Fact sheet: Seneca Global Income & Growth IT

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.
MIXED ASSET - LOWER RISK
Sector
IT Flexible Investment
Fund type
Investment Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates Seneca Global Income & Growth IT

Rated Fund 2016-2017. A team-based absolute return approach

This trust was given its absolute return mandate in 2011 and taken over by its current management team led by Peter Elson and Alan Borrows in January 2014.

Over a typical investment cycle, the Company will seek to achieve a total return of at least CPI plus 6 per cent per annum after costs with low volatility, and with the aim of growing aggregate annual dividends at least in line with inflation, through the application of a Multi-Asset Investment Policy.

The portfolio combines direct investment with holdings in third-party funds, both open- and closed-ended. Its current yield is around 4 per cent and income is paid quarterly.

Elston, chief investment officer at Seneca, has responsibility for asset allocation with Alan Burrows, a fixed income specialist. Other members of the team take responsibility for the main asset areas in which the trust invests.

These areas are UK and overseas equities, fixed interest securities, property, alternative assets (such as private equity, commodity funds and funds of hedge funds) and structured products.

The managers' approach has been described as 'multi-asset value investing', with investment decisions being based on both quality and price in order to generate long-term outperformance.

The trust's strategic asset allocation is growth-oriented, with 60 per cent in equities, 10 per cent in property, 15 per cent in specialist assets (such as infrastructure and private equity), and 15 per cent in fixed income. Allocations vary over time. Investment in UK equities is often direct, but in other areas the managers tend to use investment funds and trusts.

3 Year Performance
Fund Performance37.2%
Average of Rated Funds Group18.4%
Sector Performance31%
Fund information
Fund name
Seneca Global Income & Growth Trust
Fund manager company
Seneca Investment Managers Ltd
Fund type
Investment Trust
Fund managers
  • Peter Elstonsince 01/02/2016
Accolades
Fund objective
Over a typical investment cycle, the Company will seek to achieve a total return of at least CPI plus 6 per cent per annum after costs with low volatility, and with the aim of growing aggregate annual dividends at least in line with inflation, through the application of a Multi-Asset Investment Policy. The manager takes active allocation decisions within defined ranges. These tactical moves are made through a combination of direct investment and commitments to third party funds, both open and closed end.
Benchmark
  • No Specified Index
Investment style
Active,Aggressive
Investment method
None
Quick stats
1 Year return
9.7%
1 Year rank in sector
7/16
Sector
IT Flexible Investment
Yield
3.6%
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.
1.61%
Fund size
£80m
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.
49
Mid price
172.5
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
170.46
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
+1.20
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
104
Top in this sector
Fund name1 Year
Miton Gbl Opps PLC22.8%
New Star IT PLC21.3%
Est Inv Trust17.4%
F&C Mngd Prtfolio Tst Gth16.5%
Ab Div Inc & Grw Trt13.9%
...more in IT Flexible Investment

Performance snapshot

Holdings snapshot

  • Not Specified40.6%
    UK32.4%
    International25.1%
    Money Market1.9%
  • No data available.
  • UK Equities33%
    Others28.5%
    International Equities25.8%
    Global Fixed Interest8.6%
    Money Market4.1%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-3.5%-0.6%-1.1%9.7%37.2%72.9%
Sector-3.2%-0.5%2%8.3%31%39.8%
Rank within sector9 / 168 / 1613 / 167 / 165 / 154 / 15
Quartile3rd2nd4th2nd2nd2nd
Calendar performance
 YTD - 20182017201620152014
Fund-2.1%15.2%14.3%11%6.1%
Sector-2%14.1%14.5%3.3%3.9%
Rank within sector8 / 169 / 169 / 162 / 154 / 15
Quartile2nd3rd3rd1st2nd
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.
5.05
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.
0.8
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.
1.4
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%.
7.06
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.
6.16
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.
0.45
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.
0.24
Price movement
52 week high179.5
52 week low162
Current bid price172
Current offer price173
Current mid price172.5
Region
1Not Specified40.6%
2UK32.4%
3International25.1%
4Money Market1.9%
Industry sector
No data available.
Asset type
1UK Equities33%
2Others28.5%
3International Equities25.8%
4Global Fixed Interest8.6%
5Money Market4.1%
Individual holdings
1ROYAL LONDON SHORT DURATION GLOBAL HIGH YIELD BOND M INC4.2%
2CC JAPAN INCOME & GROWTH TRUST PLC3.1%
3EUROPEAN ASSETS TRUST NV EUR0.46(BR)3%
4SAMARANG ASIAN PROSPERITY3%
5AJ BELL HOLDINGS2.9%
6SCHRODER ASIAN INCOME MAXIMISER A INC2.9%
7INTERNATIONAL PUBLIC PARTNERSHIP2.5%
8LIONTRUST EUROPEAN ENHANCED INCOME2.5%
9NIMROD DORIC NIMROD AIR TWO LIMITED ORD PREF SHS NPV2.2%
Management
Fund manager group
Seneca Investment Managers
Fund manager company
Seneca Investment Managers Ltd
Fund type
Investment Trust
Fund objective
Over a typical investment cycle, the Company will seek to achieve a total return of at least CPI plus 6 per cent per annum after costs with low volatility, and with the aim of growing aggregate annual dividends at least in line with inflation, through the application of a Multi-Asset Investment Policy. The manager takes active allocation decisions within defined ranges. These tactical moves are made through a combination of direct investment and commitments to third party funds, both open and closed end.
Benchmark
  • No Specified Index
Investment style
Active,Aggressive
Investment method
None
Fund managers
NameSinceBiography
Peter Elston01/02/2016Each fund is now managed through our team approach. Peter’s research responsibility for Seneca IM is asset allocation. Having joined the team as global investment strategist in November 2014, Peter was appointed chief investment officer in April 2015 and to the board of the company in January 2016.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
Seneca Global Income & Growth Trust
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price168.7
CurrencyGBX
Price updated16/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJPF
Seneca Global Income & Growth Trust NFV
Initial charge-
Annual charge0.65%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.52%
Total expense ratio (TER)0.02%
Bid price-
Offer price-
Mid price170.46
CurrencyGBX
Price updated16/02/2018
Type-
Institutional or retail classRetail
Domicile-
Citi code0WPE
Seneca Global Income & Growth Trust NPV
Initial charge-
Annual charge0.65%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.52%
Total expense ratio (TER)0.02%
Bid price-
Offer price-
Mid price170.46
CurrencyGBX
Price updated16/02/2018
Type-
Institutional or retail classRetail
Domicile-
Citi codeEV17
Data provided by

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