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ACORN INCOME FUND ORDS

ACORN INCOME FUND ORDS - Overview

Overview of ACORN INCOME FUND ORDS

The fund concentrates on companies with market cap of less than £1 billion and has an income requirement. The portfolio is split 80% in UK equities managed by John McClure at Unicorn and 20% in fixed income managed by Paul Smith at Premier.

  • Standard Initial Charge
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector UK Equity and Bond Income
Structure INVESTMENT TRUST
Launched February, 1999
Size £53m
Yield 5.5%
Charging basis 25% Income 75% Capital
Dividends paid Jun, Oct

Charges

Standard initial charge
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.70%
Ongoing charges figure 0.70%

There is also a performance fee of 15% of any excess of NAV over benchmark NAV. Stamp duty does NOT apply as this is offshore registered (Guernsey).

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

No information available.

Portfolio

Allocation Proportion(%)
Equity 81
High yield bonds 0
Quality bonds 15
Property 0
Commodities 0
Hedge 0
Fund cash 4
Allocation Proportion(%)
UK 100
Europe 0
North America 0
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 0
Mid Caps 0
Small Caps 100

View all performance data for this fund

Investment process

The objective of the fund is to provide a high level of income with the opportunity for some capital growth. The mandate allows for 75% of the investable assets within UK Smaller Companies with the remainder invested within Sterling denominated high yield fixed interest debt. The management of the debt is tasked to Premier Asset Management, whereas the equity portion is managed by UK Smaller Company specialists, Unicorn Asset Management. The UK Small Cap manager invests in a focused portfolio of stocks aiming to identify good quality companies ahead of an improvement, that is, at a point in their business cycle where their true worth is not fully recognised by the stockmarket. Favoured company characteristics include: experienced and well-motivated management; good cash generation to finance ongoing development allied with a progressive dividend policy and sound operational and financial controls.

Live feed

Bid price(inc) (46.25p) 417.00p
Accum units 418.00p
Fund commentary 17/11/03
Fund data updated on 23/09/21

Asset allocation

Allocation Proportion(%)
Equity 81
High yield bonds 0
Quality bonds 15
Property 0
Commodities 0
Hedge 0
Fund cash 4

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 0
Mid Caps 0
Small Caps 100

Top 10 holdings

As at: 30/06/2021
4.4% Polar Capital Hldgs Plc
4.3% Somero Enterprise Inc
3.9% Apq Global Ltd 3.5% Culs 30/09/2024 (Assd Ord)
3.9% Sabre Insurance Group Plc
3.5% Telecom Plus
3.3% Chesnara
3.2% Ocean Wilsons Hldgs
3.1% At&T 2.90% Apr 2026
3.1% Numis Corp
3.1% Vesuvius India
Source: Trustnet

Sector breakdown

Industrials 31%
Financials 31%
Financials 11%
Consumer Services 6%
Equities 5%
Money Market 5%
Technology 5%
Telecommunications 4%
Consumer Goods 1%
Government Bonds 1%

Portfolio details

As yield is a consideration, the portfolio does have a bias to higher yielding securities.

Constraints

Risk is controlled on a stock by stock basis.

Average monthly relative returns Bestinvest MRI
16/17 17/18 18/19 19/20 20/21   3 years 5 years Career 3 years 5 years Career
0.53% -0.48% -0.09% 0.17% 0.34%   0.14% 0.09% 0.05% 69.50% 70.50% 66.60%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Simon Moon / Fraser Mackersie

Manager. 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.

Track record

Simon Moon / Fraser Mackersie has 7.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.05%. During the worst period of relative performance (from September 2015 - June 2020) there was a decline of 17% relative to the index. The worst absolute loss has been 34%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 67%.

Periods of worst performance
Absolute -34% (December 2019 - March 2020)
Relative -17% (September 2015 - June 2020)

Other funds managed

Sector record since June 2014 (7 yrs)




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.

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