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The fund targets capital growth by investing principally in large cap listed equities internationally. Taube Hodson Stonex Partners are an experienced team who take a long term view and operate without benchmark constraints. Though they regard themselves as stockpickers, they also take a top down view and split the portfolio into economic themes they believe will be key going forward. Charges are low.
|Dividends paid||Acc units only|
|Standard initial charge||0.00%|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||0.75%|
|Ongoing charges figure||0.85%|
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.
Taube Hodson Stonex Partners remain one of London's most experienced investment teams even after the departure of two of their founders. The fund has a long term overweight to Europe which has provided a headwind during the continent's recent troubles, but the team can demonstrate a record of outperformance over a remarkably long time. They specialise in global equity portfolios and have an absolute return mindset which has historically given a degree of protection in falling markets. An added attraction is the charges, which are very low.
|High yield bonds||0|
The London based investment team invest in large cap equities worldwide. The portfolio consists of companies based in developed markets only, though there is indirect exposure to emerging market growth. The team identify global themes they believe will deliver long term growth and most investments are based around these themes, which include US housing recovery and e-commerce. Despite this the team consider themselves bottom up stockpickers and the themes are often derived from stock ideas. Shares are analysed on a traditional basis, with cash flow analysis and management strength key and company meetings considered important. These are predominantly carried out in London, though the team also travel overseas periodically. The managers are all generalists, but some have expertise in specific sectors and each stock idea will have one or two “champions” who will carry out the bulk of the research. Any one team member can veto an idea but in practice this rarely happens. Portfolio turnover tends to be low. The managers target absolute returns and neither stock weightings nor performance are judged relative to the benchmark, though the managers believe their approach will lead to outperformance over the long term.
|Fund data updated on||25/05/18|
|High yield bonds||0|
As at: 31/03/2018
5.25% Bnp Paribas
5% Unicredit Spa
3.82% Nutrien Ltd
3.57% Lennar Corp
3.05% Halliburton Co
2.98% Ing Groep N.v.
2.68% Tag Immobilien Ag
2.62% Ck Hutchison Hldgs Ltd
|Oil & Gas||8%|
|Building & Construction||6%|
The portfolio tends to hold between 60-80 stocks with initial position sizes from 1-3% and a maximum of 5% in any one holding. 8-10% liquidity is considered neutral. The portfolio is almost identical to the Electric & General fund which is run by the same managers.
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|
|13/14||14/15||15/16||16/17||17/18||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.|
Cato Stonex graduated from the LSE in 1986 and subsequently joined Morgan Grenfell, where he became a bond trader. He moved to J Rothschild in 1989 then co-founded THS in 1997. Mark Evans joined Morgan Grenfell in 1985 after graduating from Bristol University. He moved to ING in 1989 where he became head of emerging market debt before becoming a founder shareholder of Montpelier in 1995. He joined THS in 1998. Robert Smithson started his career at Goldman Sachs in 1995, moving to independent equity research boutique Arete Research in 2000 before joining THS in 2004. Ali Miremadi spent eleven years at Goldman Sachs, first as an equity salesman and then as a proprietary trader, before joining THS in 2007. Xavier Van Hove joined THS in 2010 after 13 years with UBS. Manuel Stotz joined THS in 2011 after a spell at Goldman Sachs.
Taube Hodson Stonex Partners has 26.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.1%. During the worst period of relative performance (from February 2000 - November 2011) there was a decline of 36% relative to the index. The worst absolute loss has been 52%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 95%.
|Periods of worst performance|
|Absolute||-52% (February 2000 - February 2003)|
|Relative||-36% (February 2000 - November 2011)|
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.