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The Fund's objective is to provide a high and rising income from a relatively focused portfolio of UK listed smaller companies. It aims to deliver a gross yield at least 10% greater than the yield produced by the FTSE All-Share Index. Unicorn is a privately owned UK small and mid cap specialist. Veteran manager John McClure passed away in June 2014, responsibility of the fund has been passed to co-managers Simon Moon and Fraser Mackersie.
|Sector||UK Equity Income|
|Dividends paid||28 Feb, 31 May, 31 Aug, 30 Nov|
|Standard initial charge||2.50%|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||0.75%|
|Ongoing charges figure||0.81%|
Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.
This fund differentiates itself from the competition by investing predominantly in small and mid cap stocks. Equity income funds generally focus on large, mature dividend paying companies in the FTSE 100. The fund suits more adventurous income investors as well as those looking to diversify away from mainstream UK equity income funds, which can exhibit a high degree of commonality.
|High yield bonds||0|
The fund's investment process focuses on companies that retain a competitive advantage and operate in niche or growth markets. They will also be characterised by strong balance sheets, high return on invested capital and high free cash flows. These companies will generally be out of favour and trading at low valuations; the manager also emphasises dividend cover, low debt levels and the ability of businesses to grow the existing dividend. The manager eschews a barbell portfolio structure - each stock is expected to make a material contribution to the portfolio yield. Unicorn will generally not hold more than 5% of an underlying company's equity. The investment universe consists of AiM, FTSE Small Cap and FTSE Mid 250 companies. Companies will generally be sold once their market cap exceeds £1bn.
|Fund data updated on||23/05/19|
|High yield bonds||0|
As at: 28/02/2019
4.7144%Bba Aviation Plc
4.6675%Phoenix Group Holdings Plc
3.4811%Primary Health Properties
3.1839%4imprint Group Plc
3.1812%Dairy Crest Group
2.9353%Hill & Smith Hldgs
|Building & Construction||10%|
Maximum individual position 5%.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.
|Average monthly relative returns||Bestinvest MRI|
|14/15||15/16||16/17||17/18||18/19||3 years||5 years||Career||3 years||5 years||Career|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
Moon graduated with a BSc (Hons) in Archaeology from the University of Liverpool. Following three years working in the NHS on their graduate finance scheme, he moved to the City in 2007 to work for JM Finn as a research analyst. He joined Unicorn in November 2008. Mackersie graduated with a BSc (Hons) in Economics and Management from the University of St. Andrews in 2003. Following University he worked for Geoghegans Chartered Accountants in Edinburgh and qualified as a Chartered Certified Accountant (ACCA) in October 2006. He then spent two years with F&C Asset Management before joining Unicorn in October 2008.
Simon Moon / Fraser Mackersie has 4.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.06%. During the worst period of relative performance (from September 2015 - October 2016) there was a decline of 16% relative to the index. The worst absolute loss has been 13%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 66%.
|Periods of worst performance|
|Absolute||-13% (December 2015 - June 2016)|
|Relative||-16% (September 2015 - October 2016)|
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.