Fact sheet: Schroder US Mid 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.
US EQUITIES
Sector
UT North America
Fund type
Unit Trust
Primary aim
GROWTH
Why Money Observer Rates Schroder US Mid Cap

Rated Fund 2016-2017. Taking a cautious approach for long-term rewards

This fund has been managed by Jenny Jones since it was set up in 2005. As its name implies, it invests primarily in medium-sized companies. Jones is head of Schroders' US small and medium-sized equities team, based in New York. She works with a team of analysts who generate ideas for the fund.

Her approach is relatively cautious, so over the short term her fund tends to perform best in modestly rising or falling markets, rather than when markets are rising strongly. But this approach helps to boost her longer-term returns.

The fund has an active, flexible investment style, which enables it to respond rapidly to changing economic circumstances. Jones's investment approach targets three types of situations. There are 'mispriced growth stocks' - stocks where the market continues to discount an excessively poor environment and this is reflected in valuations.

Then there are 'steady eddies' - strong companies that pay sustainable dividends, and finally 'turnarounds' - firms that have cut costs, rebuilt their balance sheets, and are in a position to outperform. The balance between the different types of opportunities varies according to market conditions. The portfolio is well-diversified with over 100 holdings.

Last year she said she was not making many changes ahead of the US presidential election. She has stuck to that in the light of Donald Trump's election victory. One area she is particularly positive about this year is the increased demand for housing.

3 Year Performance
Fund Performance60.3%
Average of Rated Funds Group58.3%
Sector Performance53.7%
Fund information
Fund name
Schroder US Mid Cap Z Acc
Fund manager company
Schroder UT Managers
Fund type
Unit Trust
Fund managers
  • Jenny Jonessince 26/04/2005
  • Robert Kaynorsince 10/01/2018
Accolades
Fund objective
The Fund aims to provide capital growth and income by investing in equity and equity related securities of medium-sized US companies.
Benchmark
  • Russell 2500 TR Lagged GBP
Investment style
None
Investment method
Shares
Quick stats
1 Year return
5.4%
1 Year rank in sector
75/83
Sector
UT North America
Yield
0%
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.
0.91%
Fund size
£2,120m (£1,809m 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.
112
Bid price
126
Offer price
126.1
Top in this sector
Fund name1 Year
Thesis Eldon30.2%
Baillie Gifford American22%
UBS US Growth20.7%
Natixis LS U.S. Eq Ldrs20%
Morgan Stanley US Adv18.2%
...more in UT North America

Performance snapshot

Holdings snapshot

  • USA94.5%
    Money Market3.2%
    Canada1.6%
    Not Specified0.7%
    UK0%
  • Financial Services24%
    Consumer Discretionary14.6%
    Producer Durables12.6%
    Technology12.3%
    Health Care9.1%
  • US Equities94.5%
    Money Market3.2%
    Canadian Equities1.6%
    Others0.7%
    Irish Equities0%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.4%2.2%3.6%5.4%60.3%134.9%
Sector1.1%4.3%6.6%11%53.7%119.4%
Rank within sector84 / 8675 / 8678 / 8575 / 8321 / 7712 / 64
Quartile4th4th4th4th2nd1st
Calendar performance
 YTD - 20182017201620152014
Fund0.3%5.7%42%6.7%18.8%
Sector1.8%10.1%31.2%4.9%17.8%
Rank within sector84 / 8670 / 836 / 7926 / 7738 / 70
Quartile4th4th1st2nd3rd
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.
3.92
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.
0.9
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.
1.23
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
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.
4.57
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.
0.54
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.
0.83
Price movement
52 week high127.3
52 week low115.7
Current bid price126
Current offer price126.1
Current mid price-
Region
1USA94.52%
2Money Market3.18%
3Canada1.58%
4Not Specified0.71%
5UK0.01%
6Ireland0%
Industry sector
1Financial Services24.01%
2Consumer Discretionary14.63%
3Producer Durables12.59%
4Technology12.32%
5Health Care9.14%
6Materials & Processing8.56%
7Others4.38%
8Energy3.86%
9Utilities3.44%
Asset type
1US Equities94.52%
2Money Market3.18%
3Canadian Equities1.58%
4Others0.72%
5Irish Equities0%
Individual holdings
1SCHRODER ISF US DOLLAR LIQUIDITY I ACC NAV USD4.38%
2KAR AUCTION SERVICES INC1.99%
3ADVANCE AUTO PARTS INC1.82%
4ARAMARK HLDGS CORP1.68%
5LENNOX INTERNATIONAL INC1.61%
6CATALENT INC1.57%
7DENTSPLY SIRONA INC1.52%
8HEXCEL CORP1.39%
9REINSURANCE GROUP OF AMERICA1.33%
Management
Fund manager group
Schroders
Fund manager company
Schroder UT Managers
Fund type
Unit Trust
Fund objective
The Fund aims to provide capital growth and income by investing in equity and equity related securities of medium-sized US companies.
Benchmark
  • Russell 2500 TR Lagged GBP
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Jenny Jones26/04/2005Jenny B. Jones is the Head of the U.S. Small and SMID Cap Equity team, based in New York. Joined Schroders in 2002 as Head of the US Small Cap Equity. Became responsible for the US SMID cap product upon its launch in 2004. In 1996 she was appointed Senior Vice President at Morgan Stanley Investment Management and became an Executive Director in 2000. From 1990, she was head of the Small Cap Value department at Oppenheimer Capital, L.P. In 1983 she joined Mutual of America Life Insurance Co. as a portfolio manager, having joined Shearson/American Express as a financial consultant in 1982. Investment career commenced in 1980 when she joined Drexel Burnham as a sales liaison/assistant options strategist. She holds a BA (Hons), Yale University. MBA, New York University.
Robert Kaynor10/01/2018
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Schroder US Mid Cap A Acc
Initial charge-
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.66%
Total expense ratio (TER)-
Bid price143.3
Offer price143.5
Mid price-
CurrencyGBX
Price updated22/01/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeUM20
Schroder US Mid Cap A Inc
Initial charge-
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.66%
Total expense ratio (TER)-
Bid price143.2
Offer price143.3
Mid price-
CurrencyGBX
Price updated22/01/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeUM28
Schroder US Mid Cap L Acc
Initial charge-
Annual charge0.68%
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.84%
Total expense ratio (TER)-
Bid price101.5
Offer price101.6
Mid price-
CurrencyGBX
Price updated22/01/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJOVZ
Schroder US Mid Cap L Inc
Initial charge-
Annual charge0.68%
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.84%
Total expense ratio (TER)-
Bid price101.1
Offer price101.2
Mid price-
CurrencyGBX
Price updated22/01/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeJOWA
Schroder US Mid Cap Z Acc
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)-
Bid price126
Offer price126.1
Mid price-
CurrencyGBX
Price updated22/01/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code0V2Q
Schroder US Mid Cap Z Inc
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)-
Bid price125.7
Offer price125.8
Mid price-
CurrencyGBX
Price updated22/01/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code0V2R
Data provided by

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