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Do you think UK inflation will increase in the next 12 months?
The City Financial UK Equity Fund is a long/short equity fund that aims to achieve positive return in all stock market cycles through investment in UK equities. It is managed against a cash benchmark rather than an equity index. The fund utilises a value based bottom-up stock picking approach and invests in physical long positions and synthetic long and short positions.
The Ongoing Charges Figure (OCF) shows the drag on performance caused by operational expenses associated with a fund.
Expenses which are represented by this figure include payments to the manager, the trustee the custodian and their representatives. The figure also includes registration, regulatory, audit and legal fees, and the costs of distribution.
Performance fees, transaction costs, interest on borrowing, costs associated with derivatives, entry and exit fees and soft commissions are not included in the OCF calculation, and should be factored in separately by the investor.
The OCF is calculated by taking the sum of these expenses incurred in the last 12 months and dividing this by the average net assets of that class for the last 12 months.
Total Expense Ratio (TER) is a formula designed to show the ongoing costs to the investor associated with a fund, including some charges which are not factored into the annual management fee. In addition the fund’s annual fee, charges such as trading fees, audit and legal fees, and operational expenses are included in the TER, which is worked out by dividing the total cost of the fund by its total assets to arrive at a percentage.
Unlike the Ongoing Charges Figure, the TER takes into account performance fees. It does not include transaction costs paid to the custodian.
All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Performance figures are shown in Sterling unless otherwise specified.
.. of how an absolute return fund should _not_ be run
At the time of writing, with a one year return of minus 14.9% I assume they won't be taking a performance fee in the near future. Small comfort to those of us invested in this though. The May newsletter includes in their list of top holdings BP and Transocean (BP being the largest) - high risk buys in the current climate I would imagine. Hope it turns around soon...
This fund today is at 155. It has been loosing continuously for the last six months. Not the same as last year. This fund suppose to be long short fund, It just looses when the market goes up or down. It has been a very bad decision to buy it. Cannot decide if there is hope or just get out Nael Marar
I'm out at 173p. The high volatility provided the high returns at a high cost, but this fund has bled 12% in the last 6 months. GLTA
You have taken the correct decision. It is 155 today. This fund has been falling so badly and it is suppose to be a long short fund. It just falls. Completely different from last year results. nael marar
Does this fund still offer zero sales charge until it hits £500m in assets? A 5% saving upfront is very attractive. Short term performance in a concern, but like any investment you have to monitor it over full market cycles, which so far has been quite impressive
-8.1% over three months - have we had the best of it? Your thoughts please, is it time to move to index-tracking funds and get lower TER than AbsRtn? The option to short is attractive, but the costs?
Libor link especially while interest rates are being kept artificially low is a license to print money for Octopus Investments. JAP what do you expect,get a grip lad or you are doomed - unreasonable expectations syndrome strikes again.Trustnet's own comment on performance todate is about right ie...."Trustnet verdict Overall, performing better than the peer group composite. Over a short track record, the manager has outperformed the peer group more often than not. There is not sufficient data to say whether good stockpicking has had any real effect on results, which have tended to be similar in rising and falling markets. The short track record means that the measurements quoted above need to be treated with some caution."You'll know in about 5 years whether David Crawford is better than average at this - until then it's a punt which has a high premium ( like most similar funds)
http://www.octopusinvestments.com/products/oeic/absolute.html and then click on the latest month at bottom left for latest holdings. This fund has lost 10% in 2 months (since mid-October), making it the poorest performer in the absolute return sector by far over the last month and 3 months to 17/12/09. It also has a hedge-fund structure: this is handy for these uncertain times, however, the fund has a typical absolute return charging structure: annual management charge of 2%, and performance above LIBOR (currently about 0.6%) of 20%. I have this as a core holding because of the ability to short.Remember to ignore the sharpe and information ratios re low R2.
This is one of my core holdings which has been brilliant until approx early October. What has gone wrong? Does anyone out there know? Is it time to move out or is this just a blip?
Good find, think I will do a bit of research into this one. Many thanks for posting.
90% in 18 months is pretty impressive at anytime but particularly with the way the markets have been in this time. Looking back at the portfolio history, it looks as though the managers haven't put a foot wrong. Hope they can keep it up as this could become a core holding for everybody.
so what went wrong with this fund. Does any one know????Does not seem to be related to last year achievement . Terrible results and losses for an absolute fund. Something is seriously wrong.
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City Financial UK Equity fund becomes a top quartile performer
11:40 AM | 01-May-2013
City Financial UK Equity Income fund becomes a second quartile performer
07:00 AM | 01-May-2013
City Financial UK Equity fund becomes a second quartile performer
07:00 AM | 02-Apr-2013
City Financial UK Equity Income fund no longer a second quartile performer
07:00 AM | 01-Nov-2012
CF Octopus Absolute UK Equity move from Octopus Investments to City Financial Inv Company Ltd
07:00 AM | 03-Sep-2012