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 October 2008
Key Points
- Three-year performance of 68.06% compared to a peer group average of 45.70%
- 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
There is no doubt that October has given investors a ‘white knuckle’ ride to a point that would test anybody’s faith in the financial markets. With a recession almost a foregone conclusion, not only in the US but also here in the UK and Europe, it is reassuring to know that governments and central banks worldwide have woken up to the realisation that this is a global crisis requiring a global solution.
We have already seen and will continue to see concerted efforts to alleviate this financial turmoil in the form of bailouts and rescue packages totalling in the trillions of dollars. The US TARP legislation was dramatically passed at the beginning of October and interest rates around the world have been cut as a result.
Until now, sentiment had been extraordinarily negative in the financial markets. Nobody expected Lehman Brothers to fail or the domino effect of major financial institutions that followed in its wake.
In the short-term it is most important for the credit markets to begin to function properly again; for it is credit that lubricates the engines of the financial markets, without which everything would seize up. Banks need to be recapitalised and this is now taking place in an effort to reduce the degree to which they are leveraged. This, in turn, will lead to the credit markets normalising and the restoration of investor confidence.
The worst does, however, appear to be over and the bear market has led to attractive valuations and buying opportunities across several asset classes. What investors must struggle to avoid is selling out of the market near, or at, the bottom, where they would realise a large loss and sacrifice any potential recovery participation and future growth.
Holdings and Asset Class
| •First State Asia Pacific | Equity |
| •Invesco Perpetual Corp Bond | Fixed Interest |
| •M&G Optimal Income | Absolute Strategies |
| •Martin Currie Japan Alpha | Equity |
| •Quorum Oil and Gas Tech | Private Equity |
| •Atlantis China Fortune | Equity |
| •River & Mercantile UK Equity | Equity |
| •City Litchfield ABS Fund | Absolute Strategies |
| •Cazenove Absolute Equity | Absolute Strategies |
| •iShares FTSE 100 | Equity |
Financial Information
| •Nav Class Acc | Bid - 255.15p | Ask - 273.39p |
| •Nav Class Inc | Bid - 239.69p | Ask - 256.84p |
| •Total Net Assets | £44.0m |
Asset Allocation
Equities by Region (exposure as % of equities)

Performance vs IMA Global Growth Sector

Five-Year Performance
| Year- | Calendar year | |||||
| to-date | 2007 | 2006 | 2005 | 2004 | 2003 | |
| •Fund | -39.46% | 13.18% | 6.88% | 38.93% | 24.35% | 50.19% |
| •MSCI World Index | -23.94% | 7.72% | 5.83% | 23.04% | 7.46% | 20.29% |
| •IMA Global Growth sector | -30.08% | 8.81% | 7.43% | 24.63% | 7.65% | 20.19% |
| •IMA Global Growth sector ranking | 182/191 | 42/173 | 91/164 | 6/154 | 3/149 | 1/138 |
| •Quartile | 4 | 1 | 3 | 1 | 1 | 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 | |
| –Bank of New York Trust and Depositary | |
| •Registrar | |
| –Capita Financial Administrators | |
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