MultiManager Growth Fund
The investment objective of the fund is to achieve capital growth from investment,
primarily, in a global spread of collective investment schemes, including open-ended
investment companies and unit trusts as well as investment trusts.
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as at 31 January 2010
Key points
- A multi-asset fund holding equities, bonds and cash with the additional option of investing in private equity, structured products and property
- Award-winning performance, winning Lipper and Moneywise “Best in Sector”, Global Growth Awards 2005
- A multi-manager fund adopting a high conviction approach with a high performance objective
- Investment management responsibility for the fund has been with John Husselbee of North Investment Partners since July 2004
- Sector: IMA Global Growth
Current views
Concerns over the sustainability of higher asset valuations, reached after a long rally in equities, seem to have come to a head in January. This sentiment pushed equities markets down over the month. In the Eurozone, worries heightened that the Greek government might default without support from its European neighbours. Apprehension around liquidity surfaced with earlier-than-expected tightening by China and around the risk of compulsory deleveraging with the announcement of new regulations for the banking sector in the United States.
The FTSE 100 dropped 5.7%* over the course of the month, as it seems the wider investment community sought to remove risk from the table. Whilst, the economic recovery remains fragile, corporate profits are improving and interest rates remain at record lows. We believe that this retracement is temporary and that going forward equities will continue to serve as the primary asset class for portfolio growth.
Accordingly, we have held the course and did not make any significant portfolio changes in January. Achieving the correct balance between risk and reward requires allocation across a wide variety of asset classes. A multi-manager approach rooted in identifying the correct blend of non-correlated diversified assets is particularly well suited to volatile markets such as these.
* Source: Bloomberg, 01.01.2010 – 29.01.2010
Holdings and asset class
| •First State Asia Pacific | Equity |
| •Axa Framlington UK Select | Equity |
| •Schroder Asia Pacific | Equity |
| •First State Greater China | Equity |
| •Schroder Income Maximiser | Equity |
| •Martin Currie Japan Alpha | Equity |
| •Quorum Oil and Gas Tech | Alternative |
| •G/Sach Emerging Markets | Currency |
| •Montanaro European Smaller | Equity |
| •Neptune European Opps | Equity |
Financial information
| •Nav Class Acc | Bid: 329.43p | Ask: 349.69p |
| •Nav Class Inc | Bid: 307.97p | Ask: 326.92p |
| •Total net assets | £50.7m |
Asset allocation
Equities by region (exposure as % of equities)

Performance vs IMA Global Growth sector

Five-year performance
| Year- | Calendar year | |||||
| to-date | 2009 | 2008 | 2007 | 2006 | 2005 | |
| •Fund | -2.53% | 27.56% | -37.14% | 13.18% | 6.88% | 38.93% |
| •MSCI World Index | -3.37% | 16.45% | -17.39% | 7.72% | 5.83% | 23.04% |
| •IMA Global Growth sector | -3.86% | 22.81% | -24.28% | 8.81% | 7.43% | 24.63% |
| •IMA Global Growth sector ranking | 21/196 | 39/189 | 172/186 | 42/167 | 87/157 | 6/147 |
| •Quartile | 1 | 1 | 4 | 1 | 3 | 1 |
Fund facts
| •ISIN Class Acc | GB0003485066 |
| •ISIN Class Inc | GB0003484986 |
| •Bloomberg tickers | |
| Class Acc | QUIINVA LN |
| Class Inc | QUIINVI LN |
| •Distribution | Semi annual |
| –30 April & 31 October | |
| •Dealing/valuation frequency | Daily |
| •Accounting year-end | 31 August |
| •Settlement | T+4 |
| •EU Savings Directive | In scope |
| •Currency | GBP |
| •Annual charge Class A | 1.50% |
| Minimum initial Class A | £1,000 |
| •Initial charge | 5.00% |
| •ISA wrapper | Yes |
| •ISA transfer | Yes |
| •Savings plan | Yes |
| •Sector | IMA Global Growth |
| •Depositary | |
| –BNY Mellon Trust & Depositary (UK) Limited | |
| •Registrar | |
| –Capita Financial Administrators | |
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