Fact sheet: Evenlode 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 All Companies
Fund type
OEIC
Primary aim
GROWTH & INCOME
Why Money Observer Rates Evenlode Income

Rated Fund 2015-2017. Concentrating on asset-light, high-return businesses

Evenlode Income won Money Observer's Best Smaller UK Equity Income Fund award in 2014 and in 2016, having grown in size, it won the Best Larger Fund award in this category. Its yield is 3.3 per cent and income is paid quarterly.

Its manager Hugh Yarrow and co-manager Ben Peters pursue a distinctive approach. They look to buy companies that are able to grow sustainably without needing to reinvest much capital back into the business each year to generate growth. Their rationale is that these companies will have more available to pay out to shareholders in dividends.

This approach, focusing solely on asset-light, high-return businesses, results in a portfolio that is quite different to the UK market, which means it will at times be out of step with market trends.

One of the reasons is that the fund does not invest in some large sectors of the market such as banks, oil producers or miners. However, the managers believe this approach works well over the long term, and consistently investing in this way is a central part of their philosophy.

There are under 40 holdings in their portfolio but the managers argue that they believe in quality over quantity. They follow 80 or so companies extremely closely, conducting thorough evaluation work and scouring accounts for clues and potential warning signs.

They undertake detailed statistical and quantitative analysis of the markets, and constantly monitor the valuations and fundamental performance of the companies they follow so they are ready to seize the best opportunities when they arise.

3 Year Performance
Fund Performance48%
Average of Rated Funds Group35.4%
Sector Performance32%
Fund information
Fund name
TB Evenlode Income B Inc
Fund manager company
Evenlode Investment Management
Fund type
OEIC
Fund managers
  • Hugh Yarrowsince 18/10/2009
  • Ben Peterssince 01/12/2012
Accolades
Winner - UK Equity Income - Best Larger Fund
Fund objective
The investment objective of TB Evenlode Income is to provide long-term total returns, with an emphasis on income.
Benchmark
  • IA UK Equity Income
Investment style
Value
Investment method
Shares
Quick stats
1 Year return
17.2%
1 Year rank in sector
52/273
Sector
UT UK All Companies
Yield
3.3%
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.
0.9%
Fund size
£1,441m (£1,101m 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.
87
Mid price
209.2
Top in this sector
Fund name1 Year
Elite Webb Cap SmCos Inc&Gth39.4%
MI Chelverton UK Equ Grth34%
Unicorn UK Growth31.6%
Blackrock Inst Eq UK Sm Cos31.2%
MFM Bowland30.2%
...more in UT UK All Companies

Performance snapshot

Holdings snapshot

  • UK80.7%
    USA13.2%
    Money Market3.4%
    Europe2.7%
  • Consumer Goods28.3%
    Technology15.8%
    Health Care15.7%
    Media12.5%
    Engineering9.5%
  • UK Equities80.7%
    US Equities13.2%
    Money Market3.4%
    European Equities2.7%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1%2.1%1.6%17.2%48%97%
Sector0.9%2%1.6%13.8%32%62.5%
Rank within sector118 / 278108 / 277103 / 27652 / 27329 / 25622 / 243
Quartile2nd2nd2nd1st1st1st
Calendar performance
 YTD - 20172016201520142013
Fund13.8%17.1%8.4%8.2%26.7%
Sector11.3%11.2%3.7%0.6%25.7%
Rank within sector57 / 27344 / 26379 / 25612 / 250114 / 243
Quartile1st1st2nd1st2nd
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.
5.06
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.
0.82
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.
0.96
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%.
9.23
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.
5.88
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.
0.58
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.
0.63
Price movement
52 week high211.95
52 week low184.66
Current bid price-
Current offer price-
Current mid price209.2
Region
1UK80.7%
2USA13.2%
3Money Market3.4%
4Europe2.7%
Industry sector
1Consumer Goods28.3%
2Technology15.8%
3Health Care15.7%
4Media12.5%
5Engineering9.5%
6Support Services7.7%
7Financials3.7%
8Money Market3.4%
9Chemicals1.8%
Asset type
1UK Equities80.7%
2US Equities13.2%
3Money Market3.4%
4European Equities2.7%
Individual holdings
1UNILEVER8.4%
2DIAGEO PLC7.5%
3SAGE GROUP PLC (THE)4.7%
4GLAXOSMITHKLINE PLC4.4%
5MICROSOFT CORP4.2%
6ASTRAZENECA PLC3.8%
7COMPASS GROUP PLC3.7%
8JOHNSON & JOHNSON3.5%
9SMITHS GROUP3.2%
Management
Fund manager group
No data available.
Fund manager company
Evenlode Investment Management
Fund type
OEIC
Fund objective
The investment objective of TB Evenlode Income is to provide long-term total returns, with an emphasis on income.
Benchmark
  • IA UK Equity Income
Investment style
Value
Investment method
Shares
Fund managers
NameSinceBiography
Hugh Yarrow18/10/2009Hugh joined Wise in 2009 and is the lead portfolio manager of Evenlode Income, the UK Equity Income fund he launched in October of the same year. He was appointed as a director of Wise in 2012. Hugh graduated from the University of Edinburgh with a first class degree in philosophy and mathematics in 2002. From 2002 to 2009 he worked as an investment manager on several equity income funds at Rathbone Unit Trust Management. Hugh is a Chartered Fellow of the Chartered Institute for Securities & Investment and holds the Investment Management Certificate.
Ben Peters01/12/2012Ben has been the investment analyst for Evenlode Income since the fund’s launch, and became co-manager in December 2012. Ben is a member of the CFA Society of the UK and holds the Investment Management Certificate. He also holds a doctorate from the University of Oxford and a first-class degree from University College London, both in the field of physics
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
TB Evenlode Income A Acc
Initial charge-
Annual charge1.4%
Min single investment£1,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.4%
Total expense ratio (TER)1.73%
Bid price-
Offer price-
Mid price271.73
CurrencyGBX
Price updated14/12/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeG6C5
TB Evenlode Income A Inc
Initial charge-
Annual charge1.4%
Min single investment£1,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.4%
Total expense ratio (TER)1.73%
Bid price-
Offer price-
Mid price200.92
CurrencyGBX
Price updated14/12/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeG6C6
TB Evenlode Income B Acc
Initial charge-
Annual charge0.9%
Min single investment£1,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.9%
Total expense ratio (TER)1.23%
Bid price-
Offer price-
Mid price282.79
CurrencyGBX
Price updated14/12/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeG6C7
TB Evenlode Income B Inc
Initial charge-
Annual charge0.9%
Min single investment£1,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.9%
Total expense ratio (TER)1.23%
Bid price-
Offer price-
Mid price209.2
CurrencyGBX
Price updated14/12/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeG6C8
TB Evenlode Income C Acc
Initial charge-
Annual charge0.8%
Min single investment£10,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.8%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price283.54
CurrencyGBX
Price updated14/12/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeMBTR
TB Evenlode Income C Inc
Initial charge-
Annual charge0.8%
Min single investment£10,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.8%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price209.74
CurrencyGBX
Price updated14/12/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeMBTS
Data provided by

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