In the later part of 2008 the holding in AstraZeneca was increased so that it is now the largest holding in the portfolio. The stock has returned 36.72 per cent in the year to 31 March 2009, suggesting that the managers made a good choice when they decided to increase its weighting but would have benefited even more had they increased their holding earlier.
Marlborough performance
Unlike most funds in the IMA UK All Companies sector, the fund does invest outside the UK. The IMA allows funds in this sector to invest up to 20 per cent of their portfolio outside the UK and the fund managers believe that this flexibility is an excellent opportunity to add depth to the portfolio. Fund manager, Greg Bennett, cites UK agriculture as a sector where there is no large cap company. In order to gain exposure to the agriculture sector whilst still remaining a large cap fund, the managers invested in fertiliser companies in Europe and farm equipment companies in the USA.
In addition to the flexibility offered through international investments, the fund managers choose to operate a portfolio which is unconstrained – meaning that they don’t hold stocks just because it is present in the benchmark. The managers are free to invest wherever they see opportunity, value and growth.
The fund is managed by investment manager Greg Bennett and assistant manager Daniel Rowland. Both gentlemen have been with the fund since its launch three years ago. In addition, to managing the UK Large Cap Growth, Bennett and Rowland manage Marlborough’s UK Equity Income fund. They are an ambition pairing who are keen to grow the fund significantly from its current size of just over £50 million.
Greg Bennett joined Marlborough from Neptune Investment Management, where he helped manage the Neptune UK Equity fund and the Neptune US Opportunities fund. Rowland has less experience in managing funds, but worked for Morgan Stanley Quilter as a UK Equity generalist for four years prior to joining Marlborough.
In addition to the three crown ratings for the UK Large Cap Growth and UK Equity Income, Bennett has been awarded an Alpha Manager rating by Trustnet. Bennett has successfully outperformed his peer groups in both rising and falling markets. The Alpha Manager rating acknowledges this outperformance along with Bennett’s proven stock-picking ability.
Key facts
|
Objective |
To provide investors with long term capital growth. The Fund will invest primarily in UK securities selected from the largest 350 quoted companies on the London Stock Exchange. |
|
Sector |
IMA UK All Companies |
|
Asset classes employed |
UK Equities, International Equities, Cash |
|
Fund size |
£53.7 million |
|
Managers |
Investment Manager Greg Bennett, Assistant Manager Daniel Rowland |
|
Initial Charge |
5.25% |
|
Annual Management Charge |
1.50% |
|
Minimum Investment |
£1,000 |
|
Minimum Additional Investment |
£1,000 |