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Tailored for investment professionals this site provides information on our products, strategies and services. Please remember capital is at risk and past performance is not a guide to the future.

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Cautious Managed Fund

Managed using a contrarian/value approach, it blends undervalued, out-of-favour equities with complementary assets, seeking to dampen volatility and provide attractive risk-adjusted returns.‡ The Funds simple, transparent and proven approach has successfully steered it through many challenging environments.

Reasons to invest

  • Annualised returns of 7.5% since launch in 1993, rolling 5-year returns have always been positive1, targeting consistent long-term returns.
  • Exposure to a range of 'complementary assets' - aiming to deliver UK CPI +4% p.a.2
  • Assets are blended to help dampen volatility; c.50% of the historic volatility of UK equities3.
  • Managed for 15 years by Alastair Mundy and his Value team. The same, consistent process, proven over the long term.
  • Rated by leading research agencies; a highly regarded fund. 

Attractive long-term performance with lower volatility since launch3

Launched in 1993, the Investec Cautious Managed Fund is one of our most widely held funds and has provided investors with 7.5% annualised return since launch, with half the volatility of the FTSE All-Share Index3.

 

Calendar (and Index**) year performance: 2017: 3.6%(8.7%); 2016: 19.1%(10.6%); 2015: -2.2%(1.5%); 2014: 0.4%(5.0%); 2013: 8.4%(9.2%).

Source: Morningstar. Calendar year performance source: Morningstar, 5 years ending December 2017. Performance is net of fees (I Share class, NAV based, in GBP, including ongoing charges, excluding initial charges), gross income reinvested. **Index: UK CPI (composite index pre 01.02.14)

 

Aiming to build a successful cautious portfolio

 

Maximum permitted equity weightings determined by the Investment Association Mixed Investment 20-60% Shares sector.



General risks

The value of investments, and any income generated from them, can fall as well as rise. Where charges are taken from capital, this may constrain future growth.

Past performance is not a reliable indicator of future results.

Investment objectives and performance targets may not necessarily be achieved, losses may be made.


Specific risks

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. 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. bankruptcy), the owners of their equity rank last in terms of any financial payment from that company. Government securities exposure: The portfolio may invest more than 35% of its assets in government securities issued or guaranteed by a permitted single state. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates and/or inflation rises. 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. Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

Alastair Mundy

Portfolio Manager



Watch the update


Morningstar Analyst Rating first awarded in February 2017.

Important information

All information is as at 31.12.17 unless otherwise stated.

1Gross of fees. This is an aim and not guaranteed. 
2Source: Morningstar, to 07.09.98 to 30.11.17. 
3Volatility of the Fund since launch is 10.1% compared with 20.1% for the FTSE All-Share Index. Sector rankings based on IA Mixed Investment 20-60% Shares.

Indices are shown for illustrative purposes only, are unmanaged and do not take into account market conditions or the costs associated with investing. Further, the manager’s strategy may deploy investment techniques and instruments not used to generate Index performance. For this reason, the performance of the manager and the Indices are not directly comparable.

If applicable MSCI data is sourced from MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Fund ratings may be provided by independent rating agencies based on a range of investment criteria, and do not constitute investment advice by Investec Asset Management. For a full description of the ratings please see www.investecassetmanagement.com/ratings. 

Dynamic Planner® is a registered trademark of Distribution Technology. The Elite Rating™ system is proprietary to FundCalibre Ltd., but should not be taken as a recommendation.