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AEGON ETHICAL EQUITY B

AEGON ETHICAL EQUITY B - Overview

Overview of AEGON ETHICAL EQUITY B

The fund’s objective is to maximise total return (income plus capital) by investing in a portfolio of UK companies that meet its ethical criteria. These criteria mean it avoids companies that it decides harm people, society, animals or the environment, which excludes a large part of the UK stockmarket. Unusually for an ethical fund some oil & gas investments are allowed, so we would describe its ethical criteria as 'mid green'. Manager Audrey Ryan combines bottom-up stockpicking with an assessment of the macro environment and her portfolios typically have a growth bias.

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

Fund summary

Sector UK All Companies
Structure OEIC
Launched April, 1989
Size £654m
Yield 0.9%
Charging basis Income
Dividends paid 30 Nov

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 0.78%

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 96
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 4
Allocation Proportion(%)
UK 92
Europe 4
North America 4
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 19
Mid Caps 46
Small Caps 35

View all performance data for this fund

Investment process

This is one of three funds in the Kames Ethical range, which we would describe as following ‘mid-green’ ethical criteria. Kames employs EIRIS – a global provider of research into companies’ environmental, social and governance performance – to provide an ethical screening service which is supplemented by an internal corporate governance and ethical research team at Kames. This team is independent from the fund managers. The list of industries Kames excludes is outlined in its prospectus for investors, but in summary exclusions should include all companies involved in any form of animal testing, companies which have a significant negative impact on the environment, companies that produce weapons, nuclear power companies, companies that give political donations above £25,000 each year, and companies in the following industries: genetic engineering, pornography, alcohol, gambling, and tobacco. Banks are excluded if they are deemed to be corporate and/or international banks with exposure to large corporate and/or third world debt. The oil & gas sector is not completely excluded – see prospectus for full details. The emphasis of the investment process is on bottom-up stock selection, though the top-down perspective is not ignored. Company analysis is based on a combination of fundamentals, valuation and technical (FVT), with a focus on identifying changes that drive stock prices.

Live feed

Bid price(inc) 198.48p
Accum units 294.51p
Fund commentary 01/11/19
Fund data updated on 21/09/21

Asset allocation

Allocation Proportion(%)
Equity 96
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 4

Equity Geographic

Allocation Proportion(%)
UK 92
Europe 4
North America 4
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 19
Mid Caps 46
Small Caps 35

Top 10 holdings

As at: 31/07/2020
4.5196%Relx Plc
3.7382%Gb Group
3.5171%Gamma Communications Plc
3.3983%Diploma
3.2786%Avast Plc
3.2017%Aveva Group
2.9113%Coca-Cola Hbc Ag
2.7036%Prudential Plc
2.6269%Unite Group
2.4285%London Stock Exchange Group
Source: Trustnet

Sector breakdown

Financials 28%
Industrials 19%
Consumer Services 18%
Technology 16%
Consumer Goods 10%
Telecommunications 4%
Utilities 4%
Basic Materials 1%
Health Care 1%
Money Market 1%

Portfolio details

The portfolio tends to hold 70-120 stocks.

Constraints

No formal stock or sector constraints, though the typical maximum active weight per stock is 4%.
There are some limits placed on the portfolio but these could result in significant divergence 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
-0.34% 0.05% -0.46% 1.59% 0.36%   0.50% 0.24% 0.17% 93.50% 89.40% 99.40%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Audrey Ryan

Manager. Ryan joined AEGON Asset Management (now Kames) in 1997 as a Portfolio Manager on UK smaller companies. She is now an investment manager on the UK equities team, as well as being a small-cap specialist covering the travel & leisure sector. She qualified as a chartered accountant in 1993 and joined General Accident as a senior investment analyst in its UK smaller companies team in 1995. She graduated from Napier University with an Accounting Degree and also has an MSc in Investment Analysis from the University of Stirling. She is a member of the professional body ASIP.

Track record

Audrey Ryan has 22.7 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 2015 - December 2018) there was a decline of 21% relative to the index. The worst absolute loss has been 48%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -48% (December 1999 - March 2003)
Relative -21% (December 2015 - December 2018)

Other funds managed

Sector record since January 1999 (23 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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