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UK Special Situations Fund
A value-driven, contrarian Fund that aims to provide investors with attractive long-term returns by investing in undervalued, out-of-favour equities with future growth potential. The Fund could be ideal to blend with other UK equity funds which adopt different investment styles, as part of an overall equity portfolio.
Reasons to invest
The Investec UK Special Situations Fund is managed by Alastair Mundy and his Value team using a contrarian approach to value investing.
- Uses a bottom-up stock selection process investing in undervalued, out-of-favour equities with strong balance sheets.
- A concentrated portfolio sourced predominantly from the largest 350 UK-listed stocks, but diversified by industry and sector.
- Equities are typically held for four to five years, seeking to maximise their recovery potential.
- Stocks must have fallen by at least 50% in the last five years relative to the market in order to be considered for inclusion in the portfolio.
- Could be suitable as a core UK equity fund in a portfolio to blend with other equity funds which adopt different investment styles.
Strong long term performance
The Fund has a strong long-term track record, with a relatively low historical correlation to the average fund in the sector.
Calendar (and Index**) year returns: 2016: 17.6%,(16.0%),[11.0%]; 2015: -1.2%,(1.0%),[1.5%]; 2014: -0.5%,(1.2%),[0.9%]; 2013: 26.7%,(20.8%),[26.5%]; 2012: 15.9%,(12.3%),[15.4%].
Source: Morningstar, dates to 30.09.17, NAV based, income reinvested (inclusive of management fees but excludingany initial charge) net of UK basic rate tax, in GBP. Sector rankings based on IA OE UK All Companies. Calendar year performance source: Morningstar, 5 years ending December 2016. Performance is net of fees (I Share class, NAV based, including ongoing charges, excluding initial charges), gross income reinvested.**Index: (Comparative index: FTSE All-Share TR), [Sector Index: IA OE UK All Companies].
How do we identify contrarian, value stock opportunities?
The Investec UK Special Situations Fund takes a rational approach to investing in an (often) irrational market place.
This graph is for illustrative purposes only, there is no guarantee that investments will make a profit.
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. If any currency differs from the investor's 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.
Specific risks
Geographic/Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that the resulting value may decrease whilst portfolios more broadly invested might grow. 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. 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.
Alastair Mundy
Portfolio Manager
Ratings & risk profiles
Morningstar Analyst Rating first awarded in February 2017.
Important information
All information is as at 30.09.17 unless otherwise stated.
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.
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.
If applicable FTSE data is sourced from FTSE International Limited (‘FTSE’) © FTSE 2018. Please note a disclaimer applies to FTSE data and can be found at www.ftse.com/products/downloads/FTSE_Wholly_Owned_Non-Partner.pdf.
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