UK OEIC

Global Macro Allocation

Latest NAV Price

1.04
25 September 2020

NAV daily change %

-0.49

Dealing currency

GBP

Fund size

GBP 87.34 M
28 August 2020

Latest NAV Price

1.04
25 September 2020

NAV daily change %

-0.49

Dealing currency

GBP

Fund size

GBP 87.34 M
28 August 2020

Objective

Investment objective summary

  • The Fund aims to provide total returns comprised of capital growth (to grow the value of your investment) and income over at least 5-year periods.
      • While the Fund aims to achieve a positive return there is no guarantee it will be achieved over 5-year periods or over any period of time and there is risk of loss.
      • The Fund invests in a broad range of assets around the world. These assets may include shares of companies (which may be of any size and in any industry sector), bonds (or similar debt-based assets), commodities, property and other alternative assets (such as hedge funds, infrastructure funds and private equity funds).
      • Investments may be directly in the assets themselves (excluding property and commodities) or indirectly through other investments and other funds (up to 100%).
      • Investment opportunities are identified using macroeconomic analysis (based on a view of the economy as a whole) and research.
      • The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 100% in units or shares in 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 Fund’s performance can be compared to a return of 7% each year in GBP. The performance comparator has been chosen as we believe it is a reasonable benchmark by which to measure the Fund’s returns based on current market conditions and the principal asset types available for investment. 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.
      Jimmy Elliot
      Portfolio Manager
      Jimmy is Head of Multi-Asset at Ninety One and is based in London. He is responsible...
      Iain Cunningham
      Portfolio Manager
      Iain is a portfolio manager in the Multi-Asset team at Ninety One. He is the co-portfolio...

      Performance & returns

      25/09/2020
      As the share class was launched less than 12 months ago, performance is not disclosed.

      Key facts & Downloads

      • Domicile

        United Kingdom
      • Risk profile

        5
      • ISIN

        GB00BMZ80S00
      • SEDOL

        BMZ80S0
      • Fund inception date

        07/01/1994
      • Share class inception date

        01/06/2020
      • Benchmark

        7% p.a. (GBP)
      • IA sector

        IA Flexible Investment
      • Valuation & transaction cut-off

        12 noon (forward pricing)

      Portfolio & Holdings

      Date as of 31/08/2020
      South Africa Treasury Bill 8 Jan 31 30
      1.3
      Russian Federal Bond - OFZ 8.15 Feb 03 27
      1.3
      Turkey Government International 7.625 Apr 26 29
      1.2
      Indonesia Treasury Bond 8.25 Jun 15 32
      0.7
      Mexico Government International 4.5 Apr 22 29
      0.7
      Indonesia Treasury Bond 7 Sep 15 30
      0.5

      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

      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 may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially 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.

      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.