UK OEIC

Cautious Managed

Rayner Spencer Mills Rating

Rated

Latest NAV Price

99
25 September 2020

NAV daily change %

-0.10

Dealing currency

GBX

Fund size

GBP 1.14 B
28 August 2020

Latest NAV Price

99
25 September 2020

NAV daily change %

-0.10

Dealing currency

GBX

Fund size

GBP 1.14 B
28 August 2020

Objective

Investment objective summary

  • The Fund aims to provide capital growth (to grow the value of your investment) and income over at least 5-year periods.
      • The Fund targets a return of UK Consumer Prices Index (CPI) +4% each year (before allowing for fees), over 5-year rolling periods.
      • While the Fund aims to achieve its objective and its performance target, there is no guarantee that either will be achieved, over 5 year rolling periods or over any period and there is a risk of loss.
      • The Fund invests primarily (at least two-thirds) in the shares of companies and bonds (or similar debt-based assets) that are investment grade (have a relatively high credit rating).
      • The Fund focuses on investing in assets believed to be undervalued by the market. Investment opportunities are identified using in-depth analysis and research on individual companies.
      • The Fund may invest up to 60% in the shares of companies. These companies may be of any size and in any industry sector.
      • Bonds (or similar debt-based assets) may be in any currency and may be issued by any issuer e.g. governments or companies.
      • The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares of other funds (which may be managed by a Ninety One group company, or a third party) and derivatives (financial contracts whose value is linked to the price of an underlying asset).
      • Derivatives may be used for investment purposes and/or managing the Fund in a way that is designed to reduce risk or cost and/or generate income or growth with a low level of risk.
      • The performance target has been chosen as we believe it sets a realistic expectation of the Fund’s long-term outperformance of the return an investor can expect, based on the principal asset types available for investment and the current market environment. Fund performance can also be compared to the IA sector average. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to facilitate comparison between funds with broadly similar characteristics.
      Jason Borbora-Sheen
      Portfolio Manager
      Jason is a portfolio manager in the Multi-Asset team at Ninety One. He is co-portfolio manager...
      John Stopford
      Portfolio Manager
      John is Head of Multi-Asset Income at Ninety One. He is co-portfolio manager of the Multi-Asset...

      Performance & returns

      25/09/2020
      The value of investments, and any income generated from them, can fall as well as rise. Past performance is not a reliable indicator of future results. If the currency shown differs from your home currency, returns may increase or decrease as a result of currency fluctuations. Investment objectives and performance targets may not necessarily be achieved, losses may be made. We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs. Where a shareclass has been in existence for less than 12 months, performance is not disclosed. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. The Trailing Returns chart may use different Sector performance start dates compared to other performance charts or other marketing literature which may result in minor differences. Where a benchmark index is calculated on a monthly basis, the returns will be out of line with the fund and/or sector which are calculated daily.

      Key facts & Downloads

      • Domicile

        United Kingdom
      • Risk profile

        4
      • ISIN

        GB00BQLDXC29
      • SEDOL

        BQLDXC2
      • Fund inception date

        07/06/1993
      • Share class inception date

        30/09/2014
      • Benchmark

        UK CPI + 4%
      • IA sector

        IA Mixed Investment 20-60% Shares
      • Valuation & transaction cut-off

        12 noon (forward pricing)

      Portfolio & Holdings

      Date as of 31/08/2020
      New Zealand Local Government F 2 Apr 15 37
      0.7
      South Africa Treasury Bill 10.5 Dec 21 26
      0.6
      South Africa Treasury Bill 7.75 Feb 28 23
      0.6
      Brazil Notas do Tesouro Nacional 10 Jan 01 25
      0.5
      New Zealand Local Government 3.5 Apr 14 33
      0.5
      Bonos De Tesoreria 6.15 Aug 12 32
      0.5
      Province of British Columbia 4.7 Jun 18 37
      0.4
      Tennessee Valley Authority 5.88 Apr 01 36
      0.4
      Peruvian Government International 6.95 Aug 12 31
      0.4
      Province Of Ontario Canada 4.7 Jun 02 37
      0.4

      Charges

      Maximum initial charge %

      0.00

      Ongoing charge %

      0.75
      The Fund may incur further expenses (not included in the above Ongoing charge) as permitted by the Prospectus.

      Specific fund risks

      Charges from capital

      For Inc-2 and Inc-3 shares classes, expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.

      Currency exchange

      Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

      Default

      There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.

      Derivatives

      The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

      Equity investment

      The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.

      Government securities exposure

      The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.

      Interest rate

      The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.

      Liquidity

      There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.

      Distributions & Yields

      Most recent distribution payments
      Distribution amount
      GBP0.0057
      Ex-distribution date
      01 July 2020
      Payable date
      28 August 2020
      Yield data as of 31/08/2020
      Yield %
      1.63
      Adjusted yield %
      0.88

      We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs.

      All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

      This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale. The full documentation that should be considered before making an investment, including the Prospectus and Key Investor Information Documents, which set out the Fund specific risks, are available from Ninety One. This Fund should be considered as a long-term investment.

      Performance data source: © Morningstar, NAV based, (net of fees, excluding initial charges), total return, in the share class dealing currency. Performance would be lower had initial charges been included as an initial charge of up to 5% (10% for S shares) may be applied to your investment. This means that for an investment of $1,000, where the initial charge equals 5%, $950 ($900 for S shares) would actually be invested in the Fund. Returns to individual investors will vary in accordance with their personal tax status and tax domicile.

      Morningstar Analyst rating™: Copyright © 2020. Morningstar. All Rights Reserved. The information, data and opinions expressed and contained herein are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; are not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein.

      The overall rating for a fund, often called the ‘star rating’, is a third party rating derived from a quantitative methodology that rates funds based on an enhanced Morningstar™ Risk-Adjusted Return measure. ‘Star ratings’ run from 1 star (lowest) to 5 stars (highest) and are reviewed at the end of every calendar month. The various funds are ranked by their Morningstar™ Risk-Adjusted Return scores and relevant stars are assigned. It is important to note that individual shareclasses of each fund are evaluated separately and their ratings may differ depending on the launch date, fees and expenses relevant to the shareclass. In order to achieve a rating the share class of a fund must have a minimum three-year performance track record.

      For a full description of the ratings, please see our ratings guide. A rating is not a recommendation to buy, sell or hold a fund.

      The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security. Figures may not always sum to 100 due to rounding. 

      For an explanation of statistical terms, please see our glossary.