Fact sheet: Ardevora Global Equity

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
GLOBAL GROWTH
Sector
FO Equity - International
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Ardevora Global Equity

Rated Fund 2015-2017. An unconventional approach to investment

This fund was highly commended in Money Observer's 2016 fund awards. It has a different approach from many in its peer group. First of all for its managers, Jeremy Lang and William Pattisson, choosing the best shares is all about minimising risk rather than looking for maximum rewards. Their aim is to invest in safe growth companies globally.

They also combine conventional investment in shares with derivatives. The long/short ratio is 150/50, which means they can invest say £100 conventionally, sell £50 of shares they believe will go down in value and use the proceeds to buy another £50 of stocks.

In order to choose which stocks to buy and which to sell, Lang and Pattisson are always looking to take advantage of situations where they believe others in the market have got things wrong. For them the market consists of three sets of people - investors, financial analysts and company managers. They watch the behaviour of these people for signs of bias.

Investors, they think, are prone to overreaction, so they look for stocks with unusually high levels of anxiety attached to them. They believe that analysts, on the other hand, are more likely to under-react, so they study past forecasting patterns.

They exclude any stocks where management behaviour looks excessively risky. Stocks that have not been rejected through this process are assembled into a portfolio. All stocks in the portfolio are then equally weighted and rebalanced every three months.

3 Year Performance
Fund Performance62.7%
Average of Rated Funds Group71.8%
Sector Performance20.8%
Fund information
Fund name
Ardevora Global Equity A Acc GBP
Fund manager company
Ardevora
Fund type
OEIC
Fund managers
  • William Pattissonsince 21/02/2011
  • Jeremy Langsince 21/02/2011
  • Ben Fitchewsince 21/02/2011
Accolades
Highly Commended - Global Growth - Larger Funds
Fund objective
The Ardevora Global Equity Fund's investment objective is to achieve long-term capital appreciation.
Benchmark
  • MSCI ACWI (Net) Index
Investment style
Active,Growth
Investment method
Shares
Quick stats
1 Year return
24.9%
1 Year rank in sector
188/471
Sector
FO Equity - International
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.59%
Fund size
£830m (£532m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
107
Top in this sector
Fund name1 Year
BNP Paribas Intl Derivatives48.2%
Dodge & Cox Gbl Stk44.4%
LngLf Prtnrs Gbl UCTS43.5%
LGT Capital CwLstPrEq42.5%
Guinness Gbl Innovators41.7%
...more in FO Equity - International

Performance snapshot

Holdings snapshot

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.1%3.4%8.8%24.9%62.7%139%
Sector1%4.7%9.3%21.6%20.8%68%
Rank within sector435 / 498356 / 496270 / 491188 / 47113 / 3816 / 291
Quartile4th3rd3rd2nd1st1st
Calendar performance
 YTD - 20172016201520142013
Fund9.8%21.7%12.5%14%34.9%
Sector9.7%7.9%0.7%6%21.3%
Rank within sector234 / 49060 / 45332 / 40276 / 35815 / 316
Quartile2nd1st1st1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
14.29
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.5
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.39
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
10.22
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
10.2
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
1.02
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.2
Price movement
52 week high2.41
52 week low1.92
Current bid price-
Current offer price-
Current mid price2.38
Region
1International100%
Industry sector
No data available.
Asset type
1International Equities100%
Individual holdings
1VALE SA1.09%
2NETEASE INC1.03%
3YANDEX NV0.91%
4BEIJING CAPITAL INT AIRPORT0.9%
5IDEXX LABORATORIES INC0.89%
6TELEFLEX INC0.89%
7VCA INC0.88%
8GRUPO AEROPORTUARIO DEL SURESTE SA0.87%
9ALIBABA GROUP HLDG LTD0.86%
Management
Fund manager group
Ardevora
Fund manager company
Ardevora
Fund type
OEIC
Fund objective
The Ardevora Global Equity Fund's investment objective is to achieve long-term capital appreciation.
Benchmark
  • MSCI ACWI (Net) Index
Investment style
Active,Growth
Investment method
Shares
Fund managers
NameSinceBiography
William Pattisson21/02/2011William has worked with Jeremy Lang for much of his investment management career. He joined James Capel Fund Managers in 1986 where he and Jeremy managed North American and UK Equities. In 1994, William moved to Fleming Investment Management where he became Head of the UK Equity Specialist team before being appointed to be the Head of UK Equities. In 1999, he renewed his partnership with Jeremy at Liontrust Asset Management where they were responsible for all investment management operations and the management of UK equity portfolios. William left Liontrust in April 2009 and founded Ardevora in January 2010. William has an Honours Degree in Chemistry from Oxford University.
Jeremy Lang21/02/2011Jeremy has worked with William Pattisson for much of his investment management career. He joined James Capel Fund Managers in 1986 where he and William managed North American and UK Equities. Jeremy left James Capel in 1991 to take up full-time sailing. He joined Liontrust Asset Management in 1995 and, in 1999, renewed his partnership with William at Liontrust where they were responsible for all investment management operations and the management of UK equity portfolios. Jeremy left Liontrust in April 2009 and founded Ardevora in January 2010. Jeremy has a First Class degree in Economics and Econometrics from University of York and is a Master in Economics of Finance and Investment from University of Exeter.
Ben Fitchew21/02/2011Ben joined Liontrust Asset Management in 2002 to work with William and Jeremy to develop and improve the efficiency of Liontrust’s investment processes. He was ultimately responsible for the management of a number of long-only and long/short portfolios. Ben joined Ardevora in May 2010. Ben has a First Class degree in Mathematics, a Master of Science in Mathematics and the Foundations of Computer Science from Oxford University and is a CFA charter holder.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom, Ireland, Offshore
Ardevora Global Equity A Acc GBP
Initial charge3%
Annual charge1.5%
Min single investment£5,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.59%
Total expense ratio (TER)1.59%
Bid price-
Offer price-
Mid price2.3761
CurrencyGBP
Price updated26/06/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code01C2
Ardevora Global Equity B Acc GBP
Initial charge-
Annual charge0.5%
Min single investment£5,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)0.59%
Total expense ratio (TER)0.59%
Bid price-
Offer price-
Mid price2.2852
CurrencyGBP
Price updated26/06/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code01C3
Ardevora Global Equity C Acc GBP
Initial charge-
Annual charge1%
Min single investment£5,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.09%
Total expense ratio (TER)1.09%
Bid price-
Offer price-
Mid price2.3184
CurrencyGBP
Price updated26/06/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code01C4
Ardevora Global Equity C EUR
Initial charge3%
Annual charge1%
Min single investment£50,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.09%
Total expense ratio (TER)1.09%
Bid price-
Offer price-
Mid price1.3508
CurrencyEUR
Price updated26/06/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeM1KU
Ardevora Global Equity D Inc GBP
Initial charge3%
Annual charge1%
Min single investment£50,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.09%
Total expense ratio (TER)1.09%
Bid price-
Offer price-
Mid price2.1459
CurrencyGBP
Price updated26/06/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeIB2N
Data provided by

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