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BMO RESPONSIBLE GLOBAL EQUITY 2

BMO RESPONSIBLE GLOBAL EQUITY 2 - Overview

Overview of BMO RESPONSIBLE GLOBAL EQUITY 2

The fund aims to provide capital growth by investing in an ethically screened and diversified portfolio of global equities. Portfolio construction is the responsibility of manager Jamie Jenkins, who seeks to invest in companies making a positive contribution to society and the environment, while avoiding companies with damaging or unsustainable business practices. To do this the team at BMO uses both negative and positive screening, with "invest, avoid and improve" the key philosophy. Screening exclusions include tobacco, alcohol, weapons, gambling, nuclear and pornography. The fund has a style bias towards quality growth stocks.

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

Fund summary

Sector Global
Structure OEIC
Launched August, 2003
Size £1,088m
Yield 0.4%
Charging basis Income
Dividends paid 31 Jan, 31 Jul

Charges

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 0.80%

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

Jamie Jenkins has delivered positive performance since taking over this fund in 2015. He benefits from the input of the large Responsible Investment team at BMO, which is responsible for ESG research. The fund is also overseen by an advisory council, whose president is the Archbishop of Canterbury. Jenkins has a bottom-up approach as with most actively managed responsible funds, but the fund is more closely correlated to the MSCI World benchmark than a number of global ESG funds. We would describe the fund as mid-green, but as always encourage investors to read the investment criteria before investing.

Portfolio

Allocation Proportion(%)
Equity 100
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 0
Allocation Proportion(%)
UK 9
Europe 15
North America 57
Japan 12
Pacific 5
Emerging Markets 2
Allocation Proportion(%)
Large Caps 73
Mid Caps 26
Small Caps 1

View all performance data for this fund

Investment process

The fund has a five stage investment process, which sees the global universe filtered from 5,000 stocks to 40-60 in the final portfolio. Stage one is idea generation, which is derived from company meetings, industry conferences, sector/theme research and ESG research by the BMO investment team. Approximately 1,000 stocks are taken to stage two which is ethical and sustainability screening - positive and negative. This work is largely done by BMO's Responsible Investment team and the Advisory Council. Stocks that make it through the screens are placed on the watch list of around 100 stocks, which undergo in-depth company and valuation analysis before being considered for portfolio inclusion. Stage four is portfolio construction, which is primarily the responsibility of Jamie Jenkins, who seeks to blend and diversify risks when weighting the final portfolio. A high quality and undervalued stock in the opinion of the manager will tend to have a weighting of 2.5-5.0%. A fair valued, high quality company will have a weight of 1-2.5%. Stage five of the investment process is active ownership and reporting, which is the responsibility of the portfolio managers and the responsible investment teams.

Live feed

Bid price(inc) 160.80p
Accum units 615.80p
Fund commentary 18/11/20
Fund data updated on 14/05/21

Asset allocation

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

Equity Geographic

Allocation Proportion(%)
UK 9
Europe 15
North America 57
Japan 12
Pacific 5
Emerging Markets 2

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 73
Mid Caps 26
Small Caps 1

Top 10 holdings

As at: 31/07/2020
5.8% Microsoft Corp
5.2% Apple Inc
4.1% Linde Plc
3.5% Thermo Fisher Scientific Inc
3.2% Mastercard Inc
3% Taiwan Semiconductor Co
2.9% Accenture Plc
2.9% Paypal Hldgs Inc
2.8% Roper Technologies Inc
2.5% Mettler Toledo Intl Inc
Source: Trustnet

Sector breakdown

Information Technology 31%
Health Care 20%
Industrials 14%
Financials 13%
Consumer Discretionary 9%
Materials 7%
Real Estate 3%
Consumer Staples 2%
Money Market 1%

Portfolio details

High conviction portfolio of 40 to 60 stocks. 50 is normal.

Constraints

Typical max 5% in large cap stocks, 3% in small caps. Regional weights typically within +/-10% relative to the index.
There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.

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
-0.81% 0.31% -0.50% 0.01% -0.20%   -0.23% -0.24% -0.17% 50.00% 50.00% 44.80%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Jamie Jenkins

Manager. Jenkins is Head of the Responsible Global Equities team at BMO. He joined the firm in 2000 and is co-manager of the BMO. Responsible Global Equity Fund. Prior to joining the firm, Jenkins worked at Hill Samuel Asset Management as a Japanese Equities Fund Manager. He holds an MA in History from the University of Edinburgh, has IMC and IIMR qualifications and is a member of the CFA Society of the UK.

Track record

Jamie Jenkins has 10.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.17%. During the worst period of relative performance (from December 2006 - August 2014) there was a decline of 23% relative to the index. The worst absolute loss has been 39%.

Periods of worst performance
Absolute -39% (March 2006 - February 2009)
Relative -23% (December 2006 - August 2014)

Other funds managed

  Start Date
BMO RESPONSIBLE GLOBAL EQUITY 1Jan 2015

Sector record since November 2004 (11 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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