Cautious Managed Fund

A balanced fund combining the long-term capital growth prospects of equities with the stability offered by bonds and cash.

ISIN
GB0032477639

NAV
GBP 252.60p
As of 06/08/2020

1-Day Change
GBP -2.10p (-0.82%)
As of 06/08/2020


Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a return, from a combination of income and capital growth over the long term.
Performance target: To outperform the 50% FTSE All Share + 50% ICE Bank of America ML Sterling Non Gilt Index by 1.5% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests in shares (also known as equities) and bonds of governments, companies or any other type of issuer, in any country. At all times the investment in equities will be limited to a maximum of 60% of the value of the Fund’s portfolio and the Fund will normally have a strong bias towards UK companies and bonds. Companies and bond issuers may be of any size, in any industry. At all times the Fund will be limited to a maximum of 60% in company shares.
The Fund may also invest in other assets including cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the 50% FTSE All Share + 50% ICE Bank of America ML Sterling Non Gilt Index, which is broadly representative of the securities in which it may invest, as this forms the basis of the Fund’s performance target. The investment manager has a high degree of freedom to choose individual investments for the Fund.
As an additional means of assessing the performance of the Fund, the IA Mixed Investment 20–60% Shares sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • A flexible, value-conscious strategy that adjusts to changing market conditions by altering the level of exposure to different asset classes.
  • Aims to provide a combination of income and the potential for capital gains over time.
  • Emphasis on limiting risk and keeping costs low.
Past performance is not a guide to future performance. 
 

PORTFOLIO MANAGEMENT

Philip Payne, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2001.

Stephen Payne, ASIP

Portfolio Manager

Industry since 1995. Joined Firm in 2016.

Performance

Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/06/2020
A Acc 50% FTSE All Share + 50% ICE Bank of America ML 5-15 Year Sterling Non Gilt Index IA Mixed Investment 20-60% Shares
  
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
-2.79% -2.32% 2.84% 10.82% -1.04%
50% FTSE All Share + 50% ICE Bank of America ML 5-15 Year Sterling Non Gilt Index -3.81% 3.60% 5.01% 12.02% 5.57%
IA Mixed Investment 20-60% Shares -0.71% 3.02% 2.49% 11.87% 2.03%
 
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
-1.38% -0.91% 4.32% 12.42% 0.40%
50% FTSE All Share 50% ICE BofAML Non-Gilt GBP + 1.50% -2.36% 5.15% 6.58% 13.70% 7.16%

Index Description

The 50% FTSE All Share + 50% ICE Bank of America ML Sterling Non Gilt Index is a composite index reflecting 50% exposure to shares listed on the London Stock Exchange and 50% exposure to corporate bonds. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

Cumulative & Annualised Performance (%)
As of 31/07/2020
A Acc (Net) 50% FTSE All Share + 50% ICE Bank of America ML 5-15 Year Sterling Non Gilt Index IA Mixed Investment 20-60% Shares
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
03/02/2003
A Acc (Net) -2.36% -10.64% -6.42% -1.50% 0.79% 4.04% 5.43%
50% FTSE All Share + 50% ICE Bank of America ML 5-15 Year Sterling Non Gilt Index -1.00% -8.64% -6.74% 0.85% 3.75% 6.24% 6.77%
IA Mixed Investment 20-60% Shares 0.49% -3.74% -2.28% 1.56% 3.65% 4.76% 5.28%
 
  Annualised
3YR 5YR 10YR Since Inception
03/02/2003
A Acc (Gross) - 2.24% 5.55% 6.95%
50% FTSE All Share 50% ICE BofAML Non-Gilt GBP + 1.50% - 5.30% 7.84% 8.38%

Index Description

The 50% FTSE All Share + 50% ICE Bank of America ML Sterling Non Gilt Index is a composite index reflecting 50% exposure to shares listed on the London Stock Exchange and 50% exposure to corporate bonds. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.25%
Ongoing Charge
(As of 31/01/2020)
1.44%

Portfolio

Top Holdings (As of 30/06/2020)
% OF FUND
GlaxoSmithKline 3.67
British American Tobacco 3.63
United States Treasury Note 2.375% 2024 2.80
Imperial Brands 2.10
National Grid 1.97
Anglo American 1.79
Reckitt Benckiser Group 1.74
Barrick Gold 1.64
Royal Dutch Shell 1.62
Roche 1.29

Documents

  • ​The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • ​Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise. This risk is generally greater the longer the maturity of a bond investment.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund invests in other funds (including exchange traded funds and investment trusts/companies), which may introduce more risky assets, derivative usage and other risks, as well as contributing to a higher level of ongoing charges.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • Some or all of the Annual Management Charge and other costs of the Fund may be taken from capital, which may erode capital or reduce potential for capital growth.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
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