© 2022 Rathbones Group Plc — incorporated and registered in England and Wales Registered Office: 8 Finsbury Circus, London, EC2M 7AZ. Registered number 01000403
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ince our January update, an awful lot has happened. Russia invaded Ukraine, sparking an upheaval in an array of commodity markets. With the conflict still raging, interest rates are at their highest levels in 14 years and rising, and inflation is at a 40-year high, with many expecting it to peak in the first quarter next year. And all of this is without touching on the US midterms and the continued impact of the zero-COVID policy in China. Closer to home, we've had the passing of Her Majesty Queen Elizabeth II and His Majesty King Charles III ascending to the throne, and Liz Truss being voted in as the new Prime Minister. Our managers explain how they are navigating current challenges and opportunities, outlining fund performance, positioning and what they believe lies ahead. We trust these insights will help you assess the role our funds can play in your investment propositions and client portfolios.
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Rathbone Unit Trust Management Limited 8 Finsbury Circus London EC2M 7AZ United Kingdom
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We aim to deliver a greater total return than the Investment Association (IA) Global Sector, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the IA Global sector as a target for our fund's return because we aim to achieve a better return than the average of funds that are similar to ours. We compare our asset allocation to the FTSE World Index to give you an indication of how our fund is positioned against the global stock market. This is a stock-picking fund, which means we invest in a small number of global stocks. We search developed countries for innovative and scalable businesses that are growing fast and shaking up their industries. To be successful, we believe businesses have to offer something that others can't match – a star quality. They must be easy to understand, different to their competitors, durable to change and difficult to imitate. Companies must have a plan to grow rapidly without running out of money or overstretching their resources. Our speciality is spotting these businesses before they are household names. We buy companies of all sizes, but our sweet spot is mid-sized growth companies in developed markets. We avoid investing in companies listed in emerging markets. We avoid investing in businesses which have previously performed poorly, preferring those with an unblemished past. We don’t invest in unpredictable sectors with poor growth prospects. To reduce risk, we hold a defensive bucket of companies with slow and steady growth that should be less sensitive to the economy.
James has been at Rathbones for more than 20 years and has been the lead manager on the Global Opportunities fund since 2003. He is an executive directorof Rathbones’ fund management business. He was educated in the United States, originally hails from Bermuda and still rides a scooter to work.
Rathbone Unit Trust Management Limited. Registered No. 02376568. Registered Office: 8 Finsbury Circus, London, EC2M 7AZ. © 2022 Rathbones Group Plc. All rights reserved. Incorporated and Registered in England and Wales.
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Past performance should not be seen as an indication of future performance. The value of investments and the income from them can fall as well as rise and you may not get back the amount originally invested, particularly if you do not continue with the investment over the longer term. Click below to continue to fund performance:
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Fund information Fund factsheet Fund investment commentary Fund performance
We aim to deliver an annual income that is in line with or better than that of the FTSE All-Share Index over any rolling three-year period. We also aim to increase the income we pay you in line with the Consumer Price Index (CPI) measure of inflation over any rolling five-year period. We aim to generate a greater total return than the FTSE All-Share Index, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the FTSE All-Share Index as a target for our fund’s return and the income we pay because we want to offer you a better income and higher returns than the UK stock market. Increasing your income payments at least in line with the CPI measure of inflation protects your future spending power. We also compare our fund against the Investment Association (IA) UK Equity Income sector because the funds in it are similar to ours. This is a stock-picking fund, which means we invest in a small number of UK-listed stocks. We invest in businesses which offer the best investment opportunities at the most attractive prices. When choosing investments we use our own trinity of risk framework: price, business and financial. We look for businesses that offer good value and make strong and consistent profits with high quality earnings – those that are backed by real cash rather than accounting contrivance. Companies shouldn't have more debt than they can handle. We buy these companies because we believe they should generate good earnings backed by cash over many years. A healthy cash flow gives companies the flexibility to repay debts, reinvest in their businesses, and pay a dividend that increases over time.
Carl is an Executive Director of Rathbone Unit Trust Management and plays a key role in the development of Rathbones’ investment process and business strategy. He has been managing the Rathbone Income Fund, since January 2000. Carl is also Institute for Investment Management and Research qualified and a Fellow of the Securities Institute.
Alan joined Rathbones in October 2005 and became co-manager of the Rathbone Income Fund in October 2018. He has previously managed and co-managed a number of UK, European and global equity funds for Rathbones. Alan holds the Investment Management Certificate (IMC) and is a Chartered Financial Analyst (CFA) charter-holder.
This video was recorded 14 September 2022
We aim to deliver a greater total return than the FTSE All-Share Index, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the FTSE All-Share Index as a target for our fund’s return because we want to offer you a better return than the UK stock market. We also compare our fund against the Investment Association (IA) UK All Companies sector to give you an indication of how we perform against other funds in our peer group. Apart from investing exclusively in the UK, the funds in this sector aren't always similar to ours. This is a stock-picking fund, which means we invest in a small number of UK-listed stocks. We search the UK for exciting businesses that are growing fast yet their value is unrecognised by other investors. While we invest in companies of all sizes, we gravitate towards medium sized businesses because they tend to meet our criteria and often provide the best reward for the amount of risk we take. Our criteria ensures we buy companies with a durable business model and capable management who can take advantage of growth opportunities in their industry. We don't take coin-toss chances on businesses that can't make a profit in the near future or which are dependent on one or two risky ventures. We use our Scorecard criteria to regularly check our investments, testing whether the reasons we bought them still hold true. It also helps us sell our holdings at the right time: when growth is exhausted or risks have risen.
Alexandra manages the Rathbone UK Opportunities Fund, (formerly named Rathbone Recovery Fund) which she has run since 2014. She joined Rathbones in January 2007 and was formerly Assistant Fund Manager on the Rathbone Global Opportunities Fund. Alexandra holds the IMC and is a CFA (Chartered Financial Analyst) charterholder.
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We aim to deliver a greater total return than the Investment Association (IA) Sterling Corporate Bond sector, after fees, over any rolling five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the IA Sterling Corporate Bond sector as a target for our fund's return because we aim to achieve a better return than the average of funds that are similar to ours. When picking our investments, there are three assessments we make. First, we look at the economic environment to determine which industries we want to own and the duration of our investments. Then we use the Four Cs Plus approach to evaluate creditworthiness. We assess: Character: Whether a company's managers have integrity and competence Capacity: Ensuring a company isn't over-borrowing and has the cash to pay its debts Collateral: Are there assets backing the loan, which reduces the risk of a loan Covenants: These loan agreements set out the terms of the bond and restrictions on the company Conviction: The Plus: We think differently to the market; sometimes contrarian, sometimes sceptical of orthodox thinking, but always opinionated. Meanwhile, Rathbone Greenbank, an ethical research division of our company, assesses potential investments against positive and negative social and environmental criteria. Finally, we compare prices to determine the best value bonds to include in our fund.
Bryn joined Rathbones in November 2004 and heads up the fixed income team. He has over 25 years’ investment industry experience in equity and fixed income markets. Bryn is a WMA representative and sits on the IA fixed income advisory committee.
Fund manager
We aim to deliver a greater total return than the FTSE World Index, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the FTSE World Index as a target for our fund's return because we want to offer you higher returns than global stock markets. We also compare our fund against the Investment Association (IA) Global sector to give you an indication of how we perform against other funds in our peer group. Like us, the funds in this sector invest globally, although most of them don’t invest using a sustainability framework. Sustainable investing means different things to different people. For us, sustainable investing is about long-term value creation for investors, society and the environment. We invest in companies that operate sustainably and are committed to helping achieve the United Nations Sustainable Development Goals. We avoid companies that fail our rigorous sustainability criteria. We believe that companies displaying strong environmental, social and governance policies and practices are likely to be well positioned to deliver long-term value for investors. As shareholders we work with companies to encourage best practice and highlight any concerns we have. When choosing investments we use our own trinity of risk framework: price, business and financial. We look for businesses that offer good value and make strong and consistent profits with high quality earnings – those that are backed by real cash rather than accounting contrivance. Companies shouldn't have more debt than they can handle.
David is lead manager on the fund; he joined Rathbones in June 2014 and has over 17 years industry experience in fund management and equity analysis. He also supports the Multi-Asset team with direct equity selection. He has held previous positions within Julius Baer, Hermes and Goldman Sachs.
We aim to preserve your capital and pay an income by delivering a greater total return than the Bank of England's Base Rate + 0.5%, after fees, over any rolling three-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the Bank of England's Base Rate + 0.5% as a target for our fund’s return because we aim to provide a return in excess of what you would receive in a UK savings account. This is an investment product, not a cash savings account. Your capital is at risk. When picking our investments, there are three assessments we make. First, we look at the economic environment to determine which industries we want to own and the duration of our investments. Then we use the Four C approach to evaluate creditworthiness. We assess: Character: Whether a company's managers have integrity and competence Capacity: Ensuring a company isn't over-borrowing and has the cash to pay its debts Collateral: Are there assets backing the loan, which reduces the risk of a loan Covenants: These loan agreements set out the terms of the bond and restrictions on the company Finally, we compare prices to determine the best value bonds to include in our fund.
Noelle joined Rathbones in July 2011. She has been managing the fund since its launch in 2018. She also assists in the management of the Rathbone Ethical Bond Fund and the Rathbone Strategic Bond Fund. Noelle holds two master's degrees in Economics and Finance.
We aim to deliver a greater total return than the Investment Association (IA) Sterling Strategic Bond sector, after fees, over any rolling five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (interest payments). We use the IA Sterling Strategic Bond sector as a target for our fund’s return because we aim to achieve a better return than the average of funds that are similar to ours. We aim to deliver this return with a lower volatility than the IA Sterling Strategic Bond sector. As an indication, the value of our fund should be expected to fluctuate less than the sector. Because we measure volatility over a five-year period, some falls may be larger or smaller over shorter periods of time. We aim to limit the amount of volatility risk our fund can take because we want our investors to understand the risk they are taking compared to funds similar to ours. When picking our investments, there are three assessments we make. First, we look at the economic environment to determine which industries we want to own and the duration of our investments. Then we use the Four Cs Plus approach to evaluate creditworthiness. We assess: Character: Whether a company's managers have integrity and competence Capacity: Ensuring a company isn't over-borrowing and has the cash to pay its debts Collateral: Are there assets backing the loan, which reduces the risk of a loan Covenants: These loan agreements set out the terms of the bond and restrictions on the company Conviction: The Plus: We think differently to the market; sometimes contrarian, sometimes sceptical of orthodox thinking, but always opinionated. Finally, we compare prices to determine the best value bonds to include in our fund.
