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.

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
  • You may find additional information about City Financial on the Principals and Partners pages of this site
  • Read the latest news items about the company