Fact sheet: Marlborough European Multi Cap

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.
EUROPEAN EQUITIES
Sector
UT Europe Excluding UK
Fund type
Unit Trust
Primary aim
No data available.
Why Money Observer Rates Marlborough European Multi Cap

New for 2017. Bias towards small and micro-capitalisation companies

As its name suggests, Marlborough European Multi Cap can invest in companies of any size although, in keeping with many Marlborough funds, it has a bias towards small and micro-capitalisation companies. At the end of 2016, these businesses accounted for nearly 70 per cent of the portfolio.

It is a strategy that has boosted the fund's performance considerably in recent years under the management since 2013 of David Walton. He focuses heavily on finding the right companies. He points out that the beauty of European markets is the number of companies he has to choose from and the diversity of the businesses.

He undertakes thorough research to find the companies he wishes to invest in, which involves hundreds of meetings each year. He believes he needs to understand how the companies and their managements operate if he is to discover the most promising European businesses.

He sets three tests that he expects companies to pass. First, they need to have good managers who have ideally already steered their firms through one or two past recessions, so that he is confident they have the talent to do it again.

Second, he looks for companies with above-average growth prospects; and third, he wants to buy a company's shares when they are undervalued. If he likes a company but feels its shares are too expensive, he continues to monitor it.

Despite political and economic uncertainties in Europe, he believes there are always attractive companies with growth prospects to find and invest in.

3 Year Performance
Fund Performance96.8%
Average of Rated Funds Group73.8%
Sector Performance48%
Fund information
Fund name
Marlborough European Multi-Cap P Inc
Fund manager company
Marlborough Fund Managers
Fund type
Unit Trust
Fund managers
  • Will Searlesince 01/02/2017
  • David Waltonsince 30/09/2013
Accolades
Fund objective
The objective of the Scheme is to obtain capital growth. In pursuing its objective, the Scheme will invest predominantly in transferable securities of European listed and/or European domiciled companies. European countries will typically be those in the EEA excluding the UK. The Scheme may at the Manager's discretion employ derivatives and forward transactions for efficient portfolio management purposes, including hedging. The Scheme may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash and near cash.
Benchmark
  • Mstar (IA) Europe excluding UK
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
45.4%
1 Year rank in sector
2/97
Sector
UT Europe Excluding UK
Yield
0.7%
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.
1.05%
Fund size
£201m (£33m 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.
96
Top in this sector
Fund name1 Year
Neptune European Opps56.8%
Marlborough Eurpn Multi-Cap45.4%
Schroder Eurpn Alpha Plus37.9%
TM Cavendish European37.2%
Invesco Perp European Equity35.5%
...more in UT Europe Excluding UK

Performance snapshot

Holdings snapshot

  • Money Market17.3%
    France15.7%
    Sweden13.1%
    Italy11.6%
    Others8.8%
  • No data available.
  • Money Market17.3%
    French Equities15.7%
    Swedish Equities13.1%
    Italian Equities11.6%
    International Equities8.8%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund0.6%12.8%18.7%45.4%96.8%175.4%
Sector-0.3%11.4%13.8%26.6%48%115.4%
Rank within sector13 / 10317 / 1013 / 1002 / 972 / 862 / 78
Quartile1st1st1st1st1st1st
Calendar performance
 YTD - 20172016201520142013
Fund23.3%34.4%27.6%-1.8%20.2%
Sector15.7%16.4%9.1%-0.7%27.3%
Rank within sector1 / 1001 / 962 / 8963 / 8574 / 78
Quartile1st1st1st3rd4th
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.
12.12
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.
0.85
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.
1.74
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%.
11.34
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.
6.51
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.
1.54
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.
0.68
Price movement
52 week high490.2
52 week low339.6
Current bid price-
Current offer price-
Current mid price490.2
Region
1Money Market17.3%
2France15.7%
3Sweden13.1%
4Italy11.6%
5Others8.8%
6Germany7.9%
7Denmark7.2%
8Norway5.1%
9Ireland4%
Industry sector
No data available.
Asset type
1Money Market17.3%
2French Equities15.7%
3Swedish Equities13.1%
4Italian Equities11.6%
5International Equities8.8%
6German Equities7.9%
7Danish Equities7.2%
8Norwegian Equities5.1%
9Irish Equities4%
Individual holdings
1CREDITO EMILIANO SPA1.52%
2SKANDIABANKEN ASA1.46%
3EBRO FOODS SA1.44%
4CRAMO PLC1.37%
5NN GROUP NV1.3%
6RYANAIR HLDGS1.28%
7ENAV SPA1.27%
8OPENJOBMETIS1.27%
9PROACT IT GROUP1.22%
Management
Fund manager group
Marlborough Fund Managers
Fund manager company
Marlborough Fund Managers
Fund type
Unit Trust
Fund objective
The objective of the Scheme is to obtain capital growth. In pursuing its objective, the Scheme will invest predominantly in transferable securities of European listed and/or European domiciled companies. European countries will typically be those in the EEA excluding the UK. The Scheme may at the Manager's discretion employ derivatives and forward transactions for efficient portfolio management purposes, including hedging. The Scheme may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash and near cash.
Benchmark
  • Mstar (IA) Europe excluding UK
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
Will Searle01/02/2017Will studied Accounting & Finance at Southampton University before joining the investment team in September 2010. He has worked alongside David Walton since January 2015 and was promoted to deputy manager on the Marlborough European Multi-Cap Fund in February 2017. Will holds both the Investment Management Certificate and the Investment Advice Diploma.
David Walton30/09/2013David graduated with a First Class degree in economics from Cambridge University before joining M&G, where he was a European equities fund manager with responsibility for small/mid caps. In 2000 David joined Baillie Gifford, where he took on responsibility for the European small cap portfolios including the Baillie Gifford European Smaller Companies Fund, and delivered strong outperformance. David joined the investment team in January 2013 and has managed the Marlborough European Multi-Cap Fund since October 2013.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Marlborough European Multi-Cap A
Initial charge5.25%
Annual charge1.5%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.8%
Total expense ratio (TER)2.02%
Bid price-
Offer price-
Mid price486.56
CurrencyGBX
Price updated20/07/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeCA33
Marlborough European Multi-Cap B Inc
Initial charge5%
Annual charge1%
Min single investment£50,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.3%
Total expense ratio (TER)-
Bid price489.06
Offer price489.06
Mid price-
CurrencyGBX
Price updated20/07/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeI3OO
Marlborough European Multi-Cap P Inc
Initial charge1%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.05%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price490.2
CurrencyGBX
Price updated20/07/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeI3OP
Data provided by

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