MultiManager Income Fund
The investment objective of the fund is to achieve an income in excess of the
MSCI World Index, alongside the potential for 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 July 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
- Target yield in excess of the MSCI World Index
- Investment management responsibility for the fund has been with John Husselbee of North Investment Partners since July 2004
- Sector: IMA Cautious Managed
Current views
July was relatively uneventful for the fund but, despite the quiet nature of mid-summer markets, equities moved upwards. The FTSE 100 rose 9.55%, the S&P 500 gained 3.57% while the MSCI Emerging Markets index rose 5.54%, all in sterling terms. The global risk environment improved during July. Consequently, global equity markets experienced a relief rally as the panic over peripheral Eurozone countries subsided due to progress on fiscal adjustment. Core Eurozone economies displayed strong economic data, including a surge in business confidence in Germany and a strong 2Q GDP report. However, the announcement of results following the relatively passive European bank stress tests failed to improve confidence in Europe’s banking system. While the question remains as to whether the UK can sustain economic growth without further stimulus, UK equity market valuations do not look stretched and inflation still looks unthreatening.
We remained unconvinced by corporate bonds and sovereign debt and instead favoured equities, particularly those in the developing nations. We made a new fund purchase, JP Morgan Consumers Trends managed by Peter Kirkman. Bridging the gap between developed and emerging markets, this fund allows us to benefit from increasing consumption in the East.
We are committed to positioning the fund across both cyclical and defensive assets as we feel sentiment will continue to actively swing between pessimism and optimism. However, as the fund and wider markets are currently experiencing a relatively quiet period we feel it is appropriate to slightly increase our risk exposure. Nonetheless, we are prepared to alter this strategy should market conditions change.
Holdings and asset class
| •JP Morgan Income Opportunity | Fixed interest |
| •Schroder Income Maximiser | Equity |
| •First State Asia Pacific | Equity |
| •M&G Optimal Income | Fixed interest |
| •BlackRock UK Gold & General | Commodity |
| •City Financial Strategic Gilt | Fixed interest |
| •BlackRock World Mining | Commodity |
| •G/Sachs Dig Acc Swap | Currency |
| •L&G Dynamic Bond | Fixed interest |
| •Invesco Perpetual Asia | Equity |
Financial information
| •Nav Class Acc | Bid: 236.26p | Ask: 250.90p |
| •Nav Class Inc | Bid: 148.85p | Ask: 158.07p |
| •Total net assets | £20.84m |
Asset allocation
Equities by region (exposure as % of equities)

Fund performance vs IMA Cautious Managed sector

Five-year performance
| Year- | Calendar year | |||||
| to-date | 2009 | 2008 | 2007 | 2006 | 2005 | |
| •Fund | 0.69% | 24.99% | -29.20% | 8.44% | 8.66% | 24.04% |
| •MSCI World Index | 0.84% | 16.45% | -17.39% | 7.72% | 5.83% | 23.04% |
| •IMA Cautious Managed sector | 1.77% | 15.78% | -16.38% | 1.20% | 6.80% | n/a |
| •IMA Cautious Managed sector ranking | 131/158 | 9/149 | 111/115 | 2/94 | 30/76 | n/a |
| •Quartile | 4 | 1 | 4 | 1 | 2 | n/a |
Fund facts
| •ISIN Class Acc | GB0003485397 |
| ISIN Class Inc | GB0003485405 |
| •Bloomberg tickers | |
| Class Acc | QUIHGIA LN |
| Class Inc | QUIHGII 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 Cautious Managed | |
| •Depositary | |
| –BNY Mellon Trust & Depositary (UK) Ltd | |
| •Registrar | |
| –Capita Financial Administrators | |
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