since January 2014. The two portfolios have a high degree of overlap, so we think this is a reasonable workload for an investor of Wright's calibre.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He's supported by co-manager Jonathon Winton and Fidelity's extensive analyst team. We think Wright has the resources required 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":"Wright invests in large, medium-sized and higher-risk smaller companies that often go ignored by other investors. Maybe they've missed a profit target, or the management team made some unpopular decisions. Either way, he must believe the company is on the road to recovery. A company can recover in a variety of ways, such as introducing a new product line, expanding into new areas or hiring a new management team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate strategy plays an important part in a company's recovery, so the manager spends lots of time meeting company managers. He also meets the clients and suppliers of the companies he invests in to better understand how the company does business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the company improves, its share price should rise as other investors begin to recognise the change. As the price rises, Wright gradually takes profits and moves on to the next unloved opportunity. It's an investment style known as 'value' investing. Of course, not every company will recover, and some could fail altogether.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the year, Wright saw attractive opportunities to add undervalued businesses to the trust, these included online card company Moonpig, media platform Future as well as grocery retailer Tesco. ","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. At the end of the trust's last financial year in August 2024, gearing stood at 7.9%, up from 6.5% a year earlier. The maximum level of gearing permitted is 40%, but in normal market conditions, investors should expect it to be in the range of 0-25%. The manager can also use derivatives, which if used, adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fidelity was founded in 1969 and is a global investment manager. The company remains privately owned, meaning its managers can focus on the long-term interests of investors rather than short-term shareholder demands. That's helped the firm develop an investment-focused culture, where investment ideas are openly discussed and debated, and information is shared amongst the firm's various teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company's scale means investment teams are well-resourced and fund managers are well-incentivised. We think it's positive that all Fidelity fund managers are incentivised based on the longer-term performance of their funds and investment trusts. 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The firm votes where it is possible to do so and quarterly voting reports are posted online, complete with rationales for votes against management and abstentions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In June 2019, Fidelity launched its own proprietary ESG ratings tool. It scores thousands of companies based on their ESG credentials on a forward-looking basis, with investment analysts tasked with the job of ensuring the ratings are up to date. The ratings system was later updated to include an assessment of each company’s ability to manage negative externalities. Fidelity also developed a climate rating which highlights companies where engagement is most necessary if the firm is to achieve its aim to halve portfolio emissions by 2030 and reach net zero by 2050. 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Investors should refer to the latest ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundslibrary.co.uk/FundsLibrary.dataretrieval/Documents.aspx/?type=sl.ra.full&id=1fae839a-42f4-4152-9965-d46b70a83366&user=Ez%2bgvX%2bsgS60a6g0BiFsyOFK5hGmcLhCa0nK4j1%2fB7%2fTtsHMEziZYaR0%2bf6m4Xag&r=1"},"content":[{"nodeType":"text","value":"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?type=packet_fund_unit_doc_priip_kid&docid=57f0ef89-6107-41b8-8e03-ef398391e585&user=N6CqcIQ3Oa9FAHAqvbnqxCcYzWJW8wpsIiMJAc26CnE%3d"},"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% per annum (capped at £200 per annum for a SIPP and £45 per annum for an ISA) also applies. The HL platform fee doesn't apply if held in a Fund and Share Account. 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 performed well over the long term. Its share price has risen 300.49%* since Wright became manager in September 2012, beating the FTSE All Share index's return of 131.52%. We think this is an impressive achievement, particularly as there have been periods through this tenure when the manager's value-focused investment approach has been out of favour. 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In terms of detractors, specialist polymers maker Victrex, and consumer goods company Reckitt Benckiser were among the most significant at the stock level.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust's financial year to the end of August 2024, total dividends paid to shareholders amounted to 9.54p per share. This is an 8.4% increase on the 8.80p dividend per share paid in the previous year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/help#funds-shares-and-other-investments/investment-trusts/introduction/what-are-premiums-and-discounts"},"content":[{"nodeType":"text","value":"discount","marks":[],"data":{}}]},{"nodeType":"text","value":" of 6.59% and has a dividend yield of 2.79%, although remember, yields like dividends are variable and aren't a reliable indicator of future 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*Lipper IM to 31/12/2024.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:1:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1PgazTeGJ0V31mJwToC7D9","type":"Entry","createdAt":"2025-01-22T13:33:47.020Z","updatedAt":"2025-01-22T13:33:47.020Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Fidelity Special Values: January 2025 trust update | HL","seoMetaDescription":"In this investment trust update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Fidelity 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FTSE 250 to Japan and the US stock market, where is paying the most income and what should investors be looking for when investing for income?","publishedDate":"2025-01-17","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"689XDPndwrsDyDVAj3HODo","type":"Entry","createdAt":"2025-01-17T17:15:42.545Z","updatedAt":"2025-01-17T17:15:42.545Z","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":"Investing in a dividend-paying company can mean your income and capital grows as the company you’re investing in grows. The best companies will be able to grow their profits and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/dividends"},"content":[{"nodeType":"text","value":"dividends","marks":[],"data":{}}]},{"nodeType":"text","value":" over the long term. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think equity income funds can be a cornerstone of almost any investment portfolio. They offer the potential for an inflation-beating income stream, but they can also be a good choice for a portfolio focused on growth. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reinvesting dividends when you don't need the income can increase the number of units held in the fund, from which more dividends can be received at a later date. 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Remember, all investments and any income from them can rise and fall in value, so you could get back less than you invest. Yields are variable and no income is ever guaranteed. Past performance also isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Which markets are paying the most income?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1EptiDVEk03cbT9FXWhUIm","type":"Entry","createdAt":"2025-01-17T17:15:42.568Z","updatedAt":"2025-01-17T17:15:42.568Z","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,"table":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Market","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Dividend Yield","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FTSE All-Share","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"3.6%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FTSE Europe","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"3.2%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FTSE Asia Pacific ex Japan","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"2.7%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FTSE Japan","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"2.2%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FTSE North America","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"1.3%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"}],"nodeType":"table"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"source":"Source: Financial Times, 09/01/2025"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"46DA6R86L8iftgLzcUDBrA","type":"Entry","createdAt":"2025-01-17T17:15:42.588Z","updatedAt":"2025-01-17T17:15:42.588Z","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":"heading-2","data":{},"content":[{"nodeType":"text","value":"The UK stock market is leading the way","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When investors think about investing for income, the UK stock market springs to mind as one of the better income payers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lots of investors will instinctively think about the large mature multinational businesses that feature in 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":". It’s home to plenty of world-class companies, selling goods and services around the world. And many of them boast impressive records of growing dividends over the long term. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From banks and miners to oil giants and pharmaceuticals, these are often household names and form the bedrock of the UK’s appeal as a great market for income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, looking beneath the surface, it’s not just these mega-cap companies offering an attractive income opportunity. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Medium-sized and smaller companies, represented by the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/stock-market-summary/ftse-250"},"content":[{"nodeType":"text","value":"FTSE 250","marks":[],"data":{}}]},{"nodeType":"text","value":" index and the FTSE Small Cap ex Investment Trusts index respectively, are also offering decent yields. ","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"61LT1kOOc2DBLjNpdrodT","type":"Entry","createdAt":"2025-01-17T17:15:42.608Z","updatedAt":"2025-01-17T17:15:42.608Z","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,"table":{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Index","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Yield","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-header-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FTSE 250 ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"3.4%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FTSE Small Cap ex IT","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"4.3%","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"table-cell"}],"nodeType":"table-row"}],"nodeType":"table"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"source":"Source: Financial Times, 09/01/2025"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"24dEhCoXOpZILNUQ5r9Qgn","type":"Entry","createdAt":"2025-01-17T17:15:42.625Z","updatedAt":"2025-01-17T17:15:42.625Z","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":"Investors therefore have the chance to invest in higher-risk smaller businesses with the potential to grow rapidly and blossom into the giants of tomorrow, while also receiving a dividend while they wait.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How to invest for income?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Regardless of where you invest for income, the pandemic provided a harsh lesson in reminding us that dividends aren’t guaranteed. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In some cases, even companies that were willing and able to continue paying an income to their shareholders were stopped from doing so, albeit temporarily, by regulators. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That’s why it makes sense to take a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified","marks":[],"data":{}}]},{"nodeType":"text","value":" approach and not just rely on whatever market is yielding the most at a given point in time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other markets around the world might yield less than the UK but will invest in different sectors, and so won’t necessarily be affected by the same factors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s a good idea for investors to diversify the sources of their income to increase the resilience of their portfolio to any unexpected shocks. Doing this means you should always have something working in your favour.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Want to invest for income? – 2 income fund ideas","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these 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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","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to provide an income as well as deliver some long-term investment growth","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smith has made a good start to life as lead manager of the fund, outperforming the FTSE All Share index. Past performance isn’t a guide to the future. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund does not feature 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/t/ct-uk-equity-income-class-l-accumulation"},"content":[{"nodeType":"text","value":"CT UK Equity Income","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to provide an income as well as deliver some long-term investment growth. UK equity income fund managers have the flexibility to invest up to 20% in overseas companies. The fund could work well in an income focused portfolio, adding a UK allocation to a global portfolio, or alongside fixed income investments.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The lead manager of the CT UK Equity Income fund is Jeremy Smith, who also serves as Head of UK Equities. Smith joined the company in 2015 and has over 30 years of investment experience across various asset managers including Neptune and Schroders. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Smith has experience managing funds investing in UK larger companies, these have mainly been focused on growth rather than income. Smith also manages other UK focused strategies and is supported deputy manager Dominic Younger. Younger has 11 years’ experience in the industry and has been in the team for the last eight years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When previous lead manager Richard Colwell retired in 2022, we removed the fund from the Wealth Shortlist. Smith worked with previous manager Richard Colwell and runs the fund using a similar investment style and approach.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager looks to identify companies he considers good quality with strong balance sheets, but which are currently undervalued by the market. He is careful to avoid value traps, but instead looks for good businesses with a catalyst for change which fall into three buckets: defensives which should perform well regardless of the economic backdrop, average risk which can be cyclical companies, but which have little or no debt, and higher-risk investments which could have lots of debt or need some work to turn to profit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meeting company management is an important part of the process. Smith seeks to fully understand each business he invests in, and meeting management is an important part of this process. Situations where a company's profitability has fallen below its historical average, but the core franchise remains attractive are of particular interest to Smith.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the manager has topped up the fund’s investment in pest control business, Rentokil. Smith thinks that concerns about slowing sales in North America and some operational issues linked to an acquisition are overblown and sees a high quality business there in a strong position.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"CT was formed in 2015 when US based Columbia Management Group was merged with UK asset manager Threadneedle Investments. Richard Colwell was one of a number of high-profile fund managers to leave the firm since the merger, including a number from the European equities team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2021, CT bought BMO’s European, Middle East and African fund management business to expand its capabilities and funds under management. We typically treat corporate changes with caution, given the potential to cause disruption to existing teams. We're also mindful that there have been some significant departures from the company in recent times. We will continue to monitor the situation closely and update investors with our views.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Columbia Threadneedle believes well-managed companies that look to the future are better positioned to navigate the risks and challenges inherent in business. In recent years the firm has developed several proprietary tools, including a company rating system that combines an assessment of how well a company manages its “financial stewardship” with a view of how well it manages its ESG risks. Both aspects are combined into a single, forward-looking rating from ‘one’ to ‘five’. Our meetings with Threadneedle fund managers suggest the ESG tools are relatively well-used by the investment teams, and managers are generally aligned with the view that an understanding of ESG factors is essential if you want to get a full view of a company’s risk/reward profile. However, this fund is not managed to a responsible mandate.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s Active Ownership team coordinates voting and engagement activity. Engagement generally focuses on the current and emerging ESG issues that the team thinks will have the greatest impact on long term investment returns, the economy, the environment, and society.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team also undertakes event-driven engagement in response to unscheduled or controversial events. All engagement is tracked in a company-wide database and accessible to all research analysts and portfolio managers. Engagement progress and voting activity is reported to investors in a quarterly and an annual Stewardship report. The firm also produces frequent thought leadership and insight articles.","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 0.79%, but HL clients benefit from a saving of 0.01%, resulting in a net ongoing charge of 0.78%. Part of this saving is provided through a 'loyalty bonus', which is tax-free in an ISA or SIPP. However, it 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 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":"Since Jeremy Smith became lead manager of the fund in November 2022 he has done a good job for investors, although this is still a relatively short time period. The fund has delivered returns of 25.81% over this period, ahead of the FTSE All Share’s 20.36% return, and the 19.08% return 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 year, the fund has delivered a return of 18.50%, performing better than the FTSE All Share’s 15.75% return, and the 15.58% return from the IA UK Equity Income peer group average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the fund’s investments in the industrials sector, as well as its underweight allocation to energy companies have been contributors to performance compared to the index. The fund’s underweight allocation to the financials sector, on the other hand, has proved a headwind to performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 3.59%. Yields are variable and are not a reliable indicator of future income. 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","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s higher quality approach and focus on valuation means that we expect it not to fall as much as some other funds during down markets. ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers work as part of a broader UK equities team at Artemis that we rate highly.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund was recently added to 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/a/artemis-uk-smaller-companies-class-i-accumulation/key-features"},"content":[{"nodeType":"text","value":"Artemis UK Smaller Companies","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to grow an investment over the long term by investing in the smaller parts of the UK stock market. The valuation focused approach means the fund invests differently to many of its peers in the IA UK Smaller Companies sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Smaller companies typically have more growth potential than larger ones, though they can be more volatile and higher risk. Companies of this size are often overlooked by analysts, meaning there are plenty of opportunities for investors prepared to scratch below the surface.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund could add diversification to the UK portion of an adventurous global portfolio or could complement a UK focused portfolio orientated towards larger, more established businesses. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has recently been added to 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":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is co-managed by Mark Niznik and Will Tamworth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Niznik began his career at Legal & General in 1985, followed by a stint as a private client fund manager at Greig Middleton & Co. In 1992, he joined Perpetual, working on a range of UK smaller companies products. He then moved to Standard Life Investments in 2002 to work as a small and mid-cap fund manager, running a UK Opportunities strategy from its launch. In 2007, he joined Artemis and became co-manager of the UK Smaller Companies fund alongside seasoned investor and Artemis co-founder John Dodd. In January 2011, Dodd stepped back and Niznik became sole manager of the UK Smaller Companies fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tamworth began his career at Citigroup as an equity research analyst in the UK small and mid-cap team. He moved to Liberum in 2009, where he continued to work in small- and mid-cap equity research, specialising in support services. He then joined Artemis in 2015 and in March 2016 became co-manager of the UK Smaller Companies fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a positive view of both managers, however given Niznik’s vast experience of investing in smaller companies, at present, our conviction in this fund is based on his continued involvement.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers believe smaller companies possess lots of growth potential. They aim to use their experience to uncover hidden gems, and then benefit from investing in them as they compound in this under researched part of the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Niznik and Tamworth look for businesses that are leaders in their markets and have a good degree of visibility of their future earnings. These businesses should have strong balance sheets to support their growth and be driven by capable and experienced management teams. They should also be cash generative, and trade at attractive valuations, offering investors the prospect of good returns in the future. Not every stock will fulfil each of these criteria, so the managers are pragmatic in forming an overall view on how well a company fits the bill. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers won’t invest in companies that are pre-revenue because of their focus on cash generation. They are also sceptical about the prospect of investing in small businesses with very ambitious growth projections attached to their future performance expectations. The outcome of this process is a value style bias.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This process leads them to a portfolio of 60-90 stocks, with individual company position sizes generally not exceeding 3% of the fund. In terms of sector allocations, consumer discretionary and industrials are currently the largest exposures, representing 28.0% and 25.6% of the fund respectively. Online card platform, Moonpig and financial services business Alpha Group are among the fund’s largest individual positions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have made some changes to the fund in recent months. They added a position in record management company, Restore, following the return of its previous CEO who they rate highly. They also invested in Victorian Plumbing, an online bathroom and plumbing products business. They feel the company is attractively valued considering its significant online market share and has a good runway of growth ahead of it. ","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, with the managers working as part of a UK equities desk that we rate highly. Fund managers at Artemis are required to invest their own money into their funds, so they benefit when their investors do.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Niznik is a partner at Artemis, which is a private company, so receives a share of the profits and is subject to a long term incentive plan. 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. ","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. Recent meetings with the managers of this fund suggest ESG is an important factor, though the fund is not managed to a responsible mandate.","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.","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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an annual ongoing fund charge of 0.86% but through HL, clients can secure an ongoing saving of 0.09%, reducing the net ongoing charge to 0.77%. This reduction is paid as a loyalty bonus, which could be taxable if held outside of an ISA or SIPP wrapper. The HL platform fee of up to 0.45% a 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":"Since Mark Niznik became lead manager of the fund in January 2011, the fund has delivered returns of 258.89%*, compared with 182.87% for the IA UK Smaller Companies peer group average. Past performance isn't a guide to the future. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a value focused investment strategy. Its higher quality approach and focus on valuation means that we expect it not to fall as much as some other funds during down markets, providing some shelter from the worst of market falls. However, this does mean we think the fund could lag its growth focused UK smaller companies peer group in a strongly rising market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has delivered returns of 17.92%, performing better than the 14.68% return from the IA UK Smaller Companies sector average. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that software services business, Beeks Financial Cloud Group, and bathroom and kitchen design and supply company, Norcros have been among the main contributors to the fund’s performance. 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trust in 1991","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has increased the dividend it’s paid to investors for 58 years","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust aims to provide long-term growth in income and capital by mainly investing in large UK 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/c/city-of-london-investment-trust-ord-25p"},"content":[{"nodeType":"text","value":"City of London Investment Trust","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to provide long-term growth in income and capital by mainly investing in large UK companies. Job Curtis looks for companies that generate plenty of cash to pay dividends and are conservatively run, in his view. This trust could form part of an income portfolio or a broader portfolio looking to add investment in larger UK companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When investing in closed-ended funds you 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":"Job Curtis has managed City of London Investment Trust since July 1991. This length of tenure is rare to see. He began his career in 1983 as a graduate trainee at Grieveson Grant stockbrokers, before joining Cornhill Insurance as an assistant fund manager from 1985 to 1987 and then Touche Remnant as a unit trust and investment trust manager. Following Henderson’s acquisition of Touche Remnant he subsequently joined Henderson in 1992. He works within a well-resourced and experienced team which includes highly regarded income investors such as Alex Crooke and Ben Lofthouse.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"David Smith is deputy manager of the trust. Smith has managed the Henderson High Income Trust since 2013, the UK portfolio of The Bankers Investment Trust since 2017 and has worked with Job Curtis for a number of years.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust invests in good quality, well-managed companies, which can be bought at a reasonable share price and contribute to the trust’s dividend. Job Curtis believes companies with sustainable and rising dividends will see their share prices grow over time. He likes larger, more stable companies which often have multinational operations that are robust enough to weather economic storms and still pay dividends. This provides UK investors with exposure to global growth through the trust’s overseas revenues. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Curtis mainly invests in UK companies, although he can invest up to 20% overseas when he finds good opportunities. As of June 2024, 10% of the trust was invested in companies listed overseas, down from 15% a year earlier. This is the result of the manager’s view that UK shares offered better value than their overseas equivalents, with most of this being invested in larger companies within the UK.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, Curtis added general insurer Aviva to the trust’s holdings on the basis that it has scope to grow both volumes and margins and generate lots of cash. The trust’s investment in wealth manager St James’ Place was reduced in size following the profit warning and dividend cut.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust also borrows money to invest with the intention of increasing returns (sometimes known as gearing) which increases risk. At the end of the trust's last financial year in June 2024, gearing stood at 7.1%, up from 6.2% a year earlier. The manager can also use derivatives, which if used adds risk. ","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 Environment 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 Governance and Responsible Investing team, which has existed since 2010, provides centralised support on voting, engagement and ESG research.","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 history is published annually, fund-by-fund, 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.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We feel ESG is considered when the manager researches companies, though 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 ongoing annual charge over the trust’s financial year to the end of June 2024 was 0.37%. 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 fee of 0.45% per annum (capped at £200 per annum for a SIPP and £45 for an ISA) also applies. Our platform fee doesn’t apply if held in a Fund and Share Account or in a Junior ISA.","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 could result in a higher dividend yield but can limit capital growth","marks":[],"data":{}},{"nodeType":"text","value":".","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has performed strongly over the manager’s tenure which began in July 1991 and it’s ahead of the FTSE All Share index* over that period. In recent years they have made effective use of revenue reserves built up in the good times, meaning the trust continued to increase the dividends paid to investors through the difficult coronavirus period. This was in spite of many UK companies cutting or suspending their dividends amid the uncertainty.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year, the dividend paid to investors increased by 0.5p to 20.6p per share, a rise of 2.5% which was fully covered by its revenues. This extends the trust’s record as the investment company that has increased its dividend each year for the longest period – now standing at 58 years. Past performance isn’t a guide to the future. Dividends are variable and not guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust's last financial year to the end of June 2024, the trust’s net asset value (NAV) rose by 15.6% with the share price rising by 11.3%. This compares with a return of 13.0% for the FTSE All Share index over the same period, and a 12.6% gain for the AIC UK Equity Income sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Among the biggest contributors to performance over the year were listed private equity business 3i, defence business BAE Systems and bank NatWest. Key detractors from relative returns over the year included wealth manager St James’ Place as well as the trust’s underweight positions in engine manufacturer Rolls Royce and energy business, Shell.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 0.67%, which compares to a 12 month average discount of 1.18%, and has a dividend yield of 4.80%. 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":"6NjIW29aZWna4KJSXpwMd7","type":"Entry","createdAt":"2024-12-03T09:48:50.757Z","updatedAt":"2024-12-03T09:48:50.757Z","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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Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Marlborough UK Micro-Cap Growth 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parts of the UK stock market ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They follow the same investment philosophy and process established by their highly regarded predecessor, Giles Hargreave ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers run a diversified portfolio of around 160 companies ","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":"IFSL Marlborough UK Micro-Cap Growth aims to deliver long-term growth by investing in some of the smallest companies in the UK, including those not listed on the London Stock Exchange. Companies of this size can be overlooked by other investors which can provide an opportunity for the managers to uncover hidden gems.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund could complement other investments focused on larger global or UK companies. Additionally, its growth focused investment style means it may work well alongside a ‘value' fund, investing in out-of-favour companies with the potential to recover. Smaller companies are higher-risk, and we believe they should only form part of a well-diversified adventurous portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Guy Feld has co-managed this fund since February 2012 and has decades' worth of experience analysing small and medium-sized companies. He is also co-manager of the Marlborough Global Innovation fund. In January 2021, Eustace Santa Barbara was appointed co-manager alongside Feld. He has over 17 years' experience in the industry and joined Marlborough in 2013 from Close Brothers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Collectively, the duo also manage Marlborough Nano-Cap Growth and Marlborough Special Situations, which also focus on UK smaller companies. Both managers have built up a good track record and they leave few stones unturned when it comes to finding small companies with big potential.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Feld and Santa Barbara like companies that are easy to understand and have the potential to grow significantly over the long term. Before any investment is made, they like to meet with company management and assess their quality.If these companies are successful, they will invest more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team also delves into a company's financial strength. Healthy balance sheets are preferred, and they don't like excessive levels of debt. They also consider growing companies that have a great product or service but appear to be ‘under-valued' due to short-term issues. Maybe they've missed a profit target, or the management team made some unpopular decisions. Either way, they must have the potential to turn things around and resume their growth trajectory.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers run a diversified portfolio of around 160 companies. Historically the managers have invested in over 250 but over recent years they have gradually reduced this number. This means they can invest more in their favourite companies as their conviction grows.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the end of October 2024, the fund had around 1.74% of its assets invested in unquoted companies. The managers have committed to not making further investments into the shares of unquoted companies, though the weight of existing unquoted investments in the fund can change as the fund size changes. Investors should be aware that investment in unquoted companies is higher risk, and they can be considerably less liquid (their shares are harder to trade) than those traded on established stock exchanges.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the manager have participated in the equity placing for travel and lifestyle company Ten Lifestyle, while reducing the fund’s position in media business, Future.","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, and 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 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":"Some Marlborough fund managers have suggested they’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":"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 0.78%, but we've secured a 0.09% saving for HL clients. That means a net ongoing charge of 0.69%. 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 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":"Since Feld began managing the fund in February 2012, it’s delivered returns of 225.15%* but hasn’t kept up with the returns of 260.14% generated by the FTSE Small Cap ex Investment Trust index. It has performed better than the 190.46% return generated by the IA UK Smaller Companies peer group average though. Past performance is not a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the fund has generated a return of 21.54%, lagging behind the 28.75% return from the FTSE Small Cap ex IT index. Our analysis suggests that the fund’s investments in the technology sector, and its underweight exposure to consumer defensive and industrial businesses have posed headwinds to performance over the period. On the other hand, the fund’s investments in the healthcare sector, as well as its lower exposure to economically sensitive and energy stocks contributed to performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We expect the fund to perform better than peers in a rising market, but to fall further during downturns. 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This trust could form part of an income portfolio or add UK exposure to a broader portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Murray Income Trust has been managed by Charles Luke since October 2006, with Iain Pyle appointed in September 2018 as his deputy. Luke and Pyle have the support of the UK equity team, and other regional teams at abrdn.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both managers help run other UK equity income funds at abrdn. Luke began his investment career in 1998 at Framlington Investment Management before joining Aberdeen in 2000. Pyle was formally an oil & gas analyst at Sanford Bernstein from 2007 and prior to this a management consultant at PwC. He joined Standard Life Investments in 2015. Aberdeen Asset Management and Standard Life Investments merged in 2017, creating Aberdeen Standard Investments (ASI), later rebranded to abrdn.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust mainly invests in larger UK companies, with some medium-sized and overseas companies. The managers focus on capital preservation and look for good quality companies, which can be bought at a reasonable share price and pay a dividend.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Luke believes that well-managed companies with sustainable and rising dividends will see their share prices grow over time. This combination could deliver both income and capital growth, though neither are guaranteed. Luke aims to manage risk by keeping the trust diversified, investing across a range of sectors. This approach and focus on quality companies and capital preservation has historically led to better performance in weaker markets, although nothing is guaranteed. Up to 20% of the trust can be invested in overseas companies when Luke finds good opportunities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager made some changes to the trust’s holdings over the last year. This included the addition of nine new investments including international bank HSBC, UK based housebuilder Berkeley Group and paper packing solutions provider Smurtfit Kappa. An overseas listed addition to the trust was Coca Cola Europacific Partners which the manager believes trades at an attractive valuation and gives exposure to a number of high quality consumer brands. Nine investments were also sold from the fund over the year. This included chemicals business Croda, where the manager lost conviction in the company’s long term strategy, and bank Standard Chartered where the manager preferred to be invested in HSBC.","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. At the end of the trust's last financial year in June 2024, gearing stood at 9.1%, down from 10.3% the year before. The manager can also use derivatives, which if used adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"abrdn is a firm well known for its commitment to ESG. Responsible investing has been part of the business since it set up its Corporate Governance team in 1992 and launched its first ethical fund in 1994. We like that the firm’s policy positions on a range of divisive issues, from plastics and tobacco to palm oil and biodiversity, are easily available on its website. The firm also produces frequent ESG-related thought leadership articles, a podcast series and an annual Stewardship report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’re pleased to see that the firm’s commitment to ESG has filtered down to the fund level. abrdn fund managers generally see themselves as owners of businesses, not investors, and stewardship is an important part of their investment processes. The firm exercises all voting rights and engages with management to encourage best practice. The firm’s comprehensive voting policy helps to achieve consistency across all voting activity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG and stewardship factors are included in every stock research note and each firm receives an ESG score, based on its ESG credentials and its ability to manage ESG risks. In fixed income, ESG risks are assessed and priced alongside other credit risks, and the managers encourage action that will reduce these risks. As with equities, each issuer receives an ESG risk rating. All managers have access to a central Sustainability Group, as well as specialist on-desk analysts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company runs several exclusions-based, sustainability focus and sustainability impact funds, which take its commitment to society, the environment, and other thematic investment goals a step further. This is not a specialist responsible or sustainably invested trust.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aberdeen Asset Management and Standard Life Investments merged in 2017, creating Aberdeen Standard Investments (ASI). In July 2021, the company changed name once again to abrdn to simplify and unite its business under one single brand. Since the merger, there have been changes to both investment processes and senior management at the firm, with both former chief executives leaving. There have also been a number of fund manager departures across the business. In 2022, the UK equity investment team was combined with the European equity team which saw five individuals leave the business. We think the team work collaboratively to share research and ideas with each other, and to debate and challenge stock decisions.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust's ongoing charge for the year ended 30 June 2024 was 0.50%, which is the same as the previous year's charge. Investors should refer to the latest annual report and accounts and Key Investor Information 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 account charge of 0.45% (capped at £200 p.a. for a SIPP and £45 for an ISA) per annum also applies. Our account charge doesn't apply if held in a Fund and Share Account or a Junior ISA. As investment trusts trade like shares, both a buy and sell instruction will be subject to our share dealing charges within any HL account except online deals in a Junior ISA.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has delivered similar performance to the FTSE All Share index over the manager’s tenure, marginally lagging it over this period since 2006. It has also increased the annual dividend every year since 1973, this 51 year record is one of the longest records of any UK equity income investment trust. Remember that past performance is not a guide to future returns. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year, the dividend paid to investors increased by 1p to 38.5p per share, an annual increase of 2.7%. All investments and any income they produce can fall as well as rise in value, so investors could get back less than they invest. This year’s dividend is partly funded by the trust’s revenue reserves with revenue per share coming in at 37.4p.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust's last financial year to the end of June 2024, its net asset value (NAV) rose by 9.9%, which was behind the FTSE All Share index return of 13.0%. However the trust’s share price return did not keep up with the increase in the trust’s NAV, only rising by 7.6%, reflecting a widening of the discount.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s financial year, its investments in pharmaceutical company Novo Nordisk and private equity business Intermediate Capital proved to be among its better performers. On the other hand, the investment in financial Close Brothers was a detractor from performance as the shares lost value when the FCA launched a review of motor finance practices in the industry.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 11.72% and has a dividend yield of 4.63%, although remember yields are variable and aren’t a reliable indicator of future 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[@ uk-funds-review-value-on-offer-but-where-should-investors-look]","articleType":"$d:props:data:authorArticles:0:fields:articleType","intro":"We look at the latest on the UK economy, how stock markets have been coping, and how our Wealth Shortlist funds have performed.","publishedDate":"2024-10-15","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$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":"5JQ2TR6cMDUab3Qldbo6uL","type":"Entry","createdAt":"2024-10-15T14:48:47.965Z","updatedAt":"2024-10-15T14:48:47.965Z","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":"There are lots of reasons to be positive about investing in the 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":" has been brought back under control, ","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":" are falling, and the UK economy is posting some decent growth figures.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But after a rocky first couple of months in government for Labour, recent headlines have been dominated by what tax changes Chancellor Rachel Reeves might make in the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/uk-autumn-budget-2024"},"content":[{"nodeType":"text","value":"2024 Autumn Budget","marks":[],"data":{}}]},{"nodeType":"text","value":" at the end of October.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. 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These stable, mature businesses have their attractions. But the result of depressed share prices among higher-risk UK smaller companies is that the FTSE Small Cap index is expected to have a higher ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yield","marks":[],"data":{}}]},{"nodeType":"text","value":" in 2025 than both larger and medium-sized companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors therefore have the chance to invest in businesses with the potential to grow rapidly and blossom into the giants of tomorrow, while also receiving a dividend while they wait. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Importantly, for each of these indices, dividends are expected to be more than twice covered by earnings – a key measure of how sustainable a dividend is.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have the UK 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":" selections delivered mixed performance over the past year, and we tend to expect this from such a wide range of funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in funds isn’t right for everyone. 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","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 managers of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/a/artemis-income-class-i-accumulation"},"content":[{"nodeType":"text","value":"Artemis 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 sustainable income, though there are no guarantees. We view this as a more conventional UK equity income fund that could work well alongside other asset classes in an income focused portfolio.","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":"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 this 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 pan 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 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 over eight decades of investment experience between them and have developed a strong working partnership at Artemis. They’ve been investing through good times and bad and we think they’re one of the best teams in the business. We have a high level of conviction in Frost, Shenton and Marsh.","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. This means the management trio look for businesses they believe can pay a stable and sustainable 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 fund is invested in larger companies, with around 86.3% of its assets currently invested here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of sector exposures, financials account for the largest weighting at 32.1%, followed by consumer discretionary and consumer staples stocks at 25.5% and 11.0% respectively. The managers make use of their ability to invest up to 20% of the portfolio into businesses listed outside of the UK, with around 6.7% of the fund currently invested abroad.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the managers have made some changes to the fund’s investments. This included adding to their existing positions in retailer Tesco, with the managers feeling the business is well positioned competitively and is offering attracting returns through a combination of dividends and share buybacks. They also added to the fund’s investment in energy business SSE, feeling the business has a long, underappreciated runway of growth from the energy transition ahead of it. On the other hand, they sold the fund’s position in metals and mining company, Boilden, over concerns around its cash generative potential over the medium term.","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. Recent meetings with the Artemis teams we back on the Wealth Shortlist suggest ESG is an important factor. However, this fund is not managed to a responsible mandate.","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.","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":"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 fund has an annual ongoing charge of 0.80%. Investors using the HL platform will benefit from a discount of 0.21%, to pay 0.59%. The saving is achieved through a loyalty bonus which may be taxable if the fund is held outside of an ISA or SIPP. The HL platform charge of up to 0.45% a 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":"The fund has significantly outperformed the broader FTSE All-Share Index since Adrian Frost took over as manager in 2002. Over the last 10 years, the fund has also done well and performed strongly for its investors. Over this period, its delivered returns of 95.63%, ahead of the FTSE All Share return of 83.62%. Past performance isn't a guide to future returns. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has delivered returns of 18.42%, some way ahead of the 13.40% return generated by the FTSE All Share index over the same period.Our analysis suggests that the fund’s investment in private equity business 3i, whose strong performance has been driven by discount retailer Action, has been one of the key contributors to performance. Supermarket, Tesco and NatWest bank have also been good performers for the fund. On the other hand, weaker performers in the fund have included footwear business Dr Martens and luxury fashion group Burberry which has faltered following errors in execution of its strategy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are optimistic about the fund’s prospects and the opportunity set available to them. 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The fund could form part of an income-focused investment portfolio, or part of a broader portfolio looking to add investments in UK companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has been co-managed by Ciaran Mallon and James Goldstone since May 2020 when they took over responsibility for the fund from previous manager Mark Barnett.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mallon began his investment career in 1994 at HSBC where he was an investment analyst. In 1999, he moved to United Friendly Asset Management to become a fund manager, before joining Invesco in 2005.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Goldstone began his career in 2001 at Credit Lyonnais working in pan European equity sales, before moving to UK focused equity sales roles at HSBC and Dresdner Kleinwort. 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They aim to build a fund made up of companies operating across a range of sectors, capable of flourishing in different economic environments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The income generating potential of the fund is important and so the managers aim to run the fund at a yield premium to the FTSE All Share index. While UK equity income funds mainly invest in UK companies, up to 20% can be invested in overseas companies. Mallon and Goldstone make use of this flexibility, with around 10.5% of the fund currently invested in businesses listed overseas. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently has one investment in an unlisted company, Allied Minds, accounting for 0.12% of the fund’s value. The weight of unquoted investments can change as the fund size changes. Investors should be aware that investment in unquoted companies is higher risk, and they can be considerably less liquid (their shares are harder to trade) than those traded on established stock exchanges.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have made a number of changes to the fund’s investments over the last 12 months, this has included increasing investments in the industrials, financials and energy sectors. This included new investments in London Stock Exchange group as well as in industrial business, Rotork. Pharmaceutical company AstraZeneca was sold from the fund. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have the flexibility to use derivatives which adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both Ciaran Mallon and James Goldstone are based in Henley alongside the rest of the UK equities team. The wider UK team work together closely, creating a collegiate environment where challenge and debate is encouraged. The managers are given autonomy to invest the way they see fit but enjoy and can make use of the resources that come with being part of a large organisation.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The approach to ESG integration differs between investment teams at Invesco. However, all teams are supported by a centralised team of ESG professionals, located in three regions; the US, Asia and EMEA. The Global ESG team is responsible for ensuring ESG best practice is upheld across the firm including through investment team ESG integration, research, voting and engagement. The team also supports the distribution team with client engagement and advises the product teams on ESG innovation. Invesco also has dedicated ESG specialists within certain individual investment teams, who are closely connected with the Global ESG team. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fund managers leverage insights from a wide range of third-party research and service providers and have access to Invesco’s proprietary ratings tool, ESGintel, which provides data and insights on a large number of companies across the globe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s ESG approach, engagement case studies and headline voting records are all available in the annual ESG Investment Stewardship report. They also offer a voting dashboard which allows a user to view how each fund voted on each resolution. However, no voting rationale is provided.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While consideration of ESG related investment risks is integrated across the firm, this fund is not managed to an ESG mandate and therefore the risk and reward of any investment in the fund is most important.","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 fund charge of 0.87%. The HL platform fee of up to 0.45% a year also applies, except in the HL Junior ISA, where no account charge applies. The annual charge is taken from capital rather than income generated, which could boost 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":"Since Mallon and Goldstone became managers of the fund in May 2020, the fund has delivered performance of 68.46%, marginally ahead of the 67.10% return from the FTSE All Share index over the same period. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the fund has delivered returns of 23.47%, performing better than the FTSE All Share index which generated a return of 21.33%. Our analysis suggests that over this period, the fund’s investments in retailer Next and Barclays bank have been among the key contributors to the fund’s performance. On the other hand, the fund’s investments in utilities and energy proved to be a headwind to performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 3.81%. 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Navy","titleAndPath":"Investing in artificial intelligence (AI) – the risks behind the algorithms, plus 2 fund ideas [@ investing-in-artificial-intelligence-ai-the-risks-behind-the-algorithms-plus-2-fund-ideas]","articleType":"$d:props:data:authorArticles:10:fields:articleType","intro":"Looking to invest in AI but worried about the risks? Here’s what AI investors need to know and 2 fund ideas to help capture opportunities.","publishedDate":"2024-09-30","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1tL5QCLXpcIHCXKSQzlHXU","type":"Entry","createdAt":"2024-09-30T16:16:09.812Z","updatedAt":"2024-09-30T16:16:09.812Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":22,"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":"When we think about the risks of artificial intelligence (AI), many picture a dystopian future where machines take over the Earth – a scenario straight out of a sci-fi film. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While this dramatic vision grabs our attention, it distracts us from a host of other important ethical issues surrounding AI. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AI has the potential to be a powerful tool that enhances our lives by automating tasks, personalising things like education and healthcare, and increasing our understanding of the world around us. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, it could also make privacy a thing of the past, threaten international relations and reinforce discrimination. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here’s what AI investors need to know about the potential risks.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The unintended impacts of AI","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Deepfakes and fake news","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Deepfakes use AI to create realistic but fake audio or video recordings, often altering existing footage to misrepresent someone’s words or actions. These clips can be used to spread misinformation, create fake news, or damage reputations. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As deepfakes become easier to create and more convincing, they could undermine public trust in genuine media, causing people to doubt real news and information. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This growing scepticism could help misinformation flourish, making it harder for society to have productive discussions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Worse still, if a deepfake misrepresents political leaders or events, it could incite tensions and undermine trust between nations, potentially even leading to conflict.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Mass unemployment","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AI systems and robotics can carry out increasingly complex tasks more quickly and cost effectively than human workers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AI-powered robots are already transforming factories worldwide. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tools that can monitor and analyse production line processes in real-time, predict equipment failures and use historical data to suggest solutions, are becoming common on factory floors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many other jobs could face being displaced by AI in the not-too-distant future as well, including customer service representatives, computer programmers, graphic designers and journalists. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As AI develops, it’s likely to claim more and more jobs over time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A report released earlier this year suggested that in a worst-case scenario, almost eight million jobs could be lost to AI in the UK alone. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Privacy and surveillance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AI can process data at extraordinary speeds, accomplishing in seconds what would take human analysts years. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the wrong hands, AI could be used to collect personal data without consent, leading to serious privacy violations and misuse of information. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Governments and companies could also use AI-powered tools to monitor people, suppress personal expression and influence the way they make purchasing decisions, or even the way they vote.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Discrimination","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AI systems learn by being fed vast amounts of data, and if that data reflects existing society-wide race, gender or socioeconomic biases, the algorithm will carry those biases too. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If an AI system is used in hiring, for instance, it could discriminate against particular groups by favouring CV’s that resemble those of historically successful candidates. ","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Accountability","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When AI systems make decisions independently, it can be difficult to work out who’s responsible when they malfunction, or produce unexpected results – whether it’s the developers, the users, or the company that deployed the system.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the same time, AI is advancing at a pace that outstrips most people's understanding, and global regulators are scrambling to keep up. That means that issues of AI liability are complex, and often not covered by an existing legal framework.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Balancing innovation and responsibility","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Without comprehensive government regulation, it’s crucial that companies regulate themselves. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors have an important part to play, both by pushing AI companies to adopt rigorous ethical standards. But also by advocating for policymakers to establish a regulatory framework that promotes responsible AI development.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alternatively, you can invest in a fund with a manager that thinks similarly to you. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fund managers often have big stakes in companies. It means they can make their voices heard on a range of issues that could benefit investors – including AI ethics.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"2 fund ideas","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these 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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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, country-level ESG risks can be just as important and move stock market prices. That’s because they can significantly impact the stability and growth potential of investments within those nations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here’s what investors need to know about ESG risks across developed and emerging economies and why the higher risks of investing in emerging markets can be worth taking, if you manage them carefully.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. Investments can rise and fall in value, so you could get back less than you invest. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Countries like Norway, Germany and New Zealand are leading the charge in switching to renewable energy sources to reduce their dependence on fossil fuels. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Developed countries tend to enforce stringent environmental regulations, thereby helping to manage risks like climate change, pollution and biodiversity loss.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wealthier countries can also adapt better to environmental changes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Netherlands, for instance, has invested billions in flood defences and water management systems in response to rising sea levels. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nations in South Asia, for example, face significant risk of droughts, floods and rising temperatures, which can devastate crops and livelihoods.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"S","marks":[],"data":{}},{"nodeType":"text","value":"ocial risks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Social factors like education, healthcare, and community relations are crucial for building a healthy, motivated, and skilled workforce. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Scandinavian countries, like Sweden and Denmark, are renowned for their robust welfare systems, which help reduce risks like inequality and health crises.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Less developed countries often face high levels of poverty and inequality, exacerbating social tensions and hindering economic growth. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This instability, combined with weaker healthcare and education systems, makes these regions more vulnerable to crises and less attractive for investment. 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[@ our-3-uk-fund-ideas-is-there-still-opportunity-in-the-uk-stock-market]","articleType":"$d:props:data:authorArticles:10:fields:articleType","intro":"Back in May we picked out 3 UK fund ideas, but what’s changed since then and is there still opportunity in the UK?","publishedDate":"2024-09-20","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1aObiynaosrFah1vA1ZpMW","type":"Entry","createdAt":"2024-09-20T12:34:51.200Z","updatedAt":"2024-09-20T12:34:51.200Z","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":"A recent Bank of America fund manager survey is showing that the UK market is now the most favoured by investors in Europe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We called it back in December – the UK was one of the markets we highlighted in our 2024 outlook, and our UK investing campaign in May showcased some of the best investment ideas investing in the domestic market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent years, 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":" has fallen out of favour with investors. This is perhaps not surprising given the level of political uncertainty, and if there’s one thing investors dislike, it’s uncertainty. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But after a chaotic couple of years in Westminster, there’s optimism that the UK could be set for some stability. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A Labour government elected with a sizeable majority means there’s a much lower risk of a sudden change of political direction, and that’s one less thing to worry about for investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This isn’t personal advice or a recommendation to invest. Remember, all investments and any income they produce can fall as well as rise in value – you could get back less than you invest. Yields are also variable and no income is ever guaranteed. If you’re not sure 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":". ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Look on the bright side","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK economy is posting some decent growth, with GDP rising by 0.7% and 0.6% in the first and second quarter of 2024. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Services, and in particular, the IT industry, legal services and scientific research have led the way over the period. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors in the UK stock market have also enjoyed some decent returns so far this year. The FTSE All Share index has delivered returns of 11.29%*, with the average fund in the IA UK All Companies, UK Equity Income and UK Smaller Companies sectors delivering performance of 10.86%, 11.74% and 12.65% respectively. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"There’s still value on offer","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies listed in the UK have traded on a discount to their international peers for a number of years. And despite its recent good run, the UK is still out of favour with a lot of investors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK stock market trades on a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/price-to-earnings-ratio"},"content":[{"nodeType":"text","value":"price-to-earnings (PE) ratio","marks":[],"data":{}}]},{"nodeType":"text","value":" of 11.7, offering better value than the 14.1 ratio for Europe (excluding the UK) and 21.0 for the US and Canada.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think there’s still lots to like about investing in the UK stock market, and attractive valuations are a great starting point. It’s also still one of the highest-yielding stock markets and we expect it to stay an attractive market for income-seeking investors. 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The fund could form part of an income-focused investment portfolio, or part of a broader portfolio looking to add investments in UK companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the beginning of April 2024, Adrian Gosden and Chris Morrison became managers of this fund, replacing previous manager Ben Whitmore. Gosden and Morrison joined Jupiter in January 2024 as a result of Whitmore’s plans to leave the business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gosden started his career as a strategic consultant at Anderson Consulting, before joining Fleming Investment Management as an analyst. He then joined Société Generale Asset Management as a fund manager, before moving onto Artemis, spending 13 years co-managing the UK income fund. In 2017, he joined GAM and also ran a UK income fund there, 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. When Gosden joined the business in 2017, they launched a UK income fund, which they co-managed together. In January 2024, Morrison left GAM to join Jupiter.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After Ben Whitmore was replaced as manager in April 2024, we removed the fund from the Wealth Shortlist. Our conviction in the fund largely lay with Whitmore and we expect the fund’s philosophy and style to be different under Gosden and Morrison. We think Gosden and Morrison are capable and experienced investors so we will continue to monitor the fund, but we currently have higher conviction in other managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to generate both income and growth and achieve a higher return than the FTSE All Share index over the long term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A key focus for the managers is the ability of companies to generate free cash flow. By understanding how cash generative a company is, they can form a view on the likelihood of a company being able to pay a growing dividend to its shareholders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers also conduct research on the industries that companies operate in. This includes analysing the competitive landscape, relationships with customers and suppliers as well as the regulatory environment. Meeting with company management is also an important part of the process. This helps the managers assess the quality of company leadership, the strategy they’re employing, their approach to ESG (Environment, Social and Governance issues) and their track record of delivery.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This results in a portfolio of 50-60 investments across a range of different sectors, with around 80% of the fund invested in larger companies, and the remaining 20% in medium-sized and higher-risk smaller companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since becoming co-managers, Gosden and Morrison have made some changes to the fund. This includes selling the investments in overseas-listed companies like Nokia, Ralph Lauren, Harley Davidson, Bayer and Intel on the basis that there are better opportunities in the UK. While UK equity income funds mainly invest in UK companies, up to 20% can be invested in overseas companies. 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They believe this will benefit investors over the long run, but this autonomy comes with an appropriate level of challenge from others in the business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jupiter is a listed company, traded on the London Stock Exchange. Employees’ bonuses are paid in part in deferred cash, and part in Jupiter shares which are released over time. This encourages a long-term focus, which we believe aligns managers’ goals with those of their investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jupiter’s approach to ESG is fund manager led, so the fund managers themselves are responsible for implementing ESG in their investment decisions. They typically approach ESG issues with a materiality-based approach, meaning they focus on ESG risks most material to each company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm also subscribes to several third-party data providers (including Sustainalytics, RepRisk, ISS and MSCI) which offer information that fund managers can use in their research. Where red flags are raised, the managers investigate. Fund managers work closely with central ESG experts on ESG integration, engagement, and proxy voting and the fund managers’ commitment to these topics is a consideration in their annual appraisals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like that engagement is not delegated to a separate department. Instead, the fund manager who made the decision to invest in the company leads engagement activity directly, allowing more meaningful and relevant engagement. More information about the firm’s ESG policies and engagement case studies can be found in its annual Stewardship report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm offers a small number of exclusions and sustainability-focused funds, including the longstanding Jupiter Ecology fund, and there is a controversial weapons exclusion applied to all Jupiter funds.","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 fund charge of 0.94% but through HL, clients can secure an ongoing saving of 0.34%, reducing the net ongoing charge to 0.60%. Part of this reduction is paid as a loyalty bonus, which could be taxable if held outside of an ISA or SIPP wrapper. The HL platform fee of up to 0.45% a year also applies, except in the HL Junior ISA, where no account charge applies. Part or all of the annual charge is taken from capital rather than income generated, which could boost 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":"Over the last five years, the fund has delivered returns of 30.65%*, behind the FTSE All Share’s 32.37% return. However, as Gosden and Morrison only took over management of the fund in April 2024, most of this performance is attributable to the fund’s previous manager. Gosden and Morrison are value focused, contrarian investors, but have historically invested more in smaller and medium-sized companies, which are higher risk than larger firms. 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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 Aviva Investors UK Listed Equity Income fund aims to generate a combination of income and growth over the long term. This includes a target to deliver an income greater than the FTSE All Share index over rolling three year periods, and a greater total return over rolling five year periods. The fund could form part of an income focused portfolio, or part of a broader portfolio looking to add investments in UK 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 Kunal Kothari, supported by Trevor Green on an interim basis.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kothari joined Aviva Investors in February 2024 to become lead manager of this fund, he also has lead analyst responsibilities for the consumer discretionary sector. Kothari started his career at Schroders and subsequently worked at Santander Asset Management, Merian Global Investors and Colombia Threadneedle on UK strategies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Green is Head of UK equities at Aviva and also has sector coverage responsibilities for IT & Communication Services. Green started his career at Capel Cure Myers before also spending time at Credit Suisse Asset Management and New Star Asset Management.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers target generating an income of more than the FTSE All Share index, alongside capital growth over the long term. They do this through investing in companies they believe are of a good quality, trading at an attractive price, and have the potential to pay a growing dividend over the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They look to invest in 40-60 companies with predictable, stable cash flows that could deliver capital growth and income through the market cycle. Lots of these are large companies, many with global operations. That means their success can depend on the state of the global economy, not just how well the UK does. The managers also invest more than the index in medium-sized companies, which have the potential for higher growth but can add risk compared to their larger counterparts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since becoming manager of the fund, Kothari has made some changes to its investments. He’ s increased the fund’s investments in areas like energy, banks and pharmaceutical companies and reduced allocations to financial services, utilities and insurance businesses. New positions in the fund have included the likes of retailers Pets at Home and Dunelm and hospitality business Whitbread.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the culture at Aviva is a collegiate one with lots of support and collaboration from investors around the business. Managers enjoy and can make use of the resources that come with being part of a large organisation. Fund managers are rewarded based on one and three year performance, and bonuses are paid out over a period of time, which encourages a long-term commitment to both unit holders and the parent company. Managers are rewarded in Aviva shares as well as cash, which we like as it signals a commitment to the firm which is positive for investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aviva is widely recognised as a leader in responsible investment. It was a very early adopter of the Principles for Responsible Investment and Environment Social and Governance (ESG) is deeply embedded in the firm’s culture and investment decision making. They have a team of more than 30 ESG analysts who produce ESG research to assist fund managers and maintain the firm’s proprietary ESG scoring tool.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm monitors, engages with, and, where appropriate, intervenes, on matters than can have a material impact on the long-term value of their clients’ investments – issues such as board diversity, human rights abuses and greenhouse gas emissions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The rationale for each vote against management or abstention is made public in a voting history report, updated monthly, and engagement case studies are available throughout the website. The firm also produces a significant number of detailed and thought-provoking articles on various ESG-related topics. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aviva offers a range of funds that aim to meet the needs of responsible investors, including a sustainable transition fund range linked to the United Nations Sustainable Development Goals (SDGs). While this fund isn’t part of this range,we think ESG risks are considered as part of the investment process. All Aviva Investors funds exclude weapons, tobacco, UNGC violators (unless structured engagement is ongoing) and thermal coal, arctic oil and oil sands producers (unless they have a Science Based Target aligned with a ‘well below 2°C by 2050’ scenario. ","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 0.81%, but a discount of 0.32% is available for HL investors, which reduces the charge to 0.49%. The saving is achieved through a loyalty bonus which may be taxable if the fund is held outside of an ISA or SIPP. 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":"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":"Over the last 10 years, the fund has performed marginally better than the index, delivering returns of 85.81%*, ahead of the FTSE All Share’s 83.93% return. However, as Kothari only joined Aviva in February 2024, most of this performance is attributable to the fund’s previous managers. Past performance is not a guide to the future however, so there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the fund has delivered returns of 16.84%, ahead of the 13.54% return from the FTSE All Share index. Our analysis suggests that over this period, the fund’s investments in industrials and financials businesses have been among the largest contributors to the fund’s performance. On the other hand, the fund’s underweight exposure to energy companies compared to the benchmark and its exposure to utilities proved to be headwinds for performance. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 4.10%. Income isn’t 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":"AV1Yz0FtfWL3pnIFq0MdK","type":"Entry","createdAt":"2024-08-28T13:54:17.379Z","updatedAt":"2024-08-28T13:54:17.379Z","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,"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":"Jul 19 – Jul 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support of a well-resourced team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in medium-sized companies, often considered the ‘sweet spot’ between company growth potential and maturity ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s performed better than its benchmark index since Bullas became its manager in 2013 ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund 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":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/ftf-martin-currie-uk-mid-caps-accumulation"},"content":[{"nodeType":"text","value":"FTF Martin Currie UK Mid Cap","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to deliver income and capital growth over the longer term. The managers invest in medium-sized companies within the FTSE 250, often considered the ‘sweet spot’ between company growth potential and maturity. It’s home to some great domestic companies and also those that do business internationally. This fund could be a useful option as part of the UK portion of an adventurous portfolio or work well alongside funds investing in large or higher-risk smaller UK businesses to achieve broader UK stock market exposure.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Richard Bullas has co-managed the FTF Martin Currie UK Mid Cap fund since 2013 and took over as lead manager in July 2020. He began his career in accountancy audit before moving to Aviva as an analyst. He joined Rensburg Fund Management, which later became Franklin Templeton Fund Management, in 2000. Bullas became a fund manager in 2006 and has covered the UK small and medium sized companies’ sector for most of that time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bullas is also involved in the FTF Martin Currie UK Smaller Companies and FTF Martin Currie UK Managers Focus funds. There are some similarities between these funds, and we think he’s able to comfortably manage his commitment to each.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bullas has the support of a strong team at Martin Currie, and they collectively have a lot of experience. We believe the fund is in good hands under Bullas. He has a strong track record investing in smaller companies, and we believe investing in medium-sized companies is a natural and achievable extension of his abilities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bullas and his team hunt for businesses with strong growth potential. Their process centres around two key pillars – quality and valuation. This sets a high bar for companies to make it into the fund and aims to mitigate three key risks: business, financial and management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of quality, the team looks for companies whose earnings are sustainable over the long run, such as those with brand power and hard-to-replicate advantages. Management teams are essential to a company’s success so they must have a strong track record of delivery and be incentivised appropriately. These companies also need to be financially robust, so they look for companies that are highly cash generative and avoid those with lots of debt.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the team has evaluated a company’s quality, they assess how attractively it’s valued. As long-term investors they want to understand the stock’s upside and downside potential. The team typically forecast the potential share price returns over the next three to five years. If the share price is attractive enough to benefit from these returns, they will invest.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund invests in a relatively small number of companies, typically between 30-50. There are currently 30 companies in the fund. This means each one has the potential to make a meaningful difference to performance, both positively and negatively, which can increase risk. Companies are sold if they graduate into the larger FTSE 100 by growing in value. While the fund mostly invests in medium-sized companies, Bullas can also invest in smaller companies, which adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the manager has added a new investment in renewables infrastructure specialist Foresight Group. Bullas expects the business to be a beneficiary of increased allocations to private markets. He also added Coats, the threads specialist to the fund, with the manager optimistic that the business is seeing an improving market backdrop and a more favourable business cycle.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bullas and the team are based in Leeds. They have a collegiate culture, with lots of collaboration and support for each other. The team is part of Martin Currie, an asset manager within the wider Franklin Templeton group, so they enjoy the resources that come with being part of a large organisation. The Leeds office operates like a boutique fund group though, as the managers are given the freedom to invest largely without interference.","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 (Environmental, Social and Governance) 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 ESG, thematic investing and impact. All investment teams have access to a dedicated Global Sustainability Strategy team, which tracks emerging themes, shares industry best practice and conducts independent analysis. 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. They also vote at shareholder meetings wherever possible, informed by three third-party voting advisors. The firm publishes regular ESG-focused articles and a comprehensive annual stewardship report. It also outlines its voting activity on a fund-by-fund basis, although voting rationale is not available.","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 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":"The fund has performed well since Bullas became co-manager in September 2013. From then until the end of July 2024, the fund has delivered returns of 99.15%*, compared with 89.00% for the FTSE 250 ex Investment Trust index. 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 hasn’t kept up with its benchmark though. Over this period, the fund has delivered a return of 15.36%, lagging the 18.47% return from the FTSE 250 ex IT index. Our analysis suggests that over this period, the fund’s investment in industrial business Genuit Group and housebuilder Redrow were among the biggest contributors to performance. In contrast, the investments in retailers Pets at Home Group and Watches of Switzerland were among its worst performers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bullas is optimistic that a period of political stability in the UK should provide businesses and investors with confidence and improve sentiment towards our domestic market. He believes housebuilders, and their supply chains, are one area which could benefit. In particular, those focused on affordable housing which is particularly aligned with the government’s objectives.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think Bullas has the experience, skill and team support to deliver good long-term returns to patient investors, although there are no 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","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 concentrated portfolio of high-quality UK companies that generate lots of cash and have stood the test of time. This gives each holding the potential to make a big difference to the fund’s performance, but it’s a higher-risk approach. The fund could be an option for the UK part of a broader global investment portfolio. A focus on large, high-quality companies means the fund 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 three decades of investment experience. Train was previously Head of Global Equities at M&G Investment Management, and before that he 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":"Alongside this fund, Train is co-manager of the Lindsell Train Global Equity fund and lead manager of two investment trusts. Given the high degree of coverage overlap between the four portfolios, and the fact they all use a similar investment process, we think this is a reasonable workload. Train also has the support of an experienced and highly regarded team, including fellow co-founder Michael Lindsell.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Train is supported in running the fund by deputy portfolio manager, Madeleine Deguchi-Wright who has been with the business since 2012.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund isn’t on the Wealth Shortlist. It was previously on the Wealth 50 (available prior to the Wealth Shortlist), but we made the decision to remove it as the Lindsell Train business owns (including via this fund) a significant number of shares in Hargreaves Lansdown plc. This was done to avoid any potential conflict of interest. ","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 and analyses companies with a time horizon of a decade or longer in mind. This buy and hold approach he adopts means he makes very few changes to the fund year on year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are some areas of the market that Train invests a significant proportion of the fund into. Financial services, beverages and personal goods companies account for 23.1%, 19.2% and 14.3% of the fund respectively. The fund’s largest holdings are data and analytics business RELX, information services company Experian and financial markets and infrastructure provider London Stock Exchange Group. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note, the fund has an investment in Hargreaves Lansdown plc.","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 see some progress has been made following our engagement and will continue to monitor this.","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 0.65%, but a discount of 0.15% is available for HL investors, which reduces the charge to 0.50%. 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.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has performed very well since its launch in July 2006, delivering returns significantly greater than the FTSE All Share index. Over this period, the fund has delivered returns of 422.30%, well ahead of the FTSE All Share’s 192.50% return*. Past performance should not be viewed as a guide to future returns. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests 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. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year the fund has delivered a return of -1.48%, lagging behind the 13.54% return delivered by the FTSE All Share Index. Our analysis suggests that financial services business Hargreaves Lansdown and data and analytics company RELX were among the fund’s strongest performers. In contrast, luxury goods manufacturer Burberry Group and alcoholic drinks manufacturer Remy Cointreau were among the fund’s weaker performers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment styles go in and out of favour, that’s why we suggest investors build diversified portfolios with exposure to a variety of styles, sectors, countries and asset classes. 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Investment into ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/exchange-traded-fund"},"content":[{"nodeType":"text","value":"Exchange Traded Funds","marks":[],"data":{}}]},{"nodeType":"text","value":" (ETFs) with climate-related strategies surged by 16% in 2023 to $540bn. This was driven by continued inflows, product development, and a rising market. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Clearly, there are strong and real investment opportunities in climate solutions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More investors are looking to capitalise on these opportunities by investing in companies working to slow climate change or adapt to it. This might be in sectors like clean energy, electric vehicles, carbon capture and storage, and flood defences. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors can now access a variety of funds that target both early-stage tech innovations and the physical rollout of low-carbon infrastructure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are two promising funds that offer an opportunity to invest in the exciting field of climate solutions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these 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 ","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, use the links to their factsheets and key investor information.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6VHEJWhJxVWh8JuRCNWGaU","type":"Entry","createdAt":"2024-07-30T13:04:53.775Z","updatedAt":"2024-07-30T13:04:53.775Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BKT89K7","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Ninety One Global Environment Fund","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/n/ninety-one-global-environment-class-i-gbp-accumulation"},"content":[{"nodeType":"text","value":"Ninety One Global Environment Fund","marks":[],"data":{}}]},{"nodeType":"text","value":" invest in companies they believe contribute to positive environmental change through sustainable decarbonisation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Almost half of the fund is invested in the industrials sector. This includes Contemporary Amperex Technology, the Chinese battery manufacturer and technology company otherwise known as CATL.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Batteries are key for storing renewable energy and one of the main uses of CATL’s batteries is for electric vehicles. Last year, CATL announced a partnership with car manufacturer Ford to help it scale up battery capacity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2023, the global electric vehicle battery industry saw a 38.6% year-on-year increase. This trend could create significant opportunities for companies like CATL.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note that the fund invests in relatively few companies. 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These range from resource efficiency and sustainable transport to water management and cleaner energy. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Resource efficiency is a key theme because of the need to increase energy efficiency by around 4% per year to limit global warming to less than 1.5°C.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Under this theme, the fund invests in Trane Technologies, a world leader in air conditioning systems and services. The company also makes an innovative type of heat pump which is 300% more efficient than the system it would replace.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nearly half the fossil fuel gas consumed in the UK each year goes on heating. Heat pumps take heat from the ground or external air and transfer it either to water or internal air using electricity instead of burning gas or oil.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Heat pumps are a key climate solution, so much so that the UK is targeting the installation of 600,000 heat pumps per year by 2028. The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/2024-labour-government"},"content":[{"nodeType":"text","value":"new Labour government","marks":[],"data":{}}]},{"nodeType":"text","value":" has indicated its support for a rapid national heat pump rollout. Companies in this field, like Trane Technologies, could benefit from this market expanding.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund's focus on small and medium-sized companies adds risk. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers only invest in companies with products or services fitting the themes of clean energy, water, pollution abatement and healthcare. So, there will be limited numbers of companies which fit these themes and this limitation might constrain growth compared to other funds which can invest in the broader market universe.","marks":[],"data":{}}]}]},"emailSignUp":"false"}}],"authors":["$d:props:data:authorArticles:27:fields:authors:0","$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:10:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6qe48bXYpmujOQ6BcZWt3M","type":"Entry","createdAt":"2024-07-30T13:04:53.808Z","updatedAt":"2024-07-30T13:04:53.808Z","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":"2 fund ideas to invest in climate change solutions | Hargreaves Lansdown","seoMetaDescription":"The shift to net zero and roll out of green technologies is accelerating in key sectors. 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Market reaction was relatively muted given Labour’s victory was largely expected.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There were a number of pledges in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/labour-manifesto-2024-what-it-means-for-your-money"},"content":[{"nodeType":"text","value":"Labour’s manifesto","marks":[],"data":{}}]},{"nodeType":"text","value":" that could impact investors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"New Prime Minister Keir Starmer committed to keeping the triple lock pension and ruled out increasing income tax, National Insurance and VAT for most people. Although he hasn’t ruled out changes to capital gains tax (CGT) or pension tax relief.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4rf4FtgczCRNyxGJGweHcO","type":"Entry","createdAt":"2024-07-30T08:53:23.017Z","updatedAt":"2024-07-30T08:53:23.017Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"image":false,"position":"Pull out right"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"nDeH2pZSEi340IcgTmFrb","type":"Entry","createdAt":"2024-07-30T08:53:23.050Z","updatedAt":"2024-07-30T08:53:23.050Z","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":"This article isn’t personal advice. If you're not sure if an investment is right for you, ask for financial advice. All investments and any income they produce can 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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Calmer waters ahead?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After a chaotic couple of years in Westminster, there’s optimism that the UK could be set for some stability. Investors don’t like uncertainty. So, a stable government with a much lower risk of a sudden change of political direction means there’s one less thing to worry about.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK economy is also on an upward trend. 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":" has finally fallen back to target – ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/uk-inflation-remains-at-2-whats-next-for-savings-rates"},"content":[{"nodeType":"text","value":"prices rose by 2% for the year to June 2024","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is good news, but parts of the economy are still seeing significant price rises. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some areas of the services sector, from restaurants to hairdressers, are still seeing prices rise quicker than the headline level of inflation. Because of this, 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":" are now expected to cut rates just once this year from their current level of 5.25%.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"48wc30tijuYgMHZvgwChXo","type":"Entry","createdAt":"2024-07-30T08:53:23.152Z","updatedAt":"2024-07-30T08:53:23.152Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"image":false,"position":"Pull out right"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"176XvA9vq1H3ftREGMfjFh","type":"Entry","createdAt":"2024-07-30T08:53:23.185Z","updatedAt":"2024-07-30T08:53:23.185Z","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 UK economy is also growing faster than expected. Strength in services and housebuilding drove growth of 0.4% in May, sending the pound to its highest level against the US dollar in almost a year.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Has sentiment towards the UK market now troughed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors are putting their money in the mid cap part of 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":" (representing medium sized companies), with three consecutive months of inflows. The first time this area of the market has seen inflows since November 2022.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Generally, smaller and medium-sized companies get a greater share of domestic revenues from UK consumers than bigger companies do. So, we think positive flows in this part of the market is a sign that investors are feeling more optimistic about UK prospects.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This comes on the back of lots of pessimism towards the UK from investors in recent years. For the last three years, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" investing in the UK have been the least popular with investors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2021, funds in the IA UK Equity Income sector were the least popular, and in 2023 and 2022, the IA UK All Companies sector was the least popular. In fact, for eight of the last 10 years, UK funds have been the most disliked by investors. Recent data is showing that finally, things could be changing.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2FkPudtnw7k1WXnHmR79ci","type":"Entry","createdAt":"2024-07-30T08:53:23.201Z","updatedAt":"2024-07-30T08:53:23.201Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockInfoBox"}},"locale":"en-US"},"fields":{"title":"Sign up for Fund insight","infoSummary":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Receive expert fund insights direct to your inbox every week, including research, investment articles and in-depth sector reviews. ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"ctAs":[],"position":"Pull out right","style":"fill"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4rvadoEC9M7Z8avLTdobHi","type":"Entry","createdAt":"2024-07-30T08:53:23.257Z","updatedAt":"2024-07-30T08:53:23.257Z","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":"How have the UK 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":" selections delivered mixed performance over the past year, and we tend to expect this from such a wide range of funds. 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Investors should only invest if the fund’s objectives align with their own, and there’s a specific need for the type of investment being made. Investors should understand the specific ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/risk"},"content":[{"nodeType":"text","value":"risks","marks":[],"data":{}}]},{"nodeType":"text","value":" 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 portfolio.","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For more details on each fund and its risks, see the links to their factsheets and key investor information.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3AmVdVMsZ40dt2OUlr4wtx","type":"Entry","createdAt":"2024-07-30T08:53:23.351Z","updatedAt":"2024-07-30T08:53:23.351Z","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":"UK Growth ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The best performing fund in the UK Growth section of the Wealth Shortlist over the last year was the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/fidelity-special-situations-class-w-accumulation"},"content":[{"nodeType":"text","value":"Fidelity Special Situations ","marks":[],"data":{}}]},{"nodeType":"text","value":"fund returning 19.08%*. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by the experienced Alex Wright, employing a contrarian approach and focusing on unloved companies which makes the fund different from some peers. Wright is a disciplined ‘value’ investor and has stuck to his style through thick and thin.","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/n/ninety-one-uk-sustainable-equity-class-j-income"},"content":[{"nodeType":"text","value":"Ninety One UK Sustainable Equity","marks":[],"data":{}}]},{"nodeType":"text","value":" was the weakest performer of our UK Growth Wealth Shortlist selections. 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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/a/aegon-ethical-equity-class-b-accumulation"},"content":[{"nodeType":"text","value":"Aegon Ethical Equity","marks":[],"data":{}}]},{"nodeType":"text","value":" 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 the fund could be a good addition to the UK section of an ethical portfolio, designed to limit or exclude investments in industries some find immoral, such as tobacco or alcohol. It 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 experience and longevity at Aegon mean she's co-manager on some other funds including the Aegon Ethical Cautious Managed Fund and the Aegon UK Sustainable Opportunities fund. She also supports the managers of the Aegon Global Sustainable Equity Fund and the Aegon UK Smaller Companies Fund. We think this workload is manageable for someone of her calibre. She's also got the support of the broader Aegon UK Equity team, including the fund's back-up manager Elaine Morgan.","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. The most recent results in 2023 indicate strong support for the current approach. The next investor survey is due in early 2025.","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":"Genetic engineering - companies that have patented genes","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":"After this screening, 50 of the companies that feature in the FTSE 100 index, and 120 of the companies that feature in the FTSE 250 are uninvestable for the fund. Of the remainder, 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 it's worth, and how it’s been valued in the past.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, Ryan has made some changes to the portfolio. She added a new position in online rail and coach ticket platform, Trainline with Ryan seeing further growth to come from eticket penetration. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the fund has a holding in Hargreaves Lansdown plc.","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 now known as Aegon Asset Management again.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In September 2020, Aegon completed an integration process which allowed the former Kames Capital business to leverage the expertise and research capabilities of the broader Aegon group, while 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. A few years on the changes appear to have bedded in well, although we will continue to monitor this. We're also mindful that there have been some significant departures from the company in recent years, although none have significantly impacted the UK Equity team, which has remained stable. We continue to monitor the situation closely and will write to investors if our views change.","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 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 line up for more than thirty 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 25% 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 5% by 2029. Companies involved in controversial weapons, or that earn more than 5% of their revenues from tobacco or oil sands 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 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. 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":"50 of the UK's 100 largest companies are excluded from the fund's investment universe for ethical reasons. The fund therefore 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 its performance can differ to that of more conventional UK equity funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ryan has done a good job for investors over the long term, outperforming the FTSE All Share index since she became manager of the fund in January 1999. Over this period, her fund has delivered returns of 417.17%*, well ahead of the FTSE All Share index return of 296.11%. Past performance isn’t a guide to the future. Like all investments, the fund can fall as well as rise in value, so investors could lose money.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has delivered a return of 18.89%, ahead of the 12.98% return generated by the FTSE All Share Index. Our analysis suggests that the fund’s investments in financial services businesses JTC and NatWest Group have been among the largest contributors to performance. In contrast, high tech products and services company Oxford Instruments was a key negative contributor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests more than the index in sectors like technology, consumer discretionary and industrials which gives the fund a growth tilt.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, Ryan has done well over the long term, handles the constraints of managing an ethical fund well and we think she has the potential to do a good job for patient investors in the future, although there are no 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The fund’s ethical approach makes it different to many other income funds. 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 good 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":"Hugo Ure has managed the Troy Trojan Ethical Income fund since launch in January 2016. Prior to joining Troy in January 2009, he worked at Kleinwort Benson, where he was an equity analyst and involved in portfolio management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ure has the support of Troy’s equity income team, which includes Blake Hutchins, manager of the Troy Trojan Income fund, and two dedicated analysts. We feel this is an appropriate level of resource. Troy’s wider 14-strong investment team also work collaboratively with a shared approach to investment. This ensures only the best ideas from across Troy get into the fund. We think the team’s experience, track record and sensible approach means they have the potential to deliver good long-term results for investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ure was previously co-manager of the Troy Trojan Income fund but handed that responsibility over to experienced equity income manager Hutchins at the end of 2021. This allows Ure more time to focus on his work as a responsible investor.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All Troy funds are run with one overriding aim – to shelter investors’ money from the worst stock market falls and increase its value over the long term. Their conservative approach means Troy funds mostly focus on high-quality companies, which tend to hold up better in times of stock market stress.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ure and his team only invest in companies they thoroughly understand, with sustainable advantages over the competition, such as a unique product or service that rivals struggle to copy. This should allow them to generate strong cash flows over the long term, and this could support the company as it reinvests for future growth and pays dividends to shareholders. They avoid companies with high amounts of debt, and those that rely on acquiring other businesses to grow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager won’t invest in companies with significant exposure to areas deemed unethical, such as those with significant involvement in armaments, tobacco, pornography, fossil fuels, alcohol, gambling and high interest lending. He also conducts Environmental, Social and Governance (ESG) analysis on each company to achieve a deeper understanding of the risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once the team’s identified a company that meets their criteria, and passes the ethical screens, they consider its financial strength, how managers’ interests are aligned with those of shareholders and, finally, whether its shares are available at an attractive price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While a large part of this fund invests in the UK, it isn’t in the IA UK Equity Income sector. That’s so the team can maintain flexibility and invest part of the fund overseas, particularly if they can’t find enough income opportunities in the UK that meet their ethical and quality criteria.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently invests around 79% of its assets in UK companies. The remainder is primarily invested in the US and Switzerland. The team won’t generally invest more than 30% of the fund overseas, and it will always have a significant focus on, and have at least 60% of its assets invested in UK businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, Ure has added a new investment to the fund, buying shares in information services company, Informa. The manager believes the company’s valuation is attractive given its diversified growing business and cash generative nature.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager has the flexibility to invest in smaller companies and use derivatives which if either or both are used 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. The majority of the business is owned by management and employees. We like this structure as it shows the fund managers are focused on the long term and aligned with their investors’ interests.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company employs a stable investment team of 14. There is a core philosophy which runs through all Troy funds’ processes – a focus on sheltering investors’ money from the worst stock market conditions. Troy does not manage a large range of funds, instead sticking to a few key areas of strength.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In March 2024 it was confirmed that Lincoln Peak Capital, a private equity firm, had bought a minority stake in Troy Asset Management. They have purchased their stake in the company from the Weinstock family, who previously were the largest external shareholder of the firm. This isn’t expected to have an impact on how the funds are managed and as part of the transaction, employees have increased their overall ownership of the company.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the fund level, the exclusions mean the fund won’t invest in sin stocks, such as tobacco and alcohol producers, and the ESG-related risks and opportunities of each company are considered during the investment process. We believe ESG is comprehensively integrated in this fund, and that the ESG-related processes are robust. Where the manager feels there’s room for improvement amongst the companies he invests in, he’ll engage with them. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Troy has been formally incorporating ESG into its investment processes for several years but came from a very strong starting point. The firm’s always been focused on the sustainability of returns and is a long-term investor. In recent years Troy’s investment team has formalised the way it incorporates ESG and the way it talks to investors about it. ESG is integrated using a materiality-based approach, meaning the managers focus on the issues they deem to be most material. 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 a vote against. 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 statistics and case studies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s annual ongoing charge is 1.02% but we've secured HL clients an ongoing saving of 0.15%. This means you pay a net ongoing charge of 0.87%. This is a little higher than other equity income funds on the Wealth Shortlist and investors should be mindful this sets a higher hurdle for the manager to deliver positive returns. The HL annual platform charge of 0.45% also applies, except in the HL Junior ISA, where no platform fee applies. 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":"Since launch in January 2016, the fund’s risen in value by 52.12%*, underperforming the FTSE All Share index return of 81.46% over the same period. 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, so it hasn’t kept pace. Past performance isn’t a guide to future returns.","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.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the fund has delivered a return of 9.00%, lagging the FTSE All Share index return of 12.98% over the same period. Our analysis suggests that the fund’s investments in InterContinental Hotels Group and data solutions business RELX have been among the main contributors to its performance. On the other hand, investments in wealth manager St James’s Place and chemicals business Croda have been among the key detractors.","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. 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This is a 3.8% increase on the previous year","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":"Edinburgh Investment Trust invests mainly in larger UK companies with an aim to provide a return in excess of the FTSE All Share index over the long term. 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 Aprill 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. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As with any investment trust the board oversee the management of the company for its shareholders. With five members it has a broad range of financial and investment experience which should ensure it’s able to hold the trust managers to account.","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 a small allocation to overseas companies. 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 50 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 2024, Sattar made a number of changes to the portfolio. This included an investment in US data analytics business Verisk Analytics, and the UK listed bank, Lloyds. In order to fund these new additions to the trust’s portfolio, Sattar reduced the trust’s investment in the likes of defence company BAE Systems, and bank Standard Chartered.","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 (the end of the trust’s financial year) was 3.1%, down 1.6% from a year earlier. In addition, there may be some investment 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":"In recent years, Liontrust has acquired several smaller asset management companies. 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":"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. Some managers have chosen to fully integrate ESG, while others are still developing their approach.","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":"They publicly disclose all voting decisions on a quarterly basis, although no rationales are provided. They also communicate their voting intentions to companies and engage with them on issues of contention to encourage change.","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 March 2024 was 0.53%. Investors should refer to the latest annual reports and accounts, and Key Investor 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% per annum (capped at £200 per annum for a SIPP and £45 for an ISA) also applies. Our platform fee doesn’t apply if held in a Fund and Share Account or in a Junior ISA. Part or all of the annual charge is taken from capital rather than income generated, increasing the potential for your investment’s capital value to be eroded.","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 our ","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":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the 12 months to the end of March 2024, the trust’s NAV rose 13.4%, while its share price rose 8.9%. This compares with a return of 8.4% for the FTSE All Share index. Please remember that past performance isn’t a guide to future returns. The difference between the trust’s share price return and the NAV return is explained by a widening of the discount the trust trades on. This is despite the trust buying back 8.5% of the shares outstanding at the start of its financial year, which had the effect of boosting NAV by 0.8%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over this period, the main contributors to the trust’s performance were retailer Marks & Spencer, defence company BAE Systems and utility company Centrica. Not all of the investments in the portfolio performed well though. The trust’s investments in miner Anglo American and industrial business RS were among its weaker performers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The board has proposed a total dividend for the year to the end of March 2024 of 27.20p per share. This is a 3.8% 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 3.30p 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 trades on a discount of 9.29% to its net asset value (NAV) and has a dividend yield of 3.75%. 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this fund update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Liontrust UK 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2023","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s style has evolved to become more growth orientated and invested to a greater extent in larger companies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager looks to invest in growing companies with strong economic moats that protect them from the competition","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 fund 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. The managers primarily hunt in the FTSE 100 and FTSE 250 but also have the flexibility to invest in higher-risk smaller companies. ","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 became a co-manager of this fund in July 2019. In Aprill 2022, Sattar 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":"In November 2023, vastly experienced fund managers Chris Field and James de Uphaugh stepped back from the fund ahead of their respective retirements. At this point, Sattar became sole manager of this fund and he’s now supported by the broader Global Fundamental investment team at Liontrust. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following these fund manager retirements, we ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-notifications/wsl/2023/wealth-shortlist-update-liontrust-uk-equity"},"content":[{"nodeType":"text","value":"removed the fund from the Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" in October 2023. ","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 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 for. 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 76.0% invested in businesses that feature in the FTSE 100. Industrials is the largest sector allocation in the fund at 21.3% of its assets, followed by Consumer discretionary companies at 16.9%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the manager has added a new investment to the fund in engineering business, Rotork, with Sattar optimistic on the company’s growth prospects. Energy company, Centrica has been trimmed in recent months with the manager preferring other investments on the basis that the business doesn’t have significant pricing power.","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. 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":"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. Some managers have chosen to fully integrate ESG, while others are still developing their approach.","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":"They publicly disclose all voting decisions on a quarterly basis, although no rationales are provided. They also communicate their voting intentions to companies and engage with them on issues of contention to encourage change.","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 a discount of 0.10% is available for HL investors, which reduces the charge to 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. 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":"Since Imran Sattar became sole manager of the fund in November 2023, the fund has delivered a return of 16.40%, ahead of the 15.55% return from the FTSE All Share index, but slightly behind the 16.76% return from the IA UK All Companies sector average. Investors should be aware that this is a very 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, the fund has delivered a return of 13.80%, lagging behind the FTSE All Share’s 15.44% return but beating the IA UK All Companies sector average return of 13.47%. Our analysis suggests that the fund’s investments in utility company Centrica and communications business 4imprint Group have been among its better performers. Not all of the fund’s investments have performed well though, pest control service provider Rentokil and wealth manager St James’ Place have been among the weaker performers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As expected following Sattar taking control of the fund, our analysis suggests that the fund’s style has evolved to become more growth orientated and invested to a greater extent in larger companies. 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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/t/troy-trojan-income-class-x-income"},"content":[{"nodeType":"text","value":"Troy Trojan Income","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to generate a combination of income and growth over the long term. But 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 makes him well placed to lead on this fund. He’s learnt from a number of excellent fund managers over his career to hone 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 of 14. 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 dividends paid to shareholders and could help the business reinvest for future growth. Companies may be able to achieve this with a sustainable competitive advantage over peers – known as ‘economic moats’. These serve as barriers to entry which are likely to deter potential competitors from entering the industry. The companies the manager invests in are often market leaders and dominant within their field.","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 40 holdings in the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A focus on high-quality companies and sheltering capital is consistent throughout Troy. It’s what makes their approach different to many others, meaning performance will also be different at times. This approach aims to provide a growing income and shield investors from the worst of market falls, though the fund may fail to keep pace with rapidly rising markets. Historically this has been the case, although this is no guarantee for the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year there have been some changes to the fund. This included the addition of the industrial company Halma to the portfolio on the basis of the company’s track record of delivering consistent growth. The manager has also trimmed the fund’s investments in positions like analytics company RELX and software business Sage following a period of strong share price performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2022, the fund left the IA UK Equity Income sector and moved into the IA UK All Companies sector having not met the minimum yield requirement to remain in the income sector. The manager focuses his attention on companies with the potential to sustainably grow income, rather than those paying a high income today. As a result, he believes this gives the fund the potential to deliver a higher level of dividend growth than the index over the medium term. It is important to stress that the process that the manager uses to find investments has not changed because of the change in sectors.","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. The majority of the business is owned by management and employees. We like this structure as it shows the fund managers are focused on the long term and aligned with their investors’ interests.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company employs a stable investment team of 14. There is a core philosophy which runs through all Troy funds’ processes – a focus on sheltering investors’ money from the worst stock market conditions. Troy does not manage a large range of funds, instead sticking to a few key areas of strength.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In March 2024 it was confirmed that Lincoln Peak Capital, a private equity firm, had bought a minority stake in Troy Asset Management. They have purchased their stake in the company from the Weinstock family, who previously were the largest external shareholder of the firm. This isn’t expected to have an impact on how the funds are managed and as part of the transaction, employees have increased their overall ownership of the company.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hutchins aims to identify and analyse factors which will impact the long-term profitability of a company, including environmental, social and governance (ESG) factors. Among other considerations, the team analyse the impact of climate change, pollution and waste, human capital and corporate governance. They maintain close interaction with company management to ensure that they are taking their ESG commitments seriously.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Troy has been formally incorporating ESG into its investment processes for several years but came from a very strong starting point. The firm’s always been focused on the sustainability of returns and is a long-term investor. In recent years Troy’s investment team has formalised the way it incorporates ESG and the way it talks to investors about it. ESG is integrated using a materiality-based approach, meaning the managers focus on the issues they deem to be most material. 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 a vote against. 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 statistics and case studies.","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 1.03%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.41%. This means you’ll pay a net ongoing charge of 0.62%. 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 0.45% per year also applies, except in a Junior ISA where no platform fee applies. 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 Hutchins became manager of the fund in October 2019, the fund has delivered returns of -2.01%*, compared with returns of 31.39% from the FTSE All Share index over the same period. Past performance should not be viewed as a guide to future returns. This is disappointing and we would have expected the fund to have performed better over this period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The interest rate rising cycle has proved a challenging period for the fund. Style headwinds have created a difficult environment with many of the companies that have performed well over the period not being stocks that Hutchins invests in on the basis of them not meeting his quality threshold. This hasn’t been helped by the manager also 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":"Over the last year to the end of May 2024, the fund returned 4.76%, lagging behind the 15.44% return from the FTSE All Share index. Over this period, our analysis suggests that the fund’s investments in consumer goods company Reckitt Benckiser and wealth manager St James’ Place have been among the most significant detractors from returns. Some of the fund’s investments have performed well though, with analytics business RELX and hospitality business InterContinental Hotels Group among the better performers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We continue to expect the fund to hold up better than the index in falling markets, and to lose ground in a rising market. There have been some brighter sparks in recent times, in each month the index lost money in 2023, the fund fell in value by less, offering the anticipated downside protection to investors. The fund could be an option for more conservative investors looking to protect themselves from the worst of stock market falls. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We also expect the fund to offer the potential for stronger dividend growth than some peers over time. At the time of writing, the fund has a historical yield of 3.01%. 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wealth-shortlist-update-schroder-income2]","articleType":"$d:props:data:authorArticles:0:fields:articleType","intro":"Kevin Murphy, co-manager of the Schroder Income fund, is to leave Schroders to pursue an opportunity 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Kirrage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Kirrage is co-head of the global value team at Schroders and has been with the business for over 20 years. He initially joined the company as a pan European research analyst and has since managed a range of income and recovery strategies. This includes the Schroder Income fund which he managed for a 12-year period from 2010 to 2022. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To enable Nick Kirrage to focus primarily on the Value Team’s UK portfolios, he will formally relinquish co-management responsibilities on a number of global funds. These Global Funds will continue to be managed and run by Simon Adler and Liam Nunn.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Existing co-manager Andrew Evans will continue to manage the fund alongside Kirrage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to provide income and capital growth over the long term by investing in a diversified portfolio of UK companies. 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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/new-funds/axa-wf-framlington-uk-class-l"},"content":[{"nodeType":"text","value":"AXA WF UK Equity","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to grow an investment by investing in UK companies of all sizes. It has more in higher-risk small and medium-sized companies than some peers, so could work well alongside funds focused on more established, larger companies. The manager's focus on high-quality companies means it could also sit well alongside value funds that invest in companies believed to be overlooked and undervalued.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Chris St John is lead manager of this fund. He joined AXA Investment Managers in 2005 and has lots of experience managing funds focused on small and medium-sized UK companies. The AXA WF UK Equity fund launched in 2016 and gives the manager freedom to invest in UK companies of any size.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He’s supported in managing the fund by Nigel Yates. Yates began his career as a financial analyst at NFU Mutual and spent 20 years with the business, progressing to fund manager over that period. He joined AXA in 2021 as a UK portfolio manager.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"St John and Yates are supported by the rest of AXA's UK Equities investment team and can also draw on the specialist knowledge of other fund managers from across the business where necessary.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager looks for themes that are likely to drive stock market growth over the long term and thinks about how they could change consumer behaviour. Then he identifies companies likely to benefit as those themes develop over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"St John and his team aim to invest in companies with specific characteristics, including high barriers to entry for competitors, the ability to raise prices without impacting demand for their products or services, and an experienced senior management team. They think the calibre of management teams is particularly important within small and medium-sized businesses because they can have a greater influence on the company's overall success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meeting those managers is a critical part of the team’s investment process. First-hand information and insight allows St John to test the quality of the company’s leadership, scrutinise their business model and evaluate the management team’s strategy to grow the business. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent months, the manager has added property development company Segro and landscaping, building and roofing products supplier Marshalls to the fund. Some positions have also been sold, including consumer goods company Reckitt Benckiser and oil and gas company Serica Energy.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company was formed in the 19th century, with the name AXA introduced in 1985. AXA bought specialist investment manager Framlington in 2005. AXA's investment culture is based on proactivity and collaboration, with research shared across AXA's equity investment teams. Chris St John is a well-incentivised fund manager who has remained loyal to AXA for a number of years and we think he's dedicated to the UK Equity team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the AXA WF UK Equity fund is an offshore fund so investors are not normally protected by the UK Financial Services Compensation Scheme.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"AXA has significantly improved its approach to ESG in recent years. The firm’s bolstered its team of ESG specialists with a significant number of new hires, split between a central team and the various investment teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm’s internal research, analysis and rating database provides ESG information on thousands of companies. The system considers the ratings awarded by a variety of different providers, with the aim to arrive at a more balanced view. The scores can be challenged by portfolio managers and amendments will be considered by the ESG Monitoring and Engagement Committee following a period of analysis and discussion.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tobacco producers, defence companies and violators of the UN Global Compact are excluded from AXA’s ESG integrated portfolios (around 90% of AUM), which includes this fund. Companies involved in controversial weapons, palm oil (those that haven’t achieved ‘sustainable palm oil’ status), soft commodities, coal and tar sands are excluded from all AXA IM portfolios.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm provides a good level of transparency on their voting and engagement work, which includes an annual Stewardship report, and frequent responsible investment-related articles.","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 fund charge of 0.77%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.18%, which means investors pay a net on-going charge of 0.59%. Our platform charge of up to 0.45% per annum 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":"Since the fund’s launch in 2016, it hasn’t performed as well as the broader UK stock market. Over this timeframe the fund has delivered returns of 47.56%*, lagging behind the 77.33% return from the FTSE All Share index, and the 59.01% return from the IA UK All Companies sector average. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the fund performed well for several years after its launch, the last few years have been difficult. It tends to invest more than the FTSE All Share index in medium and smaller-sized companies, which haven’t performed as well as larger companies in recent years. The fund’s growth bias has also posed a headwind as the value style of investing has held up better. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the fund has delivered returns of 4.30%, lagging behind the 7.50% return from the FTSE All Share index, and the 6.80% return from the IA UK All Companies sector average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that over this period, the fund’s investments in insurance company Prudential and consultancy business FDM Group have been among the most significant detractors from returns. Some positions have performed well over the period though. Marketing business 4imprint Group and review website business Trustpilot group have been among the largest contributors to performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that, for several years, the manager hasn’t consistently added value through stock selection. This is a key factor we analyse when assessing a fund manager, and represents their ability to pick strongly performing companies regardless of what size or sector they’re in. As a result, we have decided to remove the fund from the Wealth Shortlist. We will continue to monitor performance and let investors know if our views change.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7Fq8zJNjxLhQ4Xs1dkTdmx","type":"Entry","createdAt":"2024-05-30T15:28:41.925Z","updatedAt":"2024-05-30T15:28:41.925Z","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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marlborough-multi-cap-income-may-2024-update]","articleType":"$d:props:data:authorArticles:0:fields:articleType","intro":"In this fund update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Marlborough Multi Cap Income 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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":"The fund could add diversification to UK equity income funds focused on larger companies","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. These companies can offer greater growth potential because they’re at an earlier stage of their development, although this can also make them higher risk. Because 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. The focus on smaller companies increases risk and the potential for volatility.","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 Hargreave Hale in 2007 which is the investment manager to the fund. Hargreave Hale was bought by Canaccord Genuity in 2017, however there has been no change to the investment approach post-acquisition or since launch. Before joining he was an analyst specialising in UK and European smaller companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In October 2020 industry veteran Giles Hargreave stepped down as head of investment but retains a consultancy role within the Canaccord group. Longstanding colleague Richard Hallett replaced Hargreave, which ensures continuity of the investment approach.","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 sits in the IA UK Equity Income sector but invests differently from some peers as a result of its exposure to small and medium-sized companies. This approach follows from the manager’s philosophy that smaller companies tend to outperform their larger counterparts over time – although this is not guaranteed, and smaller companies carry greater risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Through conducting its own 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. 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 pay-out over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following analysis of financial statements and meeting companies’ management, Chand Lall is responsible for deciding how much to invest in each company. He prefers to hold a larger number of stocks in the fund than some peers. There are currently 102 stocks held in the fund. That’s a lot of holdings, but it 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 stocks. The manager has made some changes to the fund over the last 12 months, this included the sale of the fund’s investment in building services group T.Clarke following a takeover offer for the business. ","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 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, and has bolstered the quality of the ESG data available to it by incorporating insights from fund managers and analysts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some Marlborough fund managers have suggested they’d be prepared to sell a company if ESG concerns couldn’t be resolved. Even so, we believe Marlborough’s ESG integration is at a very early stage, and engagement activity is not as systematic as some peers","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 0.78%, but through Hargreaves Lansdown you can secure an ongoing saving of 0.19%. This means you’ll pay a net ongoing charge of 0.59%. Our 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":"Part or all of the annual charge is taken from capital rather than income generated, increasing the potential for your investment’s capital value to be eroded.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Siddarth Chand Lall's managed the fund since it launched in July 2011. In that time, he's delivered returns of 124.39%*, performing similarly to the return of 125.29% from the FTSE All Share index, and 124.64% from the IA UK Equity Income sector average respectively. As is typical of funds investing in smaller companies, returns have been volatile, especially compared with those focused on larger, more stable businesses. Past performance isn't a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months to the end of April 2024, the fund has delivered a return of 11.10%, performing better than the FTSE All Share index which rose by 7.50% and the IA UK Equity Income sector average return of 8.07%. Our analysis suggests that the fund’s investments in transport and logistics services business Wincanton and private equity company 3i Group were among the largest positive contributors to returns. In contrast, oil and gas business Diversified Energy Company and self-storage provider Safestore holdings were among the largest detractors from returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund has a historical yield of 4.62%. 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It’s different to most other funds in the IA UK Equity Income sector as it specifically 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 portfolio 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 managing the UK Responsible Income fund, Jones is co-manager of the Janus Henderson Global Equity Income and Global Responsible Managed funds. We think this is a reasonable workload, and there is some natural overlap between these funds. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jones is supported by the wider Janus Henderson Global Equity Income team, which is stacked with experience. Three members of the team – Job Curtis, James Henderson and Alex Crooke – have more than three decades of investment experience individually. Janus Henderson’s collaborative culture means Jones can make the most of the experience around him. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He also has access to a bank of analysts, many of whom cover UK companies. Overall, we think Jones has the resources required 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 companies in the UK. The focus is on large and medium-sized companies, although the manager does have the flexibility to invest in higher-risk smaller companies too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The investment process starts with a screen which excludes 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 (although companies generating power from natural gas may be allowed if the company's strategy includes a clear plan to transition to renewable energy power generation).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All investments must also be compliant with the UN Global Compact (a United Nations pact on human rights, labour, the environment and anti-corruption). The screening process is monitored and checked by Janus Henderson’s Ethical Oversight Committee and appointed third party Vigeo Eiris, one of the largest environmental, social and governance (ESG) research companies globally, so we’re confident there’s sufficient oversight.","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, 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 with 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 overseas exposure 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 though has fallen to 2.76%, reflecting the array of opportunities Jones sees in the UK market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last few months, the manager has sold the fund’s investment in wealth manager St James’ Place. This follows a now more uncertain outlook for the business in Jones’ view and the company now paying a lower dividend than in the past. He also took the opportunity to trim investments in some companies that had performed well, including private equity company 3i and software business, Sage.","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 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. The ESG Investments team carries out ESG analysis with a consistent methodology across markets with a focus on financial materiality","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 history is 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","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s annual ongoing charge is 0.85%. This is a little higher than other equity income funds on the Wealth Shortlist and investors should be mindful this sets a higher hurdle for the manager to deliver positive returns. 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":"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 186.42%*, compared with a return of 142.12% for the FTSE All Share index, representing the broader UK market. 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 6.14%, lagging behind the 7.50% return generated by the FTSE All Share index, and the 8.07% return generated by the IA UK Equity Income sector average.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the fund’s investments in private equity businesses 3i, and Intermediate Capital Group have been among the largest contributors to the fund’s performance. 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[@ the-rise-of-share-buybacks-what-do-they-mean-for-investors-in-2024]","articleType":"$d:props:data:authorArticles:10:fields:articleType","intro":"With near 40% of the FTSE 100 buying back shares in 2023, we ask expert fund manager Nick Shenton what they mean for investors.","publishedDate":"2024-05-23","categories":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2iCwlDaXowfjIF3WIQcu1Q","type":"Entry","createdAt":"2024-02-14T16:10:28.211Z","updatedAt":"2024-03-04T10:31:40.764Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":13,"revision":3,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Investing insights [@ news/investing-insights]","parentCategory":"$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"}},"$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"FwmUbfaAT5eIdlvbj7z8o","type":"Entry","createdAt":"2024-05-24T14:54:34.398Z","updatedAt":"2024-05-24T14:54:34.398Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":43,"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 UK is home to lots of world-class companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are international giants selling their goods and services across the globe that aren’t just reliant on the strength of the UK economy to thrive. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There’s also a diverse array of innovative higher-risk smaller businesses, some of which are pioneers of emerging industries with the potential to blossom into the giants of tomorrow. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Importantly, the UK market continues to trade at a material discount to other markets. And companies aren’t waiting for investors to wake up and realise, they’re taking action and buying back their own shares. Last year, nearly 40% 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":" bought back their own shares. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We recently spoke to Nick Shenton, Fund Manager of Artemis Income, about share buybacks and the key takeaways for investors. Remember these are the views of the fund manager and not a recommendation to buy, sell or hold any investment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. All investments, and any income from them, can fall as well as rise in value, so you could get back less than you invest. If you're not sure if 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":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, past performance isn’t a guide to the future. Yields are also variable and no dividend or share buyback is ever guaranteed.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1J8Wq6qoXUIOtaxSkvwIzK","type":"Entry","createdAt":"2024-05-24T14:54:34.503Z","updatedAt":"2024-05-24T14:54:34.503Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":19,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"heading":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"HL interview with Artemis fund manager Nick Sheldon","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]},"assetType":"video","youtubeEmbedCode":"HnZGbXUyffs","caption":"Joseph Hill speaks to Nick Shenton about why now could be a good time to invest in the UK.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7dUDn5EeU89wC1QNk5Zwvf","type":"Entry","createdAt":"2024-05-24T14:54:34.537Z","updatedAt":"2024-05-24T14:54:34.537Z","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":"What do share buybacks mean for investors? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies are in business to make money. If they make a profit, what are their options?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\"Our preferred definition of ‘profit’ is the cash left after everyone has been paid. (That ‘everyone’ includes the business itself – companies must reinvest to sustain their competitive positions.) ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We focus on cash not only because companies can use it to pay dividends, but also because it’s the unvarnished truth. In contrast, accounting profits often have a tendency to come presented under a thick layer of polish.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Business leaders then have two options of how to use those cash profits. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first is to give it back to shareholders, the owners of the business. The second is to keep it and reinvest in growing the value of the company. We like to see a mix of the two.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If a company’s management chooses to return those cash profits, a sustainable and growing dividend should be the foundational bond between the business and its owners. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Surplus profits over and above this can be returned to shareholders through one-off, ‘special’ dividend payments. Alternatively, if the company’s shares are clearly undervalued, it can use any surplus to buy back its shares. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both are good options – but they shouldn’t come at the expense of opportunities to invest in the new business opportunities or to acquire other companies that will enhance the business’ future cash profits. Good management teams are defined by their ability to weigh these options against one another and to consistently pick the right one.”","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why might a company decide to buy back its own shares rather than further increase its dividend?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"“Company leaders need to consistently perform a level-headed, logical appraisal to determine the best use of their shareholders’ cash. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our experience suggests that asking a company’s CEO whether their shares are undervalued is akin to enquiring of your local car dealer whether it’s time for an upgrade – you shouldn’t expect an unbiased opinion. When the numbers objectively say the return on equity from buying back shares is compelling, then we are inclined to agree with the CEO (and their car dealer). ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As investors seeking long-term dividend growth, we also try to keep in mind a secondary mathematical benefit of share buybacks. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whenever the number of shares in a company falls, then its profits are divided between fewer shares. In other words, management can ‘grow’ the earnings and cash flow per share by doing no more than simply deciding to buy back some shares. All else being equal, that should mean the company’s dividend per share also rises.”","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"How widespread are share buybacks across the companies you hold in the Artemis Income Fund and, as the manager of an income fund, which would you prefer, share buybacks or dividends?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"“This is where it gets interesting. Share buybacks are more prevalent in the UK than we’ve ever seen before (our team’s collective experience of investing in the UK market amounts to almost 90 years). ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the start of 2021, BP, Barclays and Pearson have reduced their share counts by 17%, 14% and 11% respectively. All of these companies are held in the Artemis Income Fund – and they are all pressing ahead with further buybacks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Why are all these buybacks happening now? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe we are currently witnessing a unique combination of factors: ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(1) The UK stock market trades at a historically low valuation ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(2) UK-listed companies have strong balance sheets ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(3) UK companies are generating substantial amounts of cash”","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"23 of the fund’s 46 holdings (or around 60% of the portfolio by value) have bought back their shares in the past 12 months. ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\"So, do we prefer buybacks or dividends? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Call us greedy, but we think that today’s low valuations and high cash generation make it possible for us to have our cake and eat it. We therefore look for secure, growing dividends, supplemented by share buybacks – provided that they are well covered by cashflows.”","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For long-term investors, what could share buybacks mean for returns?","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"“In the unlikely event that nothing changes – that the undervalued companies we invest in simply keep buying back their shares ad infinitum – then the logical outcome is that the Artemis Income Fund could end up owning the ‘golden share’ in those businesses. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, our clients would collectively control the final remaining share, conferring on them full ownership of some of the UK’s leading blue-chip companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If that sounds unlikely, that’s because it is. The much more likely outcome, however, is still extremely attractive. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If companies are to be deterred from buying back their (undervalued) shares, then their share prices will potentially have to rise, often significantly. In that event, the capital returns for those companies’ patient shareholders would be significant. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And, while we wait for share prices to catch up with their cash profits, we can simply continue to harvest their dividends. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last year, Tesco’s share buybacks meant that our fund increased its ownership of the company, and its future profits, by 5%, without having to spend a single penny. All the while, it paid our clients a 4% dividend yield. Every little really does help.”","marks":[],"data":{}}]}]}}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:10:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2w6YvIWBj3rf1ek3grxNrP","type":"Entry","createdAt":"2024-05-24T14:54:34.571Z","updatedAt":"2024-05-24T14:54:34.571Z","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":"The rise of share buybacks – what do they mean for investors in 2024? | HL","seoMetaDescription":"With near 40% of the FTSE 100 buying back shares in 2023, we ask expert fund manager Nick Shenton what they mean for investors.","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":"1M1UurOka1tELxTpgw6R6I","type":"Asset","createdAt":"2024-05-24T14:54:33.848Z","updatedAt":"2025-08-26T15:32:22.712Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":2,"locale":"en-US"},"fields":{"title":"Businessman using a mobile phone to check stock market data.jpg","file":{"url":"//images.hl.uk/vvl3z0p6qtad/1M1UurOka1tELxTpgw6R6I/4d408bbe4322a92863281c7640ce5175/Businessman_using_a_mobile_phone_to_check_stock_market_data.jpg","details":{"size":224701,"image":{"width":1260,"height":840}},"fileName":"Businessman using a mobile phone to check stock market data.jpg","contentType":"image/jpeg"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2R1GodipjE7MTtOodSImNA","type":"Entry","createdAt":"2024-05-22T15:19:08.086Z","updatedAt":"2024-07-11T09:08:56.584Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":27,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"College Red","titleAndPath":"Investing in the UK stock market – 3 investment trust ideas [@ investing-in-the-uk-stock-market-3-investment-trust-ideas]","articleType":"$d:props:data:authorArticles:10:fields:articleType","intro":"Looking for UK stock market investment ideas? Here are three expert investment trusts ideas.","publishedDate":"2024-05-22","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2pfiVTkxXYB3wEIndAAkRM","type":"Entry","createdAt":"2024-05-22T15:19:08.229Z","updatedAt":"2024-05-22T15:19:08.229Z","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":"When it comes to delivering consistent income growth, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/investment-trusts"},"content":[{"nodeType":"text","value":"investment trusts","marks":[],"data":{}}]},{"nodeType":"text","value":" hold an advantage over ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":". They can hold back up to 15% of their income when times are good – and dip into reserves to make up any shortfall when times are tougher. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They have greater flexibility to ease some of the shocks of 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":" to help maintain a rising income through periods of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#v"},"content":[{"nodeType":"text","value":"volatility","marks":[],"data":{}}]},{"nodeType":"text","value":". Lots of investment trusts boast impressive records of growing ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/dividends"},"content":[{"nodeType":"text","value":"dividends","marks":[],"data":{}}]},{"nodeType":"text","value":" paid to shareholders over the long term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are some great investment trusts investing in the UK that are currently trading at a discount to their ","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 values (NAV)","marks":[],"data":{}}]},{"nodeType":"text","value":",making it an attractive time to invest. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These trusts are invested in lots of market-leading companies selling their goods and services across the globe, so they aren’t just reliant on the strength of the UK economy to thrive.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these trusts isn’t right for everyone. Investors should only invest if the trust’s objectives are aligned with their own, and there’s a specific need for the type of investment being made. You should understand the specific risks of a trust before investing, and make sure any new investment forms part of 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":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This isn’t personal advice or a recommendation to invest. All investments and any income from them can fall as well as rise in value, so you could get back less than you invest. Past performance also isn’t a guide to future returns. Remember, yields are variable and no dividend is ever guaranteed. If you’re not sure 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":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Information correct as at 25 April 2024 unless otherwise stated.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of the investment trusts featured here have the flexibility to use ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#g"},"content":[{"nodeType":"text","value":"gearing","marks":[],"data":{}}]},{"nodeType":"text","value":" (borrowing money to invest), which increases risk if used because any gains or losses are amplified. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These investment trusts also have the flexibility to use derivatives, which increases risk if used.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"9YZLnBli99VWR5O9vONI4","type":"Entry","createdAt":"2024-05-22T15:19:08.269Z","updatedAt":"2024-05-22T15:19:08.269Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"0199049","investmentType":"investmentTrust","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"City of London – over half a century of dividend increases","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vastly experienced UK equity income investor Job Curtis has been managing this trust for more than 30 years. The trust aims to provide long-term growth in income and capital by mainly investing in large UK companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust invests in good-quality, well-managed companies, which can be bought at a reasonable ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/shares"},"content":[{"nodeType":"text","value":"share","marks":[],"data":{}}]},{"nodeType":"text","value":" price. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Curtis likes larger, more stable companies which often have multinational operations that are robust enough to weather economic storms. These companies need to generate plenty of cash to pay dividends now and be able to grow the dividends they pay in the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust holds the record for the investment company that’s increased its dividend each year for the longest period – now standing at 57 years. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recently, it’s made effective use of revenue reserves built up in the good times, continuing to increase the dividends paid to investors through the difficult pandemic period. This was despite many UK companies cutting or suspending their dividends during the uncertainty. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year, its dividend was fully covered again by revenues.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 2.35% and has a dividend ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yield","marks":[],"data":{}}]},{"nodeType":"text","value":" of 4.88%. ","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2XlaRgbD6rpIkAyPkgpgsV","type":"Entry","createdAt":"2024-05-22T15:19:08.291Z","updatedAt":"2024-05-22T15:19:08.291Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BWXC7Y9","investmentType":"investmentTrust","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Fidelity Special Values – focus on unloved companies ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manager Alex Wright employs a contrarian investment approach and invests in unloved large, medium-sized and higher-risk smaller companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright has over 20 years investment experience and is supported by a large, well-resourced team of investment professionals at Fidelity. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright invests in companies that are often ignored by other investors. Maybe they’ve missed a profit target, or the management team made some unpopular decisions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Either way, he must believe the company is on the road to recovery. As it improves, its share price should rise as other investors recognise the change. As the price rises, Wright gradually takes profits and moves on to the next unloved opportunity. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager's focus on unloved companies stands out from many other UK-focused investment trusts. While investment styles go in and out of favour, we like that Wright has never changed from his investment approach. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 9.94% and has a dividend yield of 3.02%.","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3XQ3xOdTFuvdy8EMunnUEQ","type":"Entry","createdAt":"2024-05-22T15:19:08.310Z","updatedAt":"2024-05-22T15:19:08.310Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"0580007","investmentType":"investmentTrust","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Merchants Trust – looking for higher yields","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manager Simon Gergelaims for long-term growth in income and capital by mainly investing in higher yielding UK companies. 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","publishedDate":"2024-05-17","categories":["$d:props:data:authorArticles:1:fields:categories:0","$d:props:data:authorArticles:1:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"67wAN0YpY7hc8sx3SS8no1","type":"Entry","createdAt":"2024-05-17T14:06:28.711Z","updatedAt":"2024-05-17T14:06:28.711Z","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":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Simon Gergel is an experienced income investor and has managed Merchants Trust since 2006","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust increased its dividend by 2.9% to 28.4p per share in the year to the end of January 2024, the 42","marks":[],"data":{}},{"nodeType":"text","value":"nd","marks":[{"type":"superscript"}],"data":{}},{"nodeType":"text","value":" 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":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/m/merchants-trust-plc-ordinary-25p"},"content":[{"nodeType":"text","value":"Merchants Trust","marks":[],"data":{}}]},{"nodeType":"text","value":" invests mainly in larger companies listed in the UK 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 resource 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 mainly invests in larger UK companies with small allocations to some overseas companies and higher risk smaller companies. As of the end of April, these stood at 3.8% and 2.4% 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 2024, the manager made some changes to the portfolio. Seven new positions entered the portfolio, with nine investments being sold. The additions included new positions in the likes of building materials business, Marshalls, car distributor Inchcape and Lloyds Banking Group. Defence business BAE Systems and fund management company, Ashmore, were among the investments sold.","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 average level of gearing in the year to the end of January 2024 was 13.8% of the trust’s assets. As of the end of January 2024, gearing stood at 12.3%, this is towards the lower end of the 10-25% range investors can expect gearing to sit in. The manager can also use derivatives, which adds risk.","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":"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 2024 was 0.55%. 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 fee of 0.45% per annum (capped at £200 per annum for a SIPP and £45 for an ISA) also applies. Our platform fee doesn’t apply if held in a Fund and Share Account or Junior ISA.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Part or all of the annual charge is taken from capital rather than income generated, increasing the potential for your investment’s capital value to be eroded.","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 213.25%* to investors, ahead of the FTSE All Share’s 177.60% return. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust’s last financial year, the dividend paid to investors increased by 2.9% to 28.4p per share, which was covered by its revenues The board have also increased the annual dividend every year for the last 42 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 2024, the trust’s net asset value (NAV) fell by 3.1% with the share price falling by 3.4%. This compares with a return of 1.9% for the FTSE All Share index over the same period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rising interest rates over the year impacted the trust’s performance and an underperformance of some companies more reliant on a positive economic backdrop. This also hurt the performance of some small and medium sized companies the trust is invested in. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the main detractors from the trust’s performance was its investment in wealth manager St James’s Place. The company made significant changes to its pricing structure in response to regulatory developments, impacting profitability and denting the manager’s confidence in the company’s outlook, leading to a sale of the position. Distribution company DCC was one of the main positive contributors over the year following increasing optimism about the position of the company’s energy business in aiding the transition of its customers away from fossil fuels.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a discount of 1.82% and has a dividend yield of 4.87%, 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":"5siPWSkHVDiBhYzlinGdkz","type":"Entry","createdAt":"2024-05-17T14:06:28.737Z","updatedAt":"2024-05-17T14:06:28.737Z","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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We think the fund could be a good option for the UK portion of a responsible investment portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Matt Evans began his career at Legal & General in 1998, with a focus on analysing smaller companies based in the UK. During his time with the company, he managed a range of institutional mandates before joining Colombia Threadneedle (CT) in 2013. At CT, Evans managed small and mid-cap funds investing in the UK as well as a sustainable equity fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Evans joined Ninety One in 2017 to manage the smaller companies fund and with the intention of launching a sustainable UK equity fund. This fund was launched in December 2018, and he's managed it since then. He’s an experienced investor with 25 years in the industry.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The structure of investment teams at Ninety One means that Evans collaborates and engages in debate with other UK investors, as well as with members of the sustainable investment team on company analysis. We think this adds rigour to the process and contributes to a positive investment environment.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Matt Evans wants to invest in companies making a positive contribution to society, the environment or both. The first step in identifying these businesses is excluding those whose activities result in significant negative impacts. Ninety One exclude companies directly involved in the manufacture and production of controversial weapons from their funds and to narrow the investable universe of UK stocks, some exclusions are applied at the fund level too. ","marks":[],"data":{}},{"nodeType":"text","value":"This rules out companies with significant involvement in sectors like tobacco, oil & gas and coal","marks":[],"data":{}},{"nodeType":"text","value":". Violators of the UN Global Compact principles (a UN pact on human rights, labour, the environment and anti-corruption) are also excluded. Overall, around a quarter of the FTSE All Share index by weight is excluded.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Evans then assesses companies across three pillars. A financial sustainability assessment digs into balance sheet strength, tests the quality of earnings and allows him to form a view on the management's track record of allocating capital efficiently. Meeting with company management is an important part of the process. These meetings help to build a deeper understanding of each business, and the challenges and opportunities it could have ahead. Evans believes a good business model will ultimately drive value, so thinks investing in high quality companies with strong competitive advantages will be a winning strategy over the long term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Next up is an internal sustainability assessment. Evans assesses the environmental and social impact of a company's operations. The key areas of focus will differ depending on the type of business being analysed but can stretch from its carbon footprint and usage of resources like water, to its employee working conditions. The manager thinks that this analysis helps to identify businesses that are run sustainably, manage their negative impacts well and are aligned with the long-term interests of its key stakeholders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The final step is an assessment of any positive impact the company makes. This aids in quantifying the impact that financing a company's products or services makes to the environment, society or both. Evans assesses this positive impact by mapping it to the UN Sustainable Development Goals (SDGs) to target attractive sustainability outcomes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This process whittles down the universe to a portfolio of 30-50 holdings. The fund is currently invested in 38 companies across a range of industries, with its largest investments in the industrials, health care and financials sectors. The fund currently has only one overseas holding, US listed scientific research company, Abcam. Evans doesn't tend to make use of the flexibility to invest up to 20% of the fund overseas, so we expect this fund to retain its UK focus. The manager has the flexibility to invest in derivatives which, if used, adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ninety One is a dual listed business, featuring on the London Stock Exchange and the Johannesburg Stock Exchange. It was established in 1991 in South Africa and demerged from Investec in March 2020, so is now a standalone business. 29% of the company is owned by it’s employees, helping to align their interests with those of the business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams work together closely, creating a collegiate environment where challenge and debate is encouraged. Portfolio managers are rewarded based on the performance of the funds they are responsible for, with a portion of their variable remuneration invested into the funds they manage. This helps to align their interests with investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ninety One’s South African heritage gives the firm a unique perspective on the challenges of sustainability in emerging markets, and what a robust approach to ESG Integration should look like. The firm’s ESG journey started over a decade ago, when the aim was to build awareness, and a common understanding, of ESG across the business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In more recent years, Ninety One fully integrated ESG Analysis across all investment teams, who are supported by the central Sustainability team. We like this approach, because it means the investment team is accountable for the ESG risks they take on. The exact approach to ESG integration differs from fund to fund, reflecting regional challenges, culture and context.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’ve followed Ninety One’s progress on ESG integration for several years and met many members of the firm’s ESG team along the way. We believe they’re of high calibre, and that the team takes a robust approach.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm provides an annual Sustainability & Stewardship report, complete with its views on various sustainability-related topics and engagement case studies, as well as regular thought leadership articles available via its website. It also provides a comprehensive proxy voting search tool which allows users to search for voting results on a fund-by-fund, or a company-by-company basis. Rationales are provided where the firm votes against management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors in the fund can also access a fund level sustainability report which offers a detailed view of the sustainability performance of each of the companies held in the portfolio as well as a justification for holding each one.","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 0.76%, Our 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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since launch in December 2018 the fund has performed similarly to the index, delivering a return of 40.32%*, compared to a return of 40.51% for the FTSE All Share index. We think this is reasonable outcome given its differentiated approach. The nature of the fund's approach, including the exclusionary element of the process means that we expect it to perform differently to the broader UK stock market, and its peers in the IA UK All Companies sector. This approach results in a longer-term bias towards higher-risk small and medium-sized companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months the fund has delivered a return of 3.55%, lagging behind the FTSE All Share index return of 8.43%, and the average return from the IA UK All Companies peer group of 7.61%. This was a tough year for the fund as the Bank of England hiked interest rates from 4% to 5.25% over the period to combat above target inflation. Growth orientated companies tend to struggle more in this environment given that more of their valuation is based upon their potential to grow revenue and profits years out into the future. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Technology consulting business FDM Group and clean energy company Ceres Power were among the largest detractors from the fund’s performance. Some of the fund’s investments performed well over the year though. Medical instruments business ConvaTec Group and Chocolatier, Hotel Chocolat which was bought by Mars at a significant premium were among the biggest contributors to returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, we think Evans is a committed and passionate sustainable investor and has the experience and resources at Ninety One to do a good job for patient investors over the long term. 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decades","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team based approach leaves no stone unturned in the hunt for smaller UK companies with lots of growth potential","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Long term performance is strong, but has been weaker in recent years","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund features 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":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/w/ws-amati-uk-listed-smaller-companies-class-b-accumulation"},"content":[{"nodeType":"text","value":"Amati UK Listed Smaller Companies","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to achieve long-term growth by investing in the smaller parts of the UK stock market. Companies of this size are often overlooked by analysts, meaning there are plenty of opportunities for investors prepared to scratch below the surface. The team adopts a sensible approach which favours quality businesses and avoids excessive risk. The fund could add diversification to the UK portion of a more adventurous portfolio, or one focused on larger, more established businesses. Its growth focus could also complement other investments in out-of-favour value 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 Dr Paul Jourdan, David Stevenson and Scott McKenzie using a team-based approach which enables them to have eyes in all corners of the market and leave no stone unturned.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dr Paul Jourdan co-founded Amati Global Investors in 2010 and was initially the sole manager. His management career began in 1998 and he’s since built up a wealth of experience analysing companies listed both in the UK and around the world. Jourdan is also the chief executive of Amati Global Investors, but we believe he is able to devote enough time to running this fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"David Stevenson joined Amati in 2012 and started his career as an accountant before working in various investment roles including corporate finance, private equity, and listed equity. Scott McKenzie joined the team in April 2021 from Saracen Fund Managers and has over two decades of experience managing UK portfolios.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are supported by analyst Dr Gareth Blades, who joined in 2019. His academic and life sciences background means he’s particularly involved in researching healthcare companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In April 2023, previous co-manager of the fund Anna Macdonald left Amati but we remain confident that the team is well resourced for the task at hand. All team members also manage other portfolios at Amati, but they’re all focused on small UK companies too, and the majority of their time is spent on this fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team’s process centres around detailed company research, and they invest the fund differently to the benchmark. They look for companies that can grow faster than their competitors, usually through carving out a niche in a growing market or disrupting the traditional way of doings things. These tend to be high quality, financially robust companies with talented management teams. They avoid those that are speculative, highly indebted, or lack the edge to compete with larger, better resourced businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This analysis whittles a universe of around 1,000 companies to a final portfolio of currently 62 holdings. They invest where the company share prices look attractive when compared with their growth prospects. The team invest with the long term in mind. They start by investing 1-2% in each company and, if desired, build this over time to a maximum of 5%. Investments that exceed that size are trimmed. Other factors such as poor governance, a fading outlook or finding a better alternative will also trigger a sale.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the managers have made some changes to the portfolio. New investments over this period include the European rail ticketing platform Trainline and wealth manager Brooks MacDonald. Share buybacks continue to be a prevalent theme across the UK market and this fund is no different. A number of companies held in the portfolio are undertaking share buybacks which can benefit long term investors. This is when a company purchases its own shares in the stock market when it thinks they are undervalued.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati Global Investors, the business behind the fund, specialises in investing in small-to-medium-sized UK-listed companies. We like this dedication to this investing niche, as it means the business is primarily focused on finding the best growth potential within the UK smaller companies’ sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The business is majority-owned by its employees, and all staff are encouraged to invest in it. We view this positively, as it means the managers and staff share a long-term view and it aligns their interests, and that of the business as a whole, with investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati’s fund managers consider a number of ESG related issues in their investment process, including issues arising from supply chains, climate change and contamination, unequivocal social negatives such as profiting from addiction or forced labour, board membership, remuneration, conflicts of interest (such as related party transactions), business leadership and culture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company also adopts a Clean Trade approach, which means avoiding companies that support the most oppressive regimes and engaging positively with those that uphold Article 1 of the International Covenants on Civil and Political Rights, particularly in relation to the extraction of natural resources","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati fund managers and analysts actively engage with the companies they invest in, and the team uses all votes. A quarterly voting record is published to the firm’s website, although there is little in the way of rationale","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 0.86%. 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’s long-term performance record has been strong with the fund significantly outperforming its benchmark since Paul Jordan became manager. 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Subsea technology company Ashtead Technology and software business Cranware have been among the fund’s better performers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite recent performance being disappointing, we’re confident that the experience of the managers, the resource dedicated to the fund and the company’s focus on UK Smaller Companies investing means they can deliver for long term patient investors. 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While they too are value focused, contrarian investors, they have historically invested more in smaller and medium-sized companies, which are higher risk than larger firms.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our view","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our conviction in this fund’s long-term prospects largely lay with Ben Whitmore. He’s an expert when it comes to unearthing undervalued companies and has been managing funds investing in this manner for over two decades.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While we think Gosden and Morrison are capable and experienced investors, we don’t currently have the required conviction in them to remain on the Wealth Shortlist running this larger company biased fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The style the fund offers investors is one we feel we have well covered in our UK Equity Income fund selections on the Wealth Shortlist, where we have higher conviction in other managers. 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You should also make sure any investments you own are held as part of 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":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5QvUepWTUhfQYJ5WkamrtZ","type":"Entry","createdAt":"2024-04-03T16:25:54.519Z","updatedAt":"2024-04-03T16:25:54.519Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":30,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockNewsletter"}},"locale":"en-US"},"fields":{"heading":"Weekly Newsletter","newsletterName":"Fund Insight","newsletterDescription":"Receive more analysis from Joseph and his team in our weekly newsletter."}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5BoHVYvczmv6DZmdBRh3t0","type":"Entry","createdAt":"2024-04-03T16:25:54.694Z","updatedAt":"2024-04-03T16:25:54.694Z","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":"How have UK equity and bond yields changed over time?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1WkB1CkD1NTTMnEvWIw94H","type":"Entry","createdAt":"2024-04-03T16:25:54.713Z","updatedAt":"2024-04-03T16:25:54.713Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"title":"Chart showing equity vs 10-year government bond yields performance","chartId":"chart1","chartCode":"$23","disclaimer":"Past performance isn’t a guide to future returns.","source":"Sources: United Kingdom Debt Management Office & MSCI, February 2024.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4sD6onOkXfhDq94Gcoz5xd","type":"Entry","createdAt":"2024-04-03T16:25:54.732Z","updatedAt":"2024-04-03T16:25:54.732Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockInfoBox"}},"locale":"en-US"},"fields":{"title":"Government Bonds (Gilts):","infoSummary":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Government bonds are a type of debt instrument where an investor lends money to the government. Most pay a fixed level of interest for the duration of the bond and repay the initial lump sum to the investor when the bond matures. UK government bonds are also known as gilts.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"position":"Pull out right","style":"outline"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6x8mu95MSwrk2MoIuo3i5D","type":"Entry","createdAt":"2024-04-03T16:25:54.750Z","updatedAt":"2024-04-03T16:25:54.750Z","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":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This chart shows that over most of the last 10 years, the equity market yield has been significantly higher than the yield offered by gilts. But right now, gilt yields are higher than they’ve been for years. So, gilts are offering a bigger return, assuming you hold them until they mature.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2022 was a painful year for fixed income markets with a lot of bond investors experiencing sizeable losses. Bond prices and bond yields are inversely related, when bond prices fall, yields rise. So, while investors might have felt some pain along the way to get here, the outlook is now much brighter.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors looking for income, the main challenge is how to get it without being too dependent on one part of a portfolio. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, with both the UK equity market and UK government bonds offering yields of around 4%, there are more options in the toolbox than before. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the impacts of share buybacks?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We regularly meet with fund managers investing in all corners of global markets as part of our investment research.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The dominant theme for fund managers investing in the UK has been around the material boost that share buybacks are giving to total shareholder yield. This total shareholder yield takes account of both the dividend a company pays out, and the shares it buys back. The UK market right now is offering the highest total shareholder yield globally at 6.1%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Through 2023, nearly 40% of ","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 their own shares. If this continues, share buybacks on this scale are likely to have more than a small impact on shareholder returns. ","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"WKLf0lYwQjGNmCa5eLytY","type":"Entry","createdAt":"2024-04-03T16:25:54.767Z","updatedAt":"2024-04-03T16:25:54.767Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"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":"1hoZ9T83lpvAU9YwCceVZi","type":"Entry","createdAt":"2024-04-03T16:25:54.927Z","updatedAt":"2024-04-03T16:25:54.927Z","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":"What’s the outlook for UK dividends?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share buybacks have been dominating the news, but they aren’t necessarily coming at the expense of dividends. Through 2023, dividends paid out by UK companies rose by 5.4% on an underlying basis, with the biggest contribution to this growth coming from the banking sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking ahead to the rest of 2024, headline market dividends are forecast to rise 3.7% for the full year to £93.9bn, though this is still lower than the £100bn pre-pandemic.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the combination of attractive and growing dividends, significant share buybacks, and the discount the UK market continues to trade on makes it an attractive time to invest. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"2 UK income fund ideas","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these 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 ","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, use the links to their factsheets and key investor information.","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Artemis Income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"35NjWS9H02tZzpI9DHcBO4","type":"Entry","createdAt":"2024-04-03T16:25:54.957Z","updatedAt":"2024-04-03T16:25:54.957Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"B2PLJH1","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"We think the ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/a/artemis-income-class-i-accumulation"},"content":[{"data":{},"marks":[],"value":"Artemis Income","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" team are one of the best in the business and are well placed to make the most of UK income opportunities. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The experienced trio of Nick Shenton, Andy Marsh and industry stalwart Adrian Frost have over 80 years of investment experience between them and are mainly investing in large UK businesses.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund invests in companies they think can pay a sustainable income through the market cycle, whatever the economic backdrop. These tend to be businesses with lots of reoccurring revenues. This increases the chances they can retain and grow their customer base, profits, and dividends over time. Although this is never guaranteed.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Right now, the fund has a historical yield 3.90%. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund takes charges from capital, which can increase the yield but reduce the potential for capital growth.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5iGqfny9sCpJCHC6jRIE2l","type":"Entry","createdAt":"2024-04-03T16:25:54.975Z","updatedAt":"2024-04-03T16:25:54.975Z","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-3","data":{},"content":[{"nodeType":"text","value":"Schroder Income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4IKcO7RrLaMVX5wZNGmBO0","type":"Entry","createdAt":"2024-04-03T16:25:55.024Z","updatedAt":"2024-04-03T16:25:55.024Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BDD2DW6","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/s/schroder-income-class-l-income"},"content":[{"data":{},"marks":[],"value":"Schroder Income","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is managed by the experienced duo of Kevin Murphy and Andrew Evans. They also benefit from the support of the 12-strong value team who employ the same investment process across multiple regions. We’ve got a positive view of the collegiate approach, capability, and experience of this team.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund aims to provide long-term income and capital growth by investing in a diversified portfolio of UK companies. It has a distinct value-style bias and its contrarian approach means it can look different to the index at times.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"They buy stocks with attractive risk/reward ratios in proportions in line with the managers’ assessment of the risks involved, with more invested in less risky areas. 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Smaller companies typically have more room for growth than larger ones, though they’re more volatile and higher risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund could add diversification to the UK portion of a more adventurous portfolio, or one focused on larger, more established businesses. Its growth focus could also complement other investments in out-of-favour value companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manager ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Henry Lowson has spent his investing career focused on UK small and medium-sized companies. He joined AXA Framlington in 2005 where he was mentored under veteran UK investor, Nigel Thomas. He joined Royal London in September 2016 and became lead manager of the Royal London UK Smaller Companies fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Henry Burrell has served as deputy manager since January 2020 after joining Royal London in 2017 to focus on UK small and medium-sized companies. He has over a decade of experience in the investment industry, having started out on the Smith & Williamson graduate scheme. We believe he’s well aligned with Lowson’s investment approach with a focus on generating returns that are aligned with an appropriate level of risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alongside this fund, the duo also manage a Mid Cap fund which targets slightly bigger companies using a similar process. Given the overlap in approach we believe the managers can comfortably handle these responsibilities. They also work closely with the broader UK equities team at Royal London, which provides opportunity for debate and challenge.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Process","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers believe small and medium-size companies harness significant growth potential. The managers aim to use their experience to uncover hidden gems in this under researched part of the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share prices can rise and fall based on short-term news or market sentiment, but over the long run they tend to be driven by the quality of the company. That’s why the managers conduct detailed company analysis to ensure the companies they invest in possess the traits that should enable them to grow more sustainably than most.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers take a long-term view and assess companies using the acronym ‘SIMBA’: scalability, innovation, management, barriers to entry and unique assets. They require companies to possess at least four of these characteristics to be considered for investment. They place significant emphasis on the capabilities and track record of company management, which is why they conduct over 400 company management meetings each year. This helps them gain a deeper understanding of their character, alignment with investors, and strategy for future success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers look to invest in companies when their share prices look attractive when compared with their growth prospects. This leads them to favour quality companies that possess the financial resilience and leadership skills to thrive or survive when times get tough.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This analysis whittles their investment universe down to around 65-80 companies. New investments make up between 1-1.5% of the fund and this can go up to 3% as the managers’ conviction grows. This limit helps to keep the fund diversified.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have made some changes to the fund over the last year. In recent months they initiated a new position in bathroom and kitchen product supplier Norcros with Lowson and Burrell positive on the steps taken so far by the new management team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Royal London Asset Management was established in 1988 and is a subsidiary of Royal London, the UK's largest mutual life and pensions company. It’s well known for managing fixed income funds, but it’s also making headway in equity funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK team has a flat structure and appears to be a tight-knit community which encourages challenge and debate. Lowson and Burrell 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":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All Royal London fund managers have access to 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":"Cost","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an annual ongoing charge of 0.77%. Our 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":"Performance","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Henry Lowson has been manager of the fund since September 2016, but has a track record of running UK smaller companies funds going back to 2012. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During Lowson’s period at AXA Framlington, the UK smaller companies fund he managed between May 2012 and May 2016 delivered returns of 107.08%*, significantly ahead of the 82.30% return for the FTSE Small Cap ex IT index. Performance hasn’t been as good during his time with Royal London though. Since he became manager of this fund in 2016, the fund has delivered returns of 37.00%, behind the 45.43% return from the FTSE Small Cap ex IT index. We remain confident the managers continue to employ their well-established process and are well placed to pick out smaller companies with strong growth potential, although there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year, the fund delivered a return of 0.16%, marginally behind the 0.52% return from the FTSE Small Cap ex ITs index, but faring better than the 4.17% loss suffered by the average fund in the IA UK Smaller Companies sector. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that industrial engineering company Hill & Smith and IT solutions business Bytes Technology Group were among the main contributors to the fund’s performance over this period. 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liontrust-uk-growth-march-2024-fund-update]","articleType":"$d:props:data:authorArticles:0:fields:articleType","intro":"In this fund update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Liontrust UK Growth 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","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"How it fits in a portfolio","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/liontrust-uk-growth-class-i-income"},"content":[{"data":{},"marks":[],"value":"Liontrust UK Growth","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" fund aims to grow an investment over the long run by investing in a portfolio of companies with unique advantages over the competition. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Manager ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund is co-managed by Anthony Cross, Julian Fosh, Victoria Stevens and Matthew Tonge.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cross started his career at Schroders before joining Liontrust in 1997 and has worked at the business ever since. Fosh began his career in 1984, before joining Liontrust from Saracen fund managers in 2008. Cross and Fosh are the architects of the economic advantage investment process employed.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The duo also co-manage a few other funds, which focus on different parts of the UK market but share the same investment process underpinning this one. Given the similarities in the way the four funds are managed, we think this is a reasonable workload.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Stevens and Tonge were promoted to become co-managers of the fund last year. Stevens joined Liontrust from broking and advisory firm finnCap and became part of the economic advantage team, focusing on smaller companies, in 2015. 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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We think the team have a range of skills and expertise and are well resourced for the task at hand.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Process","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund is mostly focused on larger companies, with 68.9% invested in businesses that feature in the FTSE 100, with the rest of the fund invested in medium sized and smaller companies. Industrials is the largest sector allocation in the fund, accounting for around 25.5% of its assets, following by consumer discretionary companies at 17.4% and energy stocks at 15.4%.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Please note, the fund has an investment in Hargreaves Lansdown plc.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Culture","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"In recent years, Liontrust has acquired several smaller asset management companies. 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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We like that all Liontrust fund managers invest a significant amount of their own money into the funds they run. 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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.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"They publicly disclose all voting decisions on a quarterly basis, although no rationales are provided. They also communicate their voting intentions to companies and engage with them on issues of contention to encourage change.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cost","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund has an ongoing annual charge of 0.82%. 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We have a positive view of the collegiate approach, capability and experience of this team. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The process begins with valuation screens designed to identify companies that have experienced large share-price falls or falling profits. The managers aim to remove the impact of the economic cycle by looking at measures like share price relative to a company’s average earnings over 10 years. This helps them condense the investable universe to focus on the cheapest stocks. 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The business is home to many high-calibre fund managers, which the managers can call upon for support.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the value team being the only team organised by style in the business demonstrates Schroders’ commitment to supporting this team through thick and thin.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Murphy has remained loyal to the company for well over two decades, and the broader team has remained relatively stable too. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All new funds must also be ESG accredited, and investment teams must reapply for accreditation on an ongoing basis. The ESG accreditation process is managed by the Sustainability team. They sit on the investment desk and are objective in their approach. There is a set list of criteria that funds must meet to become accredited, and the process is substantial – no fund has ever gained accreditation on the first attempt. Fund managers are also expected to demonstrate improved levels of ESG integration over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Schroders Sustainability team acts as a focal point for ESG, proxy voting, and engagement. When it comes to proxy voting, Schroders has structured policies in place and is transparent on the reasons proposals have been voted against. On the ESG engagement side, the firm’s activities and outcomes are monitored, tracked and reported in their quarterly Sustainable Investment reports and annual Sustainability reports. There are also a range of ESG-related insight and thought leadership articles available on the firm’s website.","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 0.89%, but we’ve negotiated a 0.08% saving so it’s available to HL clients for 0.81%. The HL platform fee of up to 0.45% per year also applies. Please note the fund's charges are taken from capital rather than income. 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All investments can rise and fall in value, so you could get back less than you invest. If you’re not sure if an investment’s 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":". 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite interest rates continuing to rise in many developed economies in the first half of the year, investors are clearly of the view that the majority of rate rises have already happened.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Putting the debate around how high for how long to one side, when rates do come down, it’s likely to benefit share prices, and particularly those companies with lots of growth potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This performance profile serves as a reminder to investors of the benefits of diversification. And not just by geography, but by style. 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","position":"Left"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3IMFIxdT584lgJq5mKEy9w","type":"Entry","createdAt":"2024-02-16T13:56:11.316Z","updatedAt":"2024-02-16T13:56:11.316Z","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":"heading-2","data":{},"content":[{"nodeType":"text","value":"The ‘Magnificent Seven’ and AI drive the US market","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The strong performance of the US stock market this year has been driven by the stellar performance of seven giants. It’s Nvidia, Meta, Tesla, Amazon, Google, Apple and Microsoft who all make up this exclusive group.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors have grown excited about the potential and the reach of artificial intelligence (AI), so stocks with exposure to this dominant theme have soared. The performance of these stocks has contributed to an increasing concentration of these companies in the US market, after a more underwhelming year for the rest of the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The action on AI isn’t just on the other side of the pond though.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In November, the UK hosted a world first summit on AI safety at Bletchley Park in Buckinghamshire, England. 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","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6EfwbgH0G1Jc9AgnvnlQK6","type":"Entry","createdAt":"2024-02-16T13:56:11.332Z","updatedAt":"2024-02-16T13:56:11.332Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"image":false,"position":"Inline"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3mCqJ50wUljMOoGIBYtj46","type":"Entry","createdAt":"2024-02-16T13:56:11.413Z","updatedAt":"2024-02-16T13:56:11.413Z","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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Resilient India prospers as the China re-opening trade flops","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The strength of the Indian economy has taken centre stage for those investing in Asia and emerging markets. Small and mid-caps have done especially well, alongside companies leaning into the domestic economy like financial services and consumer-focused businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While pricier than its regional peers, India offers an array of advantages, including improved corporate governance standards, favourable demographics and growing foreign direct investment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"India's economy is also expected to surpass both Germany and Japan by 2028, making it the third largest globally. 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Wright's contrarian approach and focus on unloved companies differentiates the fund from some peers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright is a disciplined value investor and sticks to his style through thick and thin","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright is well supported by co-manager Jonathan Winton and Fidelity’s extensive analyst team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The 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":"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/fidelity-special-situations-class-w-accumulation"},"content":[{"nodeType":"text","value":"Fidelity Special Situations","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to grow an investment over the long term. The managers’ focus on unloved companies differentiates it from many other funds in the UK All Companies sector. We think it could bring ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" to the UK part of a broader investment portfolio and sit well alongside a UK equity fund that focuses on companies expected to grow earnings at a more consistent pace.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alex Wright has been at Fidelity since 2001. He started his career analysing European companies and has focused on UK companies since 2008. As an analyst, he worked closely with Anthony Bolton and Sanjeev Shah, the trust’s two previous managers. We think it's positive that he learned his trade from such well-regarded investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright became a fund manager in 2008, initially focusing on UK smaller companies, but later broadened his remit to include companies of all sizes. He's been lead manager of the Fidelity Special Values investment trust since September 2012 and is also responsible for the Fidelity Special Situations fund, which he’s managed since January 2014. The two portfolios have a high degree of overlap, so we think this is a reasonable workload for an investor of Wright's calibre.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He's supported by co-manager Jonathon Winton and Fidelity's extensive analyst team. We think Wright has the resources required 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":"Wright invests in large, medium-sized and higher-risk smaller companies that often go ignored by other investors. Maybe they've missed a profit target, or the management team made some unpopular decisions. Either way, he must believe the company is on the road to recovery. A company can recover in a variety of ways, such as introducing a new product line, expanding into new areas or hiring a new management team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate strategy plays an important part in a company's recovery, so the manager spends lots of time meeting company managers. He also meets the clients and suppliers of the companies he invests in to better understand how the company does business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the company improves, its share price should rise as other investors begin to recognise the change. As the price rises, Wright gradually takes profits and moves on to the next unloved opportunity. It's an investment style known as 'value' investing. Of course, not every company will recover, and some could fail altogether.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager has the flexibility to invest in derivatives which, if used, can add risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fidelity was founded in 1969 and is a global investment manager. The company remains privately owned, meaning its managers can focus on the long-term interests of investors rather than short-term shareholder demands. That's helped the firm develop an investment-focused culture, where investment ideas are openly discussed and debated, and information is shared amongst the firm's various teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company's scale means investment teams are well-resourced and fund managers are well-incentivised. We think it's positive that all Fidelity fund managers are incentivised based on the longer-term performance of their funds and investment trusts. We think this aligns 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":"Fidelity has committed to improving its approach to Environmental, Social and Governance (ESG) issues in recent years. The firm developed a structured engagement program which allows them to be more systematic in their engagement on environmental and social issues, become involved in more collaborative engagement initiatives and introduced ESG data into fund managers’ quarterly reviews to raise awareness of ESG issues. The firm also bolstered its dedicated ESG team, which writes regular ESG reports on companies held by Fidelity fund managers. The firm votes where it is possible to do so and quarterly voting reports are posted online, complete with rationales for votes against management and abstentions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In June 2019, Fidelity launched its own proprietary ESG ratings tool. It scores thousands of companies based on their ESG credentials on a forward-looking basis, with investment analysts tasked with the job of ensuring the ratings are up to date. The ratings system has recently evolved to include an assessment of each company’s ability to manage negative externalities. Fidelity is also rolling out a climate rating which identifies companies they should engage with most as part of their aim to halve portfolio emissions by 2030 and reach net zero by 2050. While Fidelity has made strides forward at the firm level, we don’t think this has fully fed through to the fund level. While there is plenty of ESG information available to all Fidelity fund managers, we’re not yet convinced they all put it to full use.","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 0.90%. Investors should note that a higher fee means the fund manager has a higher hurdle to deliver future positive returns. The HL platform fee of up to 0.45% per year also applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s performed well over the long term. It’s risen by 78.11%* since Wright took control in January 2014, compared with the FTSE All Share index return of 68.16%, beating the index by 9.95%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this is an impressive achievement, particularly as the managers’ value-focused investment approach has been out of favour for much of this period. The value investing style has had a better last three years but prior to that, investors generally preferred companies with the potential to grow earnings more consistently, otherwise known as 'growth' stocks. 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 6.26%, lagging the 7.27% return from the IA UK All Companies sector average, and the 7.92% return from the FTSE All Share index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis indicates that a significant driver of this underperformance is the fund not having invested in some companies which make up big parts of the FTSE All Share index that performed well. This includes the likes of the bank HSBC and the oil and gas producer Shell. Companies in the portfolio that performed well over the year include Irish support service group DCC which saw strong performance from its energy business, and airliner Ryanair which has benefitted from a resurgence in post covid travel demand.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 3.16%. Income isn’t guaranteed, and yields aren’t a reliable indicator of future income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright is an experienced manager who's prepared to think and invest differently from the crowd. Investment styles go in and out of favour over time, but we're encouraged the manager has never deviated from his longstanding investment approach. We think this fund has good growth potential over the long term, although there are no guarantees.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7GQ8F74R5wd5clSfFUiTjU","type":"Entry","createdAt":"2024-02-14T17:06:23.721Z","updatedAt":"2024-02-14T17:06:23.721Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":15,"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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fidelity-special-values-january-2024-trust-update]","articleType":"$d:props:data:authorArticles:1:fields:articleType","intro":"In this trust update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Fidelity Special Values trust.","publishedDate":"2024-01-25","categories":["$d:props:data:authorArticles:1:fields:categories:0","$d:props:data:authorArticles:1:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"HyJR4C8s04lmn5u4Nr0RB","type":"Entry","createdAt":"2024-02-16T15:27:49.332Z","updatedAt":"2024-02-16T15:27:49.332Z","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":"","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alex Wright's contrarian approach and focus on unloved companies differentiates the trust from some peers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager is supported by Jonathan Winton and a large, well-resourced analyst pool at Fidelity","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has delivered strong performance under Wright’s tenure, outperforming the FTSE All Share index by a considerable margin","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/shares/shares-search-results/f/fidelity-special-values-ordinary-5p"},"content":[{"nodeType":"text","value":"Fidelity Special Values trust","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to grow an investment over the long term. The manager's focus on unloved companies differentiates it from many other UK-focused investment trusts, and it could bring ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" to the UK section of a broader investment portfolio. It could sit well alongside other UK trusts that focus on companies capable of growing earnings at a more consistent pace.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alex Wright has been at Fidelity since 2001. He started his career analysing European companies and has focused on UK companies since 2008. As an analyst, he worked closely with Anthony Bolton and Sanjeev Shah, the trust’s two previous managers. We think it's positive that he learned his trade from such well-regarded investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wright became a fund manager in 2008, initially focusing on UK smaller companies, but later broadened his remit to include companies of all sizes. He's been lead manager of the Fidelity Special Values investment trust since September 2012 and is also responsible for the Fidelity Special Situations fund, which he’s managed since January 2014. The two portfolios have a high degree of overlap, so we think this is a reasonable workload for an investor of Wright's calibre.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He's supported by co-manager Jonathon Winton and Fidelity's extensive analyst team. We think Wright has the resources required 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":"Wright invests in large, medium-sized and higher-risk smaller companies that often go ignored by other investors. Maybe they've missed a profit target, or the management team made some unpopular decisions. Either way, he must believe the company is on the road to recovery. A company can recover in a variety of ways, such as introducing a new product line, expanding into new areas or hiring a new management team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate strategy plays an important part in a company's recovery, so the manager spends lots of time meeting company managers. He also meets the clients and suppliers of the companies he invests in to better understand how the company does business.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the company improves, its share price should rise as other investors begin to recognise the change. As the price rises, Wright gradually takes profits and moves on to the next unloved opportunity. It's an investment style known as 'value' investing. Of course, not every company will recover, and some could fail altogether.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A number of companies held in the trust exited the portfolio over the year following the conclusion of successful bids for them. This included power producer Contour Global and consultancy firm RPS Group.","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. At the end of the trust's last financial year in August 2023, gearing stood at 6.5%, down from 10% a year earlier. This is in the context of the manager’s cautious economic outlook and the threat this could pose to company earnings, despite attractive valuations on offer. The maximum level of gearing permitted is 40%, but in normal market conditions, investors should expect it to be in the range of 0-25%. The manager can also use derivatives, which if used, adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fidelity was founded in 1969 and is a global investment manager. The company remains privately owned, meaning its managers can focus on the long-term interests of investors rather than short-term shareholder demands. That's helped the firm develop an investment-focused culture, where investment ideas are openly discussed and debated, and information is shared amongst the firm's various teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company's scale means investment teams are well-resourced and fund managers are well-incentivised. We think it's positive that all Fidelity fund managers are incentivised based on the longer-term performance of their funds and investment trusts. We think this aligns 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":"Fidelity has committed to improving its approach to ESG (Environmental, Social and Governance issues) in recent years. The firm developed a structured engagement program which allows them to be more systematic in their engagement on environmental and social issues, become involved in more collaborative engagement initiatives and introduced ESG data into fund managers’ quarterly reviews to raise awareness of ESG issues. The firm also bolstered its dedicated ESG team, which writes regular ESG reports on companies held by Fidelity fund managers. The firm votes where it is possible to do so and quarterly voting reports are posted online, complete with rationales for votes against management and abstentions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In June 2019, Fidelity launched its own proprietary ESG ratings tool. It scores thousands of companies based on their ESG credentials on a forward-looking basis, with investment analysts tasked with the job of ensuring the ratings are up to date. The ratings system has recently evolved to include an assessment of each company’s ability to manage negative externalities. Fidelity is also rolling out a climate rating which identifies companies they should engage with most as part of their aim to halve portfolio emissions by 2030 and reach net zero by 2050. While Fidelity has made strides forward at the firm level, we don’t think this has fully fed through to the fund level. While there is plenty of ESG information available to all Fidelity fund managers, we’re not yet convinced they all put it to full use.","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 August 2023 was 0.70%. Investors should refer to the latest ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundslibrary.co.uk/FundsLibrary.dataretrieval/Documents.aspx/?type=sl.ra.full&id=1fae839a-42f4-4152-9965-d46b70a83366&user=Ez%2bgvX%2bsgS60a6g0BiFsyOFK5hGmcLhCa0nK4j1%2fB7%2fTtsHMEziZYaR0%2bf6m4Xag&r=1"},"content":[{"nodeType":"text","value":"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?type=packet_fund_unit_doc_priip_kid&docid=57f0ef89-6107-41b8-8e03-ef398391e585&user=N6CqcIQ3Oa9FAHAqvbnqxCcYzWJW8wpsIiMJAc26CnE%3d"},"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% per annum (capped at £200 per annum for a SIPP and £45 per annum for an ISA) also applies. The HL platform fee doesn't apply if held in a Fund and Share Account. 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 performed well over the long term. Its share price has risen 248.12%* since Wright became manager in September 2012, beating the FTSE All Share index's return of 113.20%. We think this is an impressive achievement, particularly as the manager's value-focused investment approach has been out of favour for much of this period. The value investing style has had a better last three years but prior to that, investors generally preferred companies with the potential to grow earnings more consistently, otherwise known as 'growth' stocks. 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 August 2023, its shares rose in value by 5.6% compared with a return of 5.2% for the FTSE All-Share index. The trust’s net asset value (NAV) grew by 5.9% over the year, with a slight widening of the discount it trades on accounting for the differential between the NAV and share price return.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the rising interest rate environment we’ve seen in the UK, the trust’s overweight exposure to banks was a significant contributor to performance. Ireland based AIB Group and TBC Bank Group were among the key individual stock contributors here. Other strong performers in the trust were the retailer Marks & Spencer Group which took market share in both clothing and food despite a cost-of-living crisis, and airliner Ryanair which has benefitted from a resurgence in post covid travel demand.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of detractors from performance, North Sea producer Ithaca Energy was the largest, following the introduction of a windfall tax. Drink distributor C&C Group also suffered from the slow recovery in post covid pub demand as well as rising costs and problems with implementing a new IT system.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the trust's financial year to the end of August 2023, total dividends paid to shareholders amounted to 8.80p per share. This is a 13.5% increase on the dividend per share paid in the previous year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust trades at a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/help#funds-shares-and-other-investments/investment-trusts/introduction/what-are-premiums-and-discounts"},"content":[{"nodeType":"text","value":"discount","marks":[],"data":{}}]},{"nodeType":"text","value":" of 6.39% and has a dividend yield of 3.22%, although remember, yields like dividends are variable and aren't a reliable indicator of future 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*Lipper IM to 31/12/2023.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$d:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$d:props:data:authorArticles:1:fields:newsLetterSignUp","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4iYhsWQfX5zTbZ8gwzTzwd","type":"Entry","createdAt":"2024-02-16T15:27:49.422Z","updatedAt":"2024-02-16T15:27:49.422Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Investment Trusts | Fidelity Special Values: January 2024 trust update | HL","seoMetaDescription":"In this trust update, Senior Investment Analyst Joseph Hill shares our analysis on the manager, process, culture, ESG integration, cost and performance of the Fidelity Special Values 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Logo","description":"","file":{"url":"//images.hl.uk/vvl3z0p6qtad/5drpwumL2HeFvc04QN5qm3/d7d3ad95a0b156f2fa514c1936d4150f/hargreaves-lansdown-news.png","details":{"size":2092,"image":{"width":592,"height":364}},"fileName":"hargreaves-lansdown-news.png","contentType":"image/png"}}}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6jBrtru9ye2ZOxeMcLbEVq","type":"Entry","createdAt":"2024-02-09T14:07:48.313Z","updatedAt":"2024-02-22T09:59:21.759Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":41,"revision":5,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Clifton Navy","titleAndPath":"Is the UK the land of income opportunity? – 2 fund ideas for dividends [@ is-the-uk-the-land-of-income-opportunity-2-fund-ideas-for-dividends]","articleType":"$d:props:data:authorArticles:10:fields:articleType","intro":"The UK is home to a lot of world-class companies with good income paying potential. We look at 2 fund ideas and hear what an expert fund manager thinks.","publishedDate":"2024-01-25","categories":["$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$d:props:data:authorArticles:0:fields:authors:0:fields:categories:2:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"38TVj5Nd7cIG9mLjqyl0Uf","type":"Entry","createdAt":"2024-02-09T14:07:48.721Z","updatedAt":"2024-02-09T14:07:48.721Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":21,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/learn/glossary/dividends"},"content":[{"data":{},"marks":[],"value":"Dividends","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" have been a key to the UK investment case for a long time. It’s home to a lot of world-class companies, big and small, selling their goods and services around the globe.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Investing in a dividend-paying company can mean your income and capital grow as the company grows. For investors, you can see the benefits when dividends land in your investment account.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"For some, the expectation of a dividend beats investing for growth and not knowing how an investment might perform. Though dividends are variable and never guaranteed.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This article isn’t personal advice. If you’re not sure an investment is right for you, seek ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/financial-advice"},"content":[{"data":{},"marks":[],"value":"advice","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". Investments and any income from them will rise and fall in value, so you could get back less than you invest. Past performance is not a guide to the future. You should also make sure any investments you own are held as part of a ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"data":{},"marks":[],"value":"diversified portfolio","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"title":"Intro section"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"qhsFP5S7UMgBsz0jS9k98","type":"Entry","createdAt":"2024-02-09T14:07:48.872Z","updatedAt":"2024-02-09T14:07:48.872Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockNewsletter"}},"locale":"en-US"},"fields":{"heading":"Weekly Newsletter","newsletterName":"fund insight","newsletterDescription":"Get our expert investment research direct to your inbox every week"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1sDszAIvzLsPXZuJTgSfVg","type":"Entry","createdAt":"2024-02-09T14:07:49.194Z","updatedAt":"2024-02-16T17:25:14.876Z","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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Does the UK have healthy yields?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, there’s potential to generate a good income from investing across the UK market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The FTSE All Share index, the broadest representation of the UK market covering 572 companies, is yielding a reasonable 3.80%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is because of some large, mature companies which can justifiably be thought of as dividend heavyweights. So, it’s not a surprise that the FTSE 100 index, representing the largest 100 companies listed in the UK, has a slightly higher ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yield","marks":[],"data":{}}]},{"nodeType":"text","value":" than the All Share, at 3.86%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The 10 biggest dividend-payers in this index are expected to be responsible for about 55% of its total dividends. So there is some concentration risk here. Remember, diversification is key to a portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Biggest companies aside, there’s still a good income opportunity for investors among medium-sized and smaller companies. The FTSE 250 index, representing medium-sized companies, offers a decent yield of 3.40%, and the FTSE Small Cap index yields 3.93%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These companies which can be at an earlier stage of their development can offer an exciting mix of growth potential and income to investors. Although they are also higher risk than their larger counterparts.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are interest rates doing to markets?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The focus on the Bank of England’s (BoE) ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/monetary-policy"},"content":[{"nodeType":"text","value":"monetary policy","marks":[],"data":{}}]},{"nodeType":"text","value":" probably won’t change any time soon with markets still estimating when interest rates might fall from the current 5.25%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rates aren’t expected to rise much higher, but 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 above its 2% target, it might be well into the second half of 2024 before we start to see any cuts to the base ","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":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What does this backdrop mean for the UK market? We asked an expert fund manager for his view.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"\"The UK market is currently very attractively valued, both in comparison to other markets and its own history, and this, alongside lower inflation and likely interest rate cuts should be supportive as we look forward. With around 75% of earnings generated overseas, it is possible to access globally leading businesses trading at a significant valuation discount to their international peers. Even for those domestically exposed companies, we expect the UK economy to be more resilient than the gloomy forecasts suggest given the prospects for real wage growth. Balance sheets are also strong and companies are generating good free cash flow, which is supportive of future dividend growth.The UK market offers the prospect of dividend growth over time, important in an environment of more normalised inflation and interest rates. This dividend growth combined with low valuations provides investors with an attractive return proposition.\"","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Andrew Jones, Fund manager at Janus Henderson UK Responsible Income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HL might not share the views of the fund manager.","marks":[{"type":"italic"},{"type":"bold"}],"data":{}}]},{"nodeType":"hr","data":{},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How can you invest in the UK for income?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you’re comfortable investing directly in company shares, we recently wrote about ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/articles/uk-equity-income-3-share-ideas-for-dividends"},"content":[{"nodeType":"text","value":"3 share ideas","marks":[],"data":{}}]},{"nodeType":"text","value":" you could consider for generating income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For those who prefer investing in funds, we think the UK has some exceptional fund managers with great records of adding value. We’ve selected those we think have the greatest long-term performance potential for 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":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these funds isn’t right for everyone. You should only invest if the fund’s objectives are aligned with your 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 diversified portfolio.","marks":[],"data":{}}]}]},"title":"block 2"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2Wp5a42aIbHlLpIQtvGak9","type":"Entry","createdAt":"2024-02-09T14:07:49.405Z","updatedAt":"2024-02-09T14:07:49.405Z","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":"heading-2","data":{},"content":[{"nodeType":"text","value":"Two UK Equity Income fund ideas","marks":[],"data":{}}]},{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Artemis Income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/a/artemis-income-class-i-income"},"content":[{"nodeType":"text","value":"Artemis Income","marks":[],"data":{}}]},{"nodeType":"text","value":" team are one of the best in the business and are well placed to make the most of UK income opportunities. The experienced trio of Nick Shenton, Andy Marsh and industry stalwart Adrian Frost have over 70 years of investment experience between them and mainly invest in big UK businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in companies that they think can pay a sustainable income through the market cycle, whatever the economic backdrop. These tend to be businesses with lots of reoccurring revenues. This increases the chance they can retain and grow their customer base, profits, and therefore dividends over time, although nothing is guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the fund yields 3.98%, though yields are variable and never guaranteed. The fund takes charges from capital, which can increase the yield but reduce the potential for capital growth.","marks":[],"data":{}}]}]},"title":"artemis income block"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"LHL0uh0nEGzpdLI9bHEU6","type":"Entry","createdAt":"2024-02-09T14:07:49.440Z","updatedAt":"2024-02-13T12:25:04.179Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockCta"}},"locale":"en-US"},"fields":{"linkType":"link","linkText":"More about Artemis Income including charges"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6Q5X1MsbrTXdNlxxDuDNXs","type":"Entry","createdAt":"2024-02-09T14:07:49.520Z","updatedAt":"2024-02-13T12:24:44.092Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockCta"}},"locale":"en-US"},"fields":{"linkType":"link","linkText":"Artemis Income key investor information"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6hybmPWrnrZ9U0Tl9V78HU","type":"Entry","createdAt":"2024-02-09T14:07:49.566Z","updatedAt":"2024-02-09T14:07:49.566Z","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-3","data":{},"content":[{"nodeType":"text","value":"Janus Henderson UK Responsible Income","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/j/janus-henderson-uk-responsible-income-income"},"content":[{"nodeType":"text","value":"Janus Henderson UK Responsible Income","marks":[],"data":{}}]},{"nodeType":"text","value":" offers something different to a lot of its peers by avoiding companies some might find unethical.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of these areas, like tobacco and oil & gas companies, feature heavily in traditional equity income funds because of their relatively high dividends. So, this fund could offer some diversification to a traditional equity income portfolio or be a good addition to a responsible portfolio aiming for income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Manager Andrew Jones is supported by an experienced team with a focus on large and medium-sized companies. Although, the manager does have the flexibility to invest in higher-risk smaller companies too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jones looks for companies with proven business models, high-quality management teams and strong industry positions. 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Over a period of five years or more, investments usually give you a higher return compared to cash savings. But investments can go down as well as up in value, so you could get back less than you put in. This isn't personal advice. If you’re not sure what's right for you, ask for advice.","marks":[],"data":{}}]}]}}},"metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4vAAuDhd5tK4cCUry4z6sG","type":"Entry","createdAt":"2024-02-16T17:25:14.961Z","updatedAt":"2024-02-16T17:25:14.961Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Is the UK the land of income opportunity? | Hargreaves Lansdown","seoMetaDescription":"The UK is home to a lot of world-class companies with good income paying potential. 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Europe is home to successful businesses that make money domestically, as well as across the globe, which means their prospects aren't always reliant on Europe's economy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An index tracker fund is one of the simplest ways to invest, and we think this fund could be a great, low-cost starting point for a portfolio aiming to deliver long-term growth. It could be a good addition to a global portfolio or could diversify an investment portfolio already focused on areas such as the US or emerging markets.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Legal & General has been running index tracker funds longer than most. It’s also one of the largest providers of tracker funds and has the biggest index team in the UK. That means it’s got the resources and expertise to track indices as closely as possible, and the scale to keep charges to a minimum.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each equity index fund at Legal & General has a primary and secondary manager, though in practice the whole team help to manage each fund. Tom Hammond is the primary manager for this fund, with Sacha Mirza as secondary manager. Hammond has over 20 years of experience at Legal & General, with 16 of those within their index team.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund aims to track the performance of the broader European stock market, as measured by the FTSE World Europe ex UK Index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The benchmark is currently made up of 560 companies concentrated in sectors like financials, industrials and health care. France, Switzerland and Germany make up a large part of the index, accounting for 22.7%, 18.7% and 16.8% respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in every company in the FTSE World Europe ex UK Index and in the same proportion. This is known as full replication and helps to closely match the performance of the index. In any index tracker fund, factors like withholding taxes, dealing commissions and spreads, and the cost of running the fund all drag on performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To keep the fund in line with the index the team try to keep costs down by keeping trading to a minimum. For example, they efficiently manage cash flows into the fund, and make large stock purchases in bulk, instead of lots of small transactions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team can also participate in initial public offerings if they know that the company will be added to the index in a few days’ time. This allows them to purchase companies earlier and potentially at a lower price before the rest of the market is involved. It’s another method to help them track the benchmark closely.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Legal & General is also a conservative tracker fund manager. For example, it doesn’t lend investments like some other companies do.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Legal & General has continued to develop their passive fund range over the last 30 years. It has just over £470bn invested in this part of the business, allowing it to offer a wide range of index-tracking options. It’s built a team of experienced passive fund specialists and they’re innovative too. If an index doesn’t exist for a sector they’d like to track, they’ll often work with index providers like FTSE Russell to create one so they can track it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team running this fund works closely with various risk departments across the business. We believe this provides support and adds challenge where appropriate.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Employees are also encouraged to participate in Legal & General’s sharesave scheme which should encourage them to be more engaged with the growth of the company. In addition, a portion of portfolio managers’ bonuses are invested into the funds they manage. By doing this, their interests are further aligned with the investors in the fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Legal & General Investment Management (LGIM) is predominantly a passive investor, but we are impressed with the extent to which they have woven Environment, Social and Governance (ESG) into their culture. Being a mostly passive fund house hasn’t stopped them being innovative when it comes to ESG. In May 2019, the firm launched its ‘Future World’ range of funds which increase investments in companies that score well on a variety of ESG criteria and reduce exposure to companies that score poorly on these measures.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2019, LGIM established its Global Research and Engagement Platform, which brings together representatives from the investment and stewardship teams, in order to unify their engagement efforts. Engagement is conducted in line with the firm’s comprehensive engagement policy. A detailed description of the firm’s engagement and voting activity (including case studies) is available in their annual Active Ownership report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"LGIM’s Stewardship team is responsible for exercising voting rights globally, both for LGIM’s active and index funds. Voting decisions are publicly available through a tool which allows a user to search for any company to find out how LGIM voted.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Legal & General European index is a passive fund designed to track an index, so it doesn’t integrate ESG analysis or exclude companies deemed to be sin stocks, like those involved in tobacco or weapons.","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 fund charge of 0.12%, but a discount of 0.06% is available for HL investors, which reduces the charge to 0.06%. We believe this is good value. Our platform charge of up to 0.45% per annum also applies, except 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":"The Legal & General European Index has done a good job of tracking the FTSE World Europe ex UK Index. Over the last 10 years, the fund has delivered a return of 115.05%*, compared with the benchmark return of 122.14%. As you would expect from an index tracker fund, it’s fallen behind the benchmark over the long term because of the costs involved in running the fund. However, the techniques used by the managers have helped to keep performance as close to the index as possible and reduced the fund’s tracking difference.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last year to the end of December 2023, the FTSE World Europe ex UK index has returned 15.68%, versus the fund’s return of 15.01%. The FTSE World Europe ex UK index currently has large exposures to sectors such as industrials, health care and financials. Therefore, these sectors could currently have the biggest impact on the market’s performance, though the makeup of any index can change over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given Legal & General’s size, experience and expertise running index tracker funds, we expect the fund to continue to track the index well in the future, though there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A glance at the five-year performance table below shows that in some years the fund has tracked the index closer than others. Past performance isn’t a guide to future returns. Investments rise and fall in value, so you could get back less than you invest.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"41nk30i8IuctytWsQsK64Z","type":"Entry","createdAt":"2024-01-26T14:04:08.259Z","updatedAt":"2024-01-26T14:04:08.259Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":41,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"internalName":"Annual percentage growth","position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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Unemployment’s sitting at 4.2% (similar to the G7 average) and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" has dropped significantly over the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here’s what might matter most to UK markets in 2024.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you're not sure if 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 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.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A spotlight on the Bank of England’s monetary policy","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Focus on the Bank of England’s (BoE) ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/monetary-policy"},"content":[{"nodeType":"text","value":"monetary policy","marks":[],"data":{}}]},{"nodeType":"text","value":" is likely to continue in 2024 and when it might start cutting ","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":" from the current 5.25%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’ll get a better sense of what the year ahead could hold when the BoE’s Monetary Policy Committees meet for the first time this year on 1 February.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5qCDTHiIDjVJzk3V3gGUjl","type":"Entry","createdAt":"2024-01-17T10:43:51.272Z","updatedAt":"2024-01-17T10:43:51.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockNewsletter"}},"locale":"en-US"},"fields":{"heading":"Weekly Newsletter","newsletterName":"Editors choice","newsletterDescription":"The week's top investment stories, free in your inbox every Saturday"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7dS3WUGCo809v1G8OnHplw","type":"Entry","createdAt":"2024-01-17T10:43:51.310Z","updatedAt":"2024-01-17T10:43:51.310Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"title":"copy","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The BoE’s seen evidence that tighter monetary policy (higher interest rates and lower money supply) is leading to a looser labour market and this is weighing on economic activity. But with services price inflation and pay growth higher than other major developed economies, the bank won’t want to take its foot off the brake too early.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So, rates aren’t expected to rise much higher, but it might be well into the second half of the year before we start to see any cuts to the base rate.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Will there be a general election in 2024?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Another theme for 2024 is elections.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The UK is expected to be one of 76 countries globally holding elections in 2024. 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