Rathbone Heritage Fund

Transcription

1 Rathbone Unit Trust Management Contact us Q4 investment update, 31 December 2018 Performance 3 months 6 months 1 year 3 years 5 years Since Launch % % -9.72% 11.04% 32.51% 45.38% FTSE World GBP index % -5.38% -3.10% 42.34% 65.29% 77.99% UK CPI + 5% 1.70% 3.72% 7.19% 23.59% 37.26% 44.54% Data to 31 December Source: FE Analytics, bid to bid, net income reinvested. Portfolio attributes Portfolio concentration Number of holdings 34 (32) Percentage of fund in top % Number of positions <1% 1 (1) Number of positions >5% 0 (0) Weighting 23.96% CAPE Liquidity 98.45% (98.70%) Quality Return on assets 5.67% Value Earnings yield 4.03% Financial strength Net debt to equity 67.91% Data as at 31 December Source: Rathbones. 1

2 Risk statistics 3 years 5 years FTSE World ( ) index FTSE World ( ) index Alpha Beta Downside risk 11.65% 11.49% 10.34% 10.50% Information ratio (relative) Jensens alpha Max drawdown % % % % Max gain 10.48% 23.59% 14.56% 23.59% Max loss -8.82% -6.99% -8.82% -7.31% Negative periods Positive periods r Relative return -7.94% -4.32% Return 3.55% 12.49% 5.79% 10.57% Sharpe Sortino Tracking error 5.10% 5.10% Treynor Volatility 9.21% 10.22% 8.84% 9.89% Data to 31 December Source: FE Analytics. 2

3 ICB industry weightings (as at 31 December 2018) 30% FTSE World 25% 20% 15% 10% 5% % of fund 0% Financials Consumer services Technology Consumer goods Industrials Health care Oil and gas Basic materials Utilities Telecommunications 3

4 ICB country weightings (as at 31 December 2018) United States United Kingdom Hong Kong Netherlands Belgium and Luxembourg Finland Switzerland Germany Denmark Italy Japan France Canada Australia Korea Taiwan Spain Brazil Sweden South Africa Singapore Thailand Mexico Malaysia Norway Israel Poland New Zealand Turkey Ireland Austria Portugal Hungary Greece Czech Republic 0% 10% 20% 30% 40% 50% 60% FTSE World 4

5 Holdings Name Name 1 AIA 3.39% 18 Adobe 2.27% 2 Sampo 3.01% 19 Ulta Beauty 2.25% 3 Novartis 2.78% 20 Cognizant Technology Solutions 2.24% 4 RELX 2.73% 21 Carnival 2.22% 5 ASML 2.71% 22 Discover Financial Services 2.20% 6 PRS REIT 2.59% 23 Lockheed Martin 2.19% 7 Unilever 2.58% 24 Mondelez 2.19% 8 MasterCard 2.56% 25 Travelsky Technology 2.02% 9 Tencent 2.55% 26 Kinepolis 1.97% 10 Reckitt Benckiser 2.53% 27 Cerved Information Solutions 1.96% 11 Big Yellow 2.51% 28 Spotify 1.92% 12 CTS Eventim 2.47% 29 Anheuser-Busch InBev 1.68% 13 DCC 2.47% 30 Henry Schein 1.55% 14 Bunzl 2.46% 31 GlaxoSmithKline 1.46% 15 Christian Hansen 2.44% 32 Micro Focus International 1.43% 16 Aptiv 2.42% 33 Microsoft 1.02% 17 JP Morgan Chase 2.34% 34 Patisserie Holdings 0.94% Data as at 31 December

6 Absolute performance attribution By stock RELX Travelsky Technology Novartis Tencent Bunzl Micro Focus International Microsoft Unilever Kinepolis Henry Schein GlaxoSmithKline Big Yellow Mondelez Delphi Technologies* AIA PRS REIT Christian Hansen Wabtec* Ulta Beauty DCC JP Morgan Chase CTS Eventim Reckitt Benckiser MasterCard Sampo Adobe Cognizant Technology Solutions ASML Cerved Information Solutions Anheuser-Busch InBev Carnival Discover Financial Services Lockheed Martin Aptiv Spotify Patisserie Holdings * These are no longer held. 3 months to 31 December

7 Performance attribution is provided by StatPro Revolution. The benchmark used for relative analysis is the Freedom UK 500 index. For further information on the benchmark and its provider, visit thefreedomindex.com. used for attribution analysis excludes that not at the discretion of the manager, such as accrued fees. Copies of the Prospectus, the Key Investor Information Document (KIID), the Supplementary Information Document (SID) and application forms may be obtained from Rathbone Unit Trust Management Limited. For the the Manager s annual fee is taken from capital. This will mean that capital may be eroded or growth restricted to the extent of the charge and that, where there may, as a result, be a reduction in liability for Capital Gains Tax, there will be some increase in Income Tax liability, for tax paying unitholders. The information contained in this note is for use by investment advisers and must not be circulated to private clients or to the general public. The value of the investments and the income from them may go down as well as up and you may not get back your original investment. Past performance is not necessarily a guide to future performance. Rathbone Unit Trust Management Limited 8 Finsbury Circus, London EC2M 7AZ Tel Fax Information line rutm@rathbones.com rathbonefunds.com Authorised and regulated by the Financial Conduct Authority A member of the Investment Association A member of the Rathbone Group. Registered No