Fund and industry updates

Read the latest ‘Fund in focus’ articles, produced by our research team and which take an in-depth look at a fund, it’s investment performance, philosophy and outlook. You’ll also find reviews produced by fund managers and which we’ve reproduced with their kind permission.

Fund in focus: MI Somerset Global Emerging Markets

Published on 30 Jul 20 by Liz Rees

According to the IMF’s latest forecasts, emerging market economies are expected to perform better than developed economies, including the US and Europe, in both 2020 and 2021. June’s Caixin Composite PMI survey suggested that China, the world’s second largest economy, is leading the world out of recession and businesses were optimistic about the future. If the recovery gains momentum our fund in focus this week, MI Somerset Global Emerging Markets could be well placed to participate.

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Janus Henderson Global Equity Fund Q2 2020 report

Published on 24 Jul 20 by Guest

This update reviews performance against the benchmark over the second quarter of 2020, focusing on the main contributors to performance, any changes that have been made to the portfolio and an assessment of the outlook.

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Janus Henderson European Selected Opportunities Fund Q2 2020 report

Published on 24 Jul 20 by Guest

This update reviews performance against the benchmark over the second quarter of 2020, focusing on the main contributors to performance, any changes that have been made to the portfolio and an assessment of the outlook.

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Fund in focus: M&G Global Macro Bond

Published on 16 Jul 20 by Liz Rees

Bonds can help diversify a portfolio. They have, in the past, demonstrated a low correlation with equities and their fixed rate of interest may provide a more stable income stream than dividends from shares. One fund with a very flexible remit across the bond universe, enabling it to react quickly to disruptive events, is this week’s fund in focus M&G Global Macro Bond.

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Fund in focus: Royal London Sustainable Leaders Trust

Published on 02 Jul 20 by Liz Rees

Sustainability is fast becoming one of the most prominent themes in the investment world today. Awareness of limited resources to serve growing populations, as well as the environmental damage caused, has increased. Meanwhile, investors are recognising that companies addressing such issues may also deliver attractive returns. One fund with a long and successful history of sustainable investing is this week’s fund in focus, Royal London Sustainable Leaders Trust.  

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Fund in focus: Baillie Gifford Japanese Income Growth

Published on 18 Jun 20 by Liz Rees

As many companies around the world cut or suspend dividends, one country where they have held up better than most is Japan. Often criticised for low pay-out rates and hoarding of cash on their balance sheets, Japanese companies could stand out in an economic downturn. Baillie Gifford Japanese Income Growth fund seeks companies which have potential to grow both dividends and capital and is our fund in focus this week.

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A management fee reduction for selected Stewart Investor funds

Published on 16 Jun 20 by Liz Rees

Stewart investors have announced some fee reductions across several funds in their range. Further details can be viewed here. 

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Fund in focus: LF Lindsell Train UK Equity

Published on 04 Jun 20 by Liz Rees

During a deep economic downturn it is crucial to back companies that will be long-term winners and, just as important, to avoid those which may not even be around in the future. A fund which capitalises on structural growth trends and evolving themes in society may be one worth considering.

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Fund in focus: Invesco Corporate Bond

Published on 14 May 20 by Liz Rees

When the outlook for company profitability is uncertain it can be hard to find a dependable source of income from your investments. Companies are cutting dividends, while government bonds offer negligible interest rates and high yield bonds face rising defaults. One area that may be worth considering is investment grade corporate bonds. Our fund in focus this week is Invesco Corporate Bond, which has a Morningstar gold rating.

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Invesco Income Fund (UK) Q1 2020 review

Published on 13 May 20 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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Invesco High Income Fund (UK) Q1 2020 review

Published on 13 May 20 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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Invesco European Equity Fund (UK) Q1 2020 review

Published on 13 May 20 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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A management fee reduction for selected L&G funds

Published on 30 Apr 20 by Liz Rees

L&G have announced some fee reductions across several funds in their range. Further details can be viewed here. 

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Janus Henderson European Selected Opportunities Fund Q1 2020 report

Published on 29 Apr 20 by Guest

This update reviews performance against the benchmark over the first quarter of 2020, focusing on the main contributors to performance, any changes that have been made to the portfolio and an assessment of the outlook.

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Janus Henderson Global Equity Fund Q1 2020 report

Published on 29 Apr 20 by Guest

This update reviews performance against the benchmark over the first quarter of 2020, focusing on the main contributors to performance, any changes that have been made to the portfolio and an assessment of the outlook.

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Fund in focus: Artemis Global Select

Published on 23 Apr 20 by Liz Rees

A global fund is not restricted by geography and can search widely for businesses best placed to weather the current downturn in the global economy, as well as benefit from the eventual recovery. Sectors with a sustainable earnings outlook, such as healthcare and technology, may prove more resilient than cyclical industries to the challenges faced today. A fund that targets such opportunities, whilst paying close attention to valuation, is our fund in focus Artemis Global Select.

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Fund in focus: Trojan

Published on 01 Apr 20 by Liz Rees

Big falls in markets are a reminder that there is more to investing than just trying to grow your capital. It is also about protecting your money from falls in markets; such an approach to investing helps to stay invested in in uncertain times. Trojan adopts a conservative approach. The manager tries to protect investor’s capital when stock markets fall, although it may still lose money, whilst still participating in any upside.

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Gaining context

Published on 27 Mar 20 by Guest

Carl Stick, fund manager of Rathbone Income Fund, explains how, in the current difficult circumstances, he is trying first and foremost to mitigate losses and secure dividends for his investors. The manager also considers where future opportunities might lie.

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Fund in focus: Threadneedle UK Equity Income

Published on 12 Mar 20 by Liz Rees

After trailing other developed stock markets since the EU referendum, the UK now offers an attractive yield. The political backdrop has stabilised and the government is poised to increase public spending, which should help the outlook for company earnings. With the Bank of England base interest rate back at record lows of 0.25%, equity income funds may offer an attractive alternative for those looking willing to take some risk.

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Fund in focus: Janus Henderson Strategic Bond

Published on 28 Feb 20 by Liz Rees

In the current era of very low interest rates, you may question the rationale of continuing to hold bonds when many equity funds offer potentially higher yields. However, an actively managed bond fund can still produce decent income, without taking excessive risk. It can also help with diversification.

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Fund in focus: Schroder Asian Income

Published on 13 Feb 20 by Liz Rees

Asia is often seen as a region of rapid-growth opportunities, whether in large economies such as China and India or frontier markets such as Indonesia and Vietnam. As such, it is easy to overlook the fact that Asia is also home to many well-established and financially stable companies with a history of paying dividends. An Asian Income fund could aid diversification and be complementary to a UK Equity Income fund because there are significant differences in the underlying industry exposures

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Invesco European Equity Fund (UK) Q4 2019 review

Published on 06 Feb 20 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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Invesco Income Fund (UK) Q4 2019 review

Published on 31 Jan 20 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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Invesco High Income Fund (UK) Q4 2019 review

Published on 31 Jan 20 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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Alternative equity income options to Neil Woodford

Published on 30 Jan 20 by Adrian Lowcock

After more than seven months since its suspension the LF Equity Income fund, formerly known as the LF Woodford Equity Income fund, will shortly start to return money to unit holders. The money will be returned to you in a series of payments.

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Fund in focus: Man GLG UK Income

Published on 29 Jan 20 by Liz Rees

A resounding majority for the Conservative government gave Boris Johnson a clear mandate to ‘get Brexit done’. Although there are likely to be bumps on the way, the UK stock market initially rallied as a cloud of uncertainty, that had held back companies exposed to the British economy, was lifted. Any pick-up in the present sub-par rate of growth could provide a boost to funds that adopt a value style.

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Janus Henderson Global Equity Fund Q4 2019 report

Published on 28 Jan 20 by Guest

This update reviews performance against the benchmark over the fourth quarter of 2019, focusing on the main contributors to performance, any changes that have been made to the portfolio and an assessment of the outlook.

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Janus Henderson European Selected Opportunities Fund Q4 2019 report

Published on 27 Jan 20 by Guest

This update reviews performance against the benchmark over the fourth quarter of 2019, focusing on the main contributors to performance, any changes that have been made to the portfolio and an assessment of the outlook.

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Fund in focus: BNY Mellon Real Return

Published on 08 Jan 20 by Liz Rees

For cautious investors, prepared to take on some market risk whilst at the same time seeking to protect their capital, the Investment Association (IA) Targeted Absolute Return sector may be of interest. Funds in this sector are managed with the aim of delivering positive returns, in 3 years or less, in any market conditions although this is not guaranteed. This fund takes a multi-asset approach.

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Fund in focus: Fidelity Institutional Emerging Markets

Published on 12 Dec 19 by Liz Rees

The International Monetary Fund forecasts that Gross Domestic Product (GDP) in emerging markets will increase by 4.6% in 2020, well above its 3.0% estimate for their developed counterparts. There are political and governance risks associated with some countries in the region, but positive drivers include a growing middle class and a shift from manufacturing to services and technology.

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Fund in focus: BlackRock Gold & General

Published on 20 Nov 19 by Liz Rees

At times of heightened political and economic uncertainty, investors often turn to gold for its well-deserved reputation as a safe haven asset. Whilst the most direct way to obtain exposure is via gold coins or bullion bars this can be an expensive route for individuals. An alternative option, offering some correlation to moves in the gold price, is a fund that invests in gold mining companies.

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Fund in focus: Schroder Global Recovery

Published on 06 Nov 19 by Liz Rees

Value investing has proved far less rewarding than a growth style over the past decade. As global economic trends favoured growth and technology companies, the valuation gap relative to cyclical and recovery situations has become wider than ever. There was a resurgence of interest in value in September and, if this should resume, this fund could be well placed to benefit. 

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Invesco European Equity Fund (UK) Q3 2019 review

Published on 01 Nov 19 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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Invesco High Income Fund (UK) Q3 2019 review

Published on 31 Oct 19 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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Invesco Income Fund (UK) Q3 2019 review

Published on 31 Oct 19 by Guest

This article outlines the economic background and explains how this has affected the performance of the Fund. Examples of the main contributors and detractors to returns are highlighted. Finally, the strategy is recapped and the outlook considered.

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How Woodford’s downfall can teach us all to be better investors

Published on 25 Oct 19 by Adrian Lowcock

We look at what we can learn from the downfall of Neil Woodford. It might make us better investors and hopefully either avoid similar situations in the future or minimise the impact they have on our finances.

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Janus Henderson Global Equity Fund Q3 2019 report

Published on 23 Oct 19 by Guest

This update reviews performance against the benchmark over the third quarter of 2019, focusing on the main contributors to performance, any changes that have been made to the portfolio and an assessment of the outlook.

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Janus Henderson European Selected Opportunities Fund Q3 2019 report

Published on 23 Oct 19 by Guest

This update reviews performance against the benchmark over the third quarter of 2019, focusing on the main contributors to performance, any changes that have been made to the portfolio and an assessment of the outlook.

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Fund in focus: Franklin UK Smaller Companies

Published on 22 Oct 19 by Liz Rees

Smaller companies have under-performed larger ones since the EU referendum. This reflects the fact they are more domestically focused while the outlook for the UK economy has deteriorated. However, as we approach 31st October, a removal of the Brexit deadlock could bring renewed interest in this area of the market. 

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LF Woodford Equity Income Fund to be wound-up

Published on 15 Oct 19 by Adrian Lowcock

Link Fund Solutions (LFS), the Authorised Corporate Director of the LF Woodford Equity Income fund has taken the decision to close the fund and to wind it up as soon as it is practicable. 

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Fund in focus: First State Global Listed Infrastructure

Published on 10 Oct 19 by Liz Rees

Investors are increasingly looking to diversify their portfolios beyond the traditional blend of equities and bonds. This has led to the growing popularity of alternative investments. One of these asset classes, which is of particular interest for income seekers, is infrastructure.

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Fund in focus: Man GLG Japan CoreAlpha

Published on 25 Sep 19 by Liz Rees

Japan is the world’s 3rd largest economy yet, having experienced a long period of stagnation, it has fallen off the radar of many investors. We believe there is a lot to like about Japan including low valuations, exposure to innovative companies and advances in corporate governance. However, it can be a difficult country to get to grips with culturally so we prefer experienced managers with an understanding of local customs.

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Fund in focus: Fidelity Global Dividend

Published on 12 Sep 19 by Liz Rees

Healthy dividends can form a reliable part of an investor’s total returns, especially at times of heightened economic uncertainty, Furthermore, a global income fund can provide exposure to countries with differing characteristics to the UK, where the bulk of dividends are concentrated in a few large sectors. This fund strives to unearth the best income opportunities from around the world.

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Fund in focus: ASI UK Ethical Equity fund

Published on 28 Aug 19 by Liz Rees

Public awareness of Environmental, Social and Governance (ESG) issues has increased considerably in recent years, as the potential risks to our planet become more apparent. As a result, more investors are becoming interested in funds which offer socially responsible or sustainability strategies.

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An update on LF Woodford Equity Income fund suspension

Published on 27 Aug 19 by Liz Rees

On Friday 23rd August, Link Fund Solutions Limited -the Authorised Corporate Director of LF Woodford Equity Income fund- issued its monthly review and update. They confirmed that December 2019 remains a realistic time frame to complete the restructuring of the fund and it will remain suspended until then.

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Fund in focus: M&G Corporate Bond

Published on 07 Aug 19 by Liz Rees

Some investors have turned away from bond funds after strong performance by the asset class has left yields at historically low levels. Nevertheless, bonds can still provide a useful source of diversification and reasonable yields can be achieved without taking on excessive risk. Our fund in focus this week is M&G Corporate Bond.

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