020 7189 9999
Bestinvest rating
OLD MUTUAL UK SPECIALIST EQUITY R GBP

OLD MUTUAL UK SPECIALIST EQUITY R GBP - Overview

Overview of OLD MUTUAL UK SPECIALIST EQUITY R GBP Buy in ISA Buy in Investment Account

A Dublin registered OEIC offering exposure to a market neutral equity strategy by taking long and short positions primarily in UK equities outside the FTSE 100 Index. The strategy is a mirror version of an existing Cayman listed fund launched in 2003 and is designed to target absolute returns with low levels of volatility. Old Mutual have one the City's largest and most experienced UK small and mid cap team, the resulting portfolio is very much the result of output from across the team.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Targeted Absolute Return
Structure OFFSHORE FUND
Launched April, 2016
Size £476m
Yield 0.0%
Charging basis Capital
Dividends paid Acc shares only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.15%

20% performance over cash returns + high water mark.

Risks

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 Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Given the combination of team experience, and the increasingly limited / poor quality of sell side coverage in UK small and mid cap universe we believe the new UCITs version of this strategy should have a high probability of maintaining the track record set by its original Cayman listed fund.

Portfolio

Allocation Proportion(%)
Equity 0
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 100
Fund cash 0
Allocation Proportion(%)
UK 100
Europe 0
North America 0
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 10
Mid Caps 80
Small Caps 10
View all performance data for this fund

Investment process

Both long and short ideas are the result of collaboration across the OMAM UK small / mid cap team - it is the responsibility of all analysts to come up with long and short ideas from their respective sectors. Long positions focus on positive earnings revisions and re-rating potential, shorts the opposite. Stocks are rarely shorted on the basis of valuation alone. The fund generally has a gross exposure of 200%, evenly balanced between long and short positions. Net exposures having rarely been outside of +/-4% range. The team don’t tend to dynamically manage the gross exposure according to the market backdrop, given that it is virtually market neutral, and expect to generate alpha ideas in most market conditions. Generally there are no pair trades. Historically the fund has tended to display thematic tilts, these are not specifically targeted but tend to evolve. Weightings to themes are monitored to ensure the fund is not too vulnerable to market reversals / factor risks.

Live feed

Bid price(inc) 1,170.44p
Accum units 1,170.44p
Fund commentary 29/04/16
Fund data updated on 26/06/17

Asset allocation

Allocation Proportion(%)
Equity 0
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 100
Fund cash 0

Equity Geographic

Allocation Proportion(%)
UK 100
Europe 0
North America 0
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 10
Mid Caps 80
Small Caps 10

Top 10 holdings

No information available.

Sector breakdown

Portfolio details

60 long positions (sized 1-4%) and 40 shorts (0.5-2%) - excluding indices. On average 40% of the short book is represented by stock specific shorts the balance index shorts.

Constraints

Typically 200% gross exposure, net +/- 5%.

Average monthly relative returns Bestinvest MRI
12/13 13/14 14/15 15/16 16/17   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.

Tim Service

Manager. Joined Old Mutual in 2007 working originally as an analyst before promotion to deputy fund manager alongside Richard Watts on a segregated small / mid cap mandate in 2010, subsequently promoted to lead in 2012. From 2011 he started to work closely with Ashton Bradbury on UKS. He was formally appointed deputy manager on UKS in Sept 2014, shortly after becoming lead manager following Ashton Bradbury's retirement. Prior to joining OMAM, Service worked on the sell side with ABN AMRO and RBS.

Track record

The track record of Tim Service in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance
Absolute
Relative

Other funds managed

Sector record since




About the MRI

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.

Your Session will expire soonclose overlay

As you have been inactive for nearly 15 minutes you will soon be logged out of the secure area of our website. Click OK to remain logged in.