Fact sheet: Syncona 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.
SPECIALIST
Sector
IT Biotechnology & Healthcare
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Syncona IT

Rated Fund 2016-2017. Converting to a life science investment company

Syncona is a 'wild card' selection for 2017. It changed its remit and name from Bacit (Battle Against Cancer Investment Trust) in December 2016, having been launched in October 2012. Its dual purpose was making donations to charitable causes, principally cancer research, and generating steady returns by investing in other managed funds.

However, at the end of 2016 it acquired both Syncona LLP (founded by the Wellcome Trust), which owns an existing portfolio of life science investments, and the CRT Pioneer Fund run by Cancer Research UK.

Until now the trust has invested in various funds of a conventional and alternative nature, such as hedge funds, private equity and commodities funds run by investment managers who had agreed to waive their charges and performance fees to enhance the charitable donations the trust could make.

It also invested in the CRT Pioneer Fund. The trust then donated 1 per cent of its net asset value each year to charity (50 per cent to The Institute of Cancer Research and 50 per cent to The Bacit Foundation).

The trust's new investment policy means that over time it will become predominantly a life science investment company, generally making early-stage life science investments with a view to holding and financing those investments until they reach commercialisation and beyond.

It will continue its annual charitable donations but at a reduced rate of 0.3 per cent. It has taken on Syncona's life science investment management team.

3 Year Performance
Fund Performance80%
Average of Rated Funds Group56.2%
Sector Performance41.5%
Fund information
Fund name
Syncona Limited Ord NPV
Fund manager company
Syncona
Fund type
Investment Trust
Fund manager
No data available.
Accolades
Highly commended - Best Mixed Asset Trust
Fund objective
BACIT Limited ("BACIT") targets attractive medium to long term returns by investing in leading long only and alternative investment funds with proven managers and across multiple asset classes. The composition of the investment portfolio will vary over time in terms of asset classes, strategies, managers and funds; BACIT intends to be invested in at least 15 distinct investment funds or managed account strategies over time.
Benchmark
  • Composite
Investment style
None
Investment method
Mixed
Quick stats
1 Year return
55.3%
1 Year rank in sector
1/6
Sector
IT Biotechnology & Healthcare
Yield
1.1%
Fund size
£1,325m
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.
152
Mid price
200.7
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.
162.1
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.
+23.81
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.
100
Top in this sector
Fund name1 Year
Syncona Limited55.3%
Wldwide Hlthcare Tst PLC25%
Intl Biotechnology Trust19%
BB HlthcareTstPlcRedOrd1P14.8%
The Biotech Growth Trust PLC13.3%
...more in IT Biotechnology & Healthcare

Performance snapshot

Holdings snapshot

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund8.2%21.3%34.7%55.3%80%111.3%
Sector1.5%-1.5%4.8%18.3%41.5%174.4%
Rank within sector1 / 61 / 61 / 61 / 61 / 54 / 5
Quartile1st1st1st1st1st4th
Calendar performance
 YTD - 20172016201520142013
Fund50.9%7.5%14.1%0.9%12.5%
Sector15%6.2%12.7%39.3%43.2%
Rank within sector1 / 63 / 52 / 55 / 55 / 5
Quartile1st3rd2nd4th4th
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.
21.94
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.
-0.04
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.
1.18
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%.
14.16
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.
24.59
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.
0.33
Price movement
52 week high207.8
52 week low127.25
Current bid price200.2
Current offer price200.7
Current mid price200.7
Region
1Europe25%
2International25%
3Asia Pacific23%
4UK16%
5USA6%
6Global Emerging Markets5%
Industry sector
No data available.
Asset type
1Hedge100%
Individual holdings
1POLAR CAPITAL JAPAN ALPHA4%
2POLYGON EUROPEAN EQUITY OPPORTUNITY3.7%
3THE SFP VALUE REALIZATION FUND3.5%
4POLAR CAPITAL UK ABSOLUTE EQUITY I EUR3.3%
5MAJEDIE UK EQUITY A ACC GBP3.1%
6PARITY VALUE3%
7MAGA SMALLER COMPANIES UCITS2.9%
8AKO GLOBAL UCITS FUND2.7%
9SINFONIETTA2.4%
Management
Fund manager group
Bacit
Fund manager company
Syncona
Fund type
Investment Trust
Fund objective
BACIT Limited ("BACIT") targets attractive medium to long term returns by investing in leading long only and alternative investment funds with proven managers and across multiple asset classes. The composition of the investment portfolio will vary over time in terms of asset classes, strategies, managers and funds; BACIT intends to be invested in at least 15 distinct investment funds or managed account strategies over time.
Benchmark
  • Composite
Investment style
None
Investment method
Mixed
Fund manager
No data available.
Compliance
Offshore
Domicile
No data available.
Fund for sale in
United Kingdom, Guernsey, Offshore
Syncona Limited
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 price162.1
CurrencyGBX
Price updated31/10/2017
Type-
Institutional or retail classRetail
Domicile-
Citi codeNMZV
Syncona Limited Ord NPV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price200.2
Offer price200.7
Mid price200.7
CurrencyGBX
Price updated13/12/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeGWOP
Data provided by

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