020 7189 9999
  •  
No Bestinvest rating
VIRGIN CLIMATE CHANGE

VIRGIN CLIMATE CHANGE - Overview

Overview of VIRGIN CLIMATE CHANGE

This fund takes an unusual approach to green investing in that it can buy stocks in any industry, but only in companies whose environmental footprint is in the lighter half of their sector. Management is subcontracted to GLG and is based on their European Equity fund, screened to exclude the heavier polluters. GLG have a strong track record in the institutional market and this fund offers retail investors a rare opportunity to access such a high calibre manager.

  • Standard Initial Charge 3.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Europe Including UK
Structure UNIT TRUST
Launched January, 2008
Size £103m
Yield 0.2%
Charging basis
Dividends paid Acc units only

Charges

Standard initial charge 3.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.30%
Ongoing charges figure 1.30%

There is a performance fee of 20% on any outperformance above the Bank of England Rate. To earn the performance fee, every six months the fund has to increase in value and beat two key benchmarks: the Bank of England base rate & the unit price at the start of the six months (High Water Mark).

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 46
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 54
Allocation Proportion(%)
UK 16
Europe 76
North America 7
Japan 0
Pacific 1
Emerging Markets 0
Allocation Proportion(%)
Large Caps 86
Mid Caps 14
Small Caps 0

View all performance data for this fund

Investment process

This green fund invests in Europe including the UK and targets an environmental footprint 30-50% below that of the MSCI Europe. Management is outsourced to GLG and is based on the GLG Environment fund, itself a filtered version of their European Equity fund. The fund ranks stocks in each sector according to their environmental impact, calculated using over 700 factors supplied by environmental research organisation Trucost - these include greenhouse gas emissions, water use and waste production. The GLG European Equity portfolio is then screened to exclude those stocks whose environmental footprint is greater than the average for their sector. GLG believe legislation will ultimately force companies to pay for environmental damage but that these costs are not currently reflected in their share prices, meaning that the lighter footprint stocks remaining in the portfolio are undervalued. These stocks will make up 75% – 100% of the fund's overall portfolio. The fund may also invest up to 15% in "solution adopters" - companies taking a lead in their industries in looking at ways to reduce their environmental footprint. Finally, up to 10% may be invested in "solution providers": companies developing solutions to environmental problems such as alternative energy - this is the smallest part of the portfolio due to the stocks' risky nature.

Live feed

Bid price(inc) 161.92p
Accum units 161.92p
Fund commentary 10/06/08
Fund data updated on 03/08/21

Asset allocation

Allocation Proportion(%)
Equity 46
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 54

Equity Geographic

Allocation Proportion(%)
UK 16
Europe 76
North America 7
Japan 0
Pacific 1
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 86
Mid Caps 14
Small Caps 0

Top 10 holdings

As at: 31/03/2020
5.56% Astrazeneca Plc
3.96% Novo Nordisk A/S
3.78% Kering Sa
3.38% Neste Oyj
3.33% Reckitt Benckiser Group Plc
2.72% Vestas Wind Systems
2.47% Relx Nv
2.07% Ashtead Group
1.84% Credit Agricole Sa
1.4% Lloyds Banking Group Plc
Source: Trustnet

Sector breakdown

Portfolio details

No information available.

Constraints

GLG described the fund as totally unconstrained.
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
-0.46% 0.45% -0.60% 0.44% 0.31%   0.05% 0.03% -0.18% 75.20% 76.70% 44.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Pierre Lagrange / Ben Funnell

Manager. Following his MA in Engineering at Solvay Business School in Brussels, Lagrange worked at JP Morgan for 5 years in government bond trading. He joined Goldman Sachs in 1990 where he had responsibility for managing European equity portfolios. In 1995 he co-founded GLG Partners, a division of Lehman Brothers, and in 2000 he co-founded GLG Partners LP, where he has overall responsibility for European equities including long-short and long-only funds. Funnell is a UK-based fund manager for GLG Partners with a focus on asset allocation. He joined the group in May 2006 after 8 years at Morgan Stanley as a European Strategist.

Track record

Pierre Lagrange / Ben Funnell has 15.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.18%. During the worst period of relative performance (from February 2008 - July 2019) there was a decline of 43% relative to the index. The worst absolute loss has been 54%.

Periods of worst performance
Absolute -54% (October 2007 - February 2009)
Relative -43% (February 2008 - July 2019)

Other funds managed

  Start Date
VIRGIN CLIMATE CHANGEJan 2008

Sector record since May 2006 (15 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.

Invest in an existing account

This fund is not available to invest

Open a new account

This fund is not available to invest