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UNICORN UK INCOME A

UNICORN UK INCOME A - Overview

Overview of UNICORN UK INCOME A

The Fund's objective is to provide a high and rising income from a relatively focused portfolio of UK listed smaller companies. It aims to deliver a gross yield at least 10% greater than the yield produced by the FTSE All-Share Index. Unicorn is a privately owned UK small and mid cap specialist. Veteran manager John McClure passed away in June 2014, responsibility of the fund has been passed to co-managers Simon Moon and Fraser Mackersie.

  • Standard Initial Charge 5.50%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector UK Equity Income
Structure OEIC
Launched May, 2004
Size £506m
Yield 3.4%
Charging basis Capital
Dividends paid 31 May, 30 Nov

Charges

Standard initial charge 5.50%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.56%

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 95
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 5
Allocation Proportion(%)
UK 98
Europe 1
North America 1
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 0
Mid Caps 22
Small Caps 78

View all performance data for this fund

Investment process

The fund's investment process focuses on companies that retain a competitive advantage and operate in niche or growth markets. They will also be characterised by strong balance sheets, high return on invested capital and high free cash flows. These companies will generally be out of favour and trading at low valuations; the manager also emphasises dividend cover, low debt levels and the ability of businesses to grow the existing dividend. The manager eschews a barbell portfolio structure - each stock is expected to make a material contribution to the portfolio yield. Unicorn will generally not hold more than 5% of an underlying company's equity. The investment universe consists of AiM, FTSE Small Cap and FTSE Mid 250 companies. Companies will generally be sold once their market cap exceeds £1bn.

Live feed

Bid price(inc) 250.60p
Accum units 355.46p
Fund commentary 11/07/13
Fund data updated on 23/09/21

Asset allocation

Allocation Proportion(%)
Equity 95
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 5

Equity Geographic

Allocation Proportion(%)
UK 98
Europe 1
North America 1
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 0
Mid Caps 22
Small Caps 78

Top 10 holdings

As at: 31/08/2021
5.0823%Londonmetric Property Plc
5.0301%Phoenix Group Hldgs Plc
4.9116%Brewin Dolphin Hldgs Plc
4.2239%Telecom Plus
4.1673%Polar Capital Hldgs Plc
3.8601%Sabre Insurance Group Plc
3.7589%Primary Health Properties
3.7345%Vesuvius Plc
3.1395%Fdm Group Plc
3.0187%Numis Corp
Source: Trustnet

Sector breakdown

Financial Services 17%
Property Shares 14%
Industrials 12%
Building & Construction 6%
Life Insurance 5%
Telecommunications 5%
Software 5%
Insurance 5%
Retailers - General 4%
Support Services 4%

Portfolio details

40-50 stocks.

Constraints

Maximum individual position 5%.
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
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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