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The objective of the fund is long-term capital growth via a portfolio of global companies, which have strong growth prospects linked to key sustainability growth themes. The nine themes WHEB seek broad exposure to are environmental services, resource efficiency, water management, sustainable transport, cleaner energy, safety, health, well-being, and education. The fund has a growth style, and typically has a bias to mid-caps and to the US. The fund has a predominantly positive screening focus, but will also exclude all “sin” sectors i.e. alcohol, tobacco, gambling, pornography, weapons. It is also fossil fuel free.

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

Fund summary

Sector Global
Structure OEIC
Launched September, 2012
Size £1,103m
Yield 0.0%
Charging basis Income
Dividends paid 28 Feb


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.85%
Ongoing charges figure 1.05%


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

WHEB is a boutique that specialises in sustainable investing. It focuses on companies offering solutions to sustainability challenges, not just those with good corporate social responsibility reports. The team believe that sustainability themes and the ESG profile of a company are key to determining the quality of the business and its growth potential. An independent Advisory Committee reviews the portfolio holdings each quarter to ensure policies are adhered to. We would describe the ESG screening criteria as dark green i.e. relatively strict. As a consequence, performance is likely to differ from that of the MSCI World index.


Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2
Allocation Proportion(%)
UK 10
Europe 16
North America 60
Japan 9
Pacific 2
Emerging Markets 3
Allocation Proportion(%)
Large Caps 43
Mid Caps 46
Small Caps 11

View all performance data for this fund

Investment process

The investment process has three stages. Stage one applies quantitative sustainability screens i.e. looking for sustainable growth potential via the key themes. At least one third of a company’s business must come from one or more of the nine themes that are providing solutions to environmental and/or social challenges. This leaves around 1000 stocks in the thematic universe (20% of the MSCI World), of which WHEB have covered roughly 500 in depth. Stage two is the more detailed analysis of company quality and valuation (GARP). The approach sees ESG factors integrated to help determine whether a company is “quality”. The ESG factors include positive impact, reputation, innovation, ethics & governance, sustainability of earnings and opportunities. These factors sit alongside the more traditional analysis of market attractiveness (barriers to entry, stage of the cycle, growth potential), competitive position (pricing power, market share, margins), value chain (buyer and supplier power, cost controls, working capital), management quality (reputation and track record) and growth strategy (M&A, product development). For valuations, the team mainly look at ROE, EV/EBITDA and cash flow yield. Stage three is portfolio construction. The manager grades stocks A, B and C, with A stocks having 2% weights in the portfolio. The team look for broad exposure across themes, but can zero weight a theme and will not have more than 30% in a single theme. An independent Advisory Committee reviews the portfolio holdings each quarter to ensure policies are being adhered to.

Live feed

Bid price(inc) 214.91p
Accum units 328.04p
Fund commentary 09/02/21
Fund data updated on 09/12/21

Asset allocation

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2

Equity Geographic

Allocation Proportion(%)
UK 10
Europe 16
North America 60
Japan 9
Pacific 2
Emerging Markets 3

Equity Capitalisation

Allocation Propor
Large Caps 43
Mid Caps 46
Small Caps 11

Top 10 holdings

As at: 31/10/2021
3.11% Smith(A.o.)Corp
3.07% Icon Ab
3.03% Royal Dsm
2.99% Thermo Fisher Scientific Inc
2.93% Csl Ltd
2.91% Ecolab Inc
2.91% Orpea
2.91% Ansys Inc
2.84% Daifuku Co
2.81% Keyence Corp
Source: Trustnet

Sector breakdown

Resources 23%
Health Care 22%
Transport 11%
Others 11%
Services 10%
Water 8%
Safety & Security Services 5%
Alternative & Renewable Energy 5%
Education 3%
Money Market 2%

Portfolio details

40-60 holdings. Tracking error range 4-8%. Average holding period 4-7 years. High active share - normally >95%.


Max 30% per theme. 5% stock limit.
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
17/18 18/19 19/20 20/21 21/22   3 years 5 years Career 3 years 5 years Career
0.29% -0.48% -0.16% 0.76% -0.44%   0.05% -0.01% -0.07% 65.90% 63.30% 51.60%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Ted Franks

Manager. Franks helped found WHEB in 2009. He was a member of the original team that launched the WHEB Sustainability strategy in June 2009, becoming lead manager in 2015. Before joining WHEB, Franks was a sector specialist in the renewable energy and utilities sectors at Dresdner Kleinwort and KPMG. He is a Chartered Financial Analyst and a Chartered Accountant, has a degree in Philosophy and Economics from Bristol University and a Postgraduate Diploma in Law from Bristol Legal Institute.

Track record

Ted Franks has 6.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.07%. During the worst period of relative performance (from June 2015 - August 2019) there was a decline of 11% relative to the index. The worst absolute loss has been 16%.

Periods of worst performance
Absolute -16% (July 2019 - March 2020)
Relative -11% (June 2015 - August 2019)

Other funds managed

  Start Date

Sector record since June 2015 (6 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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