Fact sheet: Rathbone Income

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.
UK EQUITY INCOME
Sector
UT UK Equity Income
Fund type
Unit Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates Rathbone Income

Rated Fund 2014-2018. A solid choice for rising income

Rathbone Income is a fund that income investors are likely to be able to put in their portfolio and forget about. That is because it has the best record among open-ended equity funds for paying rising dividends ヨ last year achieving its 23rd increase out of the past 24 years.Its current yield is 3.7 per cent and it pays income half-yearly. The fund can invest in dividend-paying companies of any size and has a concentrated portfolio of 30 to 50 holdings. Carl Stick, its manager since 2000, believes that adding further holdings to try to spread risk is only distracting.Stick's investment style is a mixture of both 'value' and 'growth': growth, because he wants the dividend stream to grow year on year and value because he wants to buy shares that offer the greatest value and provide a high earnings yield.He looks for the best companies he can find relying on 'simple ideas' such as earnings and dividend growth, a recognition of quality businesses, management teams and products, and also paying the right price for that. Although most of his holdings are in the FTSE 100 index, around 33 per cent of the portfolio is invested in medium-sized and smaller companies for diversification.Stick believes he often gains an edge from taking a longer-term perspective of business prospects, looking beyond short-term headwinds to a time when underlying characteristics are re-asserted. His average holding period is four to five years. The fund's volatility is low. <\p>

3 Year Performance
Fund Performance14.7%
Average of Rated Funds Group23.9%
Sector Performance14.9%
Fund information
Fund name
Rathbone Income Inst Inc
Fund manager company
Rathbone Unit Trust Mgmt Ltd
Fund type
Unit Trust
Fund managers
  • Elizabeth Davissince 01/01/2016
  • Carl Sticksince 01/01/2000
Accolades
Highly Commended - Large Fund - UK Income Growth
Fund objective
The objective of the fund is to achieve above average and maintainable income but without neglecting capital security and growth. The Manager intends to achieve the objective primarily through the purchase of ordinary shares with an above average yield.There is no restriction on the economic sectors or geographic areas in which the fund may invest. However, investments will always be predominantly in the ordinary shares of UK companies.
Benchmark
  • FTSE All Share
Investment style
None
Investment method
Shares
Quick stats
1 Year return
-1.1%
1 Year rank in sector
78/94
Sector
UT UK Equity Income
Yield
4.1%
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.
0.79%
Fund size
£1,281m (£1,404m 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.
82
Bid price
934.85
Offer price
942.94
Top in this sector
Fund name1 Year
Schroder Income15.6%
Man GLG UK Income15.1%
JOHCM UK Equity Income13.9%
Schroder Income Maximiser13.1%
Allianz UK Equity Income11.3%
...more in UT UK Equity Income

Performance snapshot

Holdings snapshot

  • UK84.1%
    International11.1%
    Money Market4.8%
  • Consumer Goods16.5%
    Financials16.1%
    Consumer Services15.9%
    Health Care14.1%
    Industrials12.8%
  • UK Large Cap Companies64.2%
    UK Mid Cap Companies12.7%
    Others12%
    Cash & Cash Equivalents6.1%
    UK Small Cap Companies5%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund4.1%-2.9%-3.8%-1.1%14.7%48.8%
Sector3.1%-3.1%-1.2%4.3%14.9%46.1%
Rank within sector21 / 10039 / 9880 / 9678 / 9454 / 8544 / 81
Quartile1st2nd4th4th3rd3rd
Calendar performance
 YTD - 20182017201620152014
Fund-3.2%8.2%8.4%9.4%7%
Sector-2.5%11.2%9.1%4.9%2.8%
Rank within sector64 / 9877 / 9344 / 8821 / 8311 / 82
Quartile3rd4th2nd2nd1st
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.
-0.25
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.
0.99
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.
0.07
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%.
8.86
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.
2.62
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.
-0.12
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.
0.91
Price movement
52 week high1037.69
52 week low898.23
Current bid price934.85
Current offer price942.94
Current mid price-
Region
1UK84.14%
2International11.09%
3Money Market4.77%
Industry sector
1Consumer Goods16.52%
2Financials16.07%
3Consumer Services15.94%
4Health Care14.05%
5Industrials12.81%
6Oil & Gas8%
7Utilities6.8%
8Cash & Cash Equivalents6.12%
9Basic Materials2.74%
Asset type
1UK Large Cap Companies64.17%
2UK Mid Cap Companies12.71%
3Others12%
4Cash & Cash Equivalents6.12%
5UK Small Cap Companies5%
Individual holdings
1UNILEVER4.3%
2GLAXOSMITHKLINE4.24%
3ROYAL DUTCH SHELL4.17%
4ASTRAZENECA PLC3.94%
5BP3.83%
6RECKITT BENCKISER GROUP PLC3.64%
7BRITISH AMERICAN TOBACCO3.46%
8RELX NV3.31%
9BAE SYSTEMS3.03%
Management
Fund manager group
Rathbone Unit Trust Management
Fund manager company
Rathbone Unit Trust Mgmt Ltd
Fund type
Unit Trust
Fund objective
The objective of the fund is to achieve above average and maintainable income but without neglecting capital security and growth. The Manager intends to achieve the objective primarily through the purchase of ordinary shares with an above average yield.There is no restriction on the economic sectors or geographic areas in which the fund may invest. However, investments will always be predominantly in the ordinary shares of UK companies.
Benchmark
  • FTSE All Share
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Elizabeth Davis01/01/2016Elizabeth is the assistant fund manager on the Rathbone Income Fund and co-manages the Rathbone Heritage Fund. She joined Rathbones in January 2005 as a quantitative analyst after graduating from the University of Oxford (Lady Margaret Hall). She holds an MA in Mathematical Sciences. Liz supports fund managers on the income mandates through quantitative stock screening and fundamental research on companies. She also profiles relative and absolute risk across the funds. Prior to joining Rathbone Unit Trust Management, Elizabeth worked on temporary assignments with Accord Holdings Ltd, a media advertising business. She holds the Investment Management Certificate and is a CFA (Chartered Financial Analyst) Charterholder.
Carl Stick01/01/2000Carl graduated from the University of Southampton in 1991 with a BA Honours degree in English Literature. Having served in several non-investment related jobs, he took up a position as an assistant private client manager with stockbroking firm Neilson Cobbold, Tunbridge Wells in 1996. Rathbones acquired Neilson Cobbold, and Carl transferred to London in 1998. In August 1998, after two years as a discretionary investment manager, he became an assistant fund manager working alongside Hugh Priestley. Carl took over the management of the Rathbone Income Fund in January 2000. Since October 2001, Carl has been a Board Director of Rathbone Unit Trust Management and plays a key role in the development of Rathbone's investment process and business strategy. He is also I.I.M.R-qualified and a Fellow of the Securities Institute.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Rathbone Income Inst Acc
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£500
Available in ISANo
Ongoing charge (OCF)0.79%
Total expense ratio (TER)0.81%
Bid price1556.29
Offer price1567.07
Mid price-
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code0WFG
Rathbone Income Inst Acc NAV
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£500
Available in ISANo
Ongoing charge (OCF)0.79%
Total expense ratio (TER)0.81%
Bid price-
Offer price-
Mid price1556.29
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code0WFH
Rathbone Income Inst Inc
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£500
Available in ISANo
Ongoing charge (OCF)0.79%
Total expense ratio (TER)0.81%
Bid price934.85
Offer price942.94
Mid price-
CurrencyGBX
Price updated19/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi code0WFI
Rathbone Income Inst Inc NAV
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£500
Available in ISANo
Ongoing charge (OCF)0.79%
Total expense ratio (TER)0.81%
Bid price-
Offer price-
Mid price934.85
CurrencyGBX
Price updated19/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi code0WFJ
Rathbone Income R Acc
Initial charge2.5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.54%
Total expense ratio (TER)1.56%
Bid price1496.45
Offer price1545.02
Mid price-
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeRM79
Rathbone Income R Acc NAV
Initial charge2.5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.54%
Total expense ratio (TER)1.56%
Bid price-
Offer price-
Mid price1496.45
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeD8C9
Rathbone Income R Inc
Initial charge2.5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.54%
Total expense ratio (TER)1.56%
Bid price879.05
Offer price909.31
Mid price-
CurrencyGBX
Price updated19/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeL103
Rathbone Income R Inc NAV
Initial charge2.5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.54%
Total expense ratio (TER)1.56%
Bid price-
Offer price-
Mid price879.05
CurrencyGBX
Price updated19/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeD8D0
Rathbone Income S Acc
Initial charge-
Annual charge0.49%
Min single investment£100,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.53%
Total expense ratio (TER)-
Bid price1573.47
Offer price1584.2
Mid price-
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeK1VN
Rathbone Income S Inc
Initial charge-
Annual charge0.49%
Min single investment£100,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.53%
Total expense ratio (TER)-
Bid price952.47
Offer price960.51
Mid price-
CurrencyGBX
Price updated19/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeK1VM
Data provided by

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