Fact sheet: TB 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 TB Evenlode Income

Rated Fund 2015-2018. Complement to deep value funds

TB Evenlode Income won Money Observer's Best Larger UK Equity Income Fund award in 2016 ヨ a crown it retained last year.Its yield is 3.2 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 cash available to pay to shareholders.For income-seekers looking to achieve diversity, their approach acts as a good complement to funds that focus on deep value and higher-yielding companies.Investing in asset-light, high-return businesses results in a portfolio that is quite different from the UK market, which means the fund will be out of step with market trends at times. One of the reasons is that this focus causes the managers to avoid some large sectors, such as banks and oil producers or miners.It has a minimum of 80 per cent in UK shares with the balance in overseas shares or cash, and has performed particularly well since the Brexit referendum, given its allocation to larger, dollar-earning companies. There are less than 40 holdings in the portfolio, but the managers contend that they believe in quality over quantity.

The fund was forced to move from the Investment Association's UK equity income sector into the UK all companies sector on account of an insufficient yield. It could have returned to its former sector last year, but the managers opted not to as they did not want to be constrained by the sector's yield requirements.<\p>

3 Year Performance
Fund Performance31.5%
Average of Rated Funds Group23.5%
Sector Performance18%
Fund information
Fund name
TB Evenlode Income B Inc
Fund manager company
Evenlode Investment Management
Fund type
OEIC
Fund managers
  • Hugh Yarrowsince 19/10/2009
  • 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
4.4%
1 Year rank in sector
172/274
Sector
UT UK All Companies
Yield
3.4%
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
£2,090m (£1,279m 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.
83
Mid price
205.41
Top in this sector
Fund name1 Year
MI Chelverton UK Equ Grth22.3%
MFM Bowland20.6%
Man GLG Uvalued Ass18.7%
CFP SDLUKBftolgy18.5%
CFP SDL Free Spirit18.5%
...more in UT UK All Companies

Performance snapshot

Holdings snapshot

  • UK81.6%
    USA12.4%
    Europe3.6%
    Money Market2.4%
  • Consumer Goods29%
    Technology16.7%
    Media14.6%
    Health Care12.2%
    Engineering9%
  • UK Equities81.6%
    US Equities12.4%
    European Equities3.6%
    Money Market2.4%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund0.8%-1.9%-0.7%4.4%31.5%72.3%
Sector1.6%-3.4%-1.1%5.7%18%49%
Rank within sector229 / 28043 / 278110 / 277172 / 27428 / 25940 / 244
Quartile4th1st2nd3rd1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-1.9%15.2%17.1%8.4%8.2%
Sector-2.7%13.8%11.2%3.7%0.6%
Rank within sector78 / 27777 / 27247 / 26279 / 25612 / 249
Quartile2nd2nd1st2nd1st
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.
4.78
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.
0.65
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%.
9.14
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.
5.81
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.
0.61
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.
0.65
Price movement
52 week high214.08
52 week low197.86
Current bid price-
Current offer price-
Current mid price205.41
Region
1UK81.6%
2USA12.4%
3Europe3.6%
4Money Market2.4%
Industry sector
1Consumer Goods29%
2Technology16.7%
3Media14.6%
4Health Care12.2%
5Engineering9%
6Support Services8.1%
7Financials4.2%
8Money Market2.4%
9Chemicals2.1%
Asset type
1UK Equities81.6%
2US Equities12.4%
3European Equities3.6%
4Money Market2.4%
Individual holdings
1UNILEVER8.34%
2DIAGEO7.62%
3RELX PLC4.76%
4SAGE GROUP4.68%
5COMPASS GROUP PLC4.27%
6SMITHS GROUP3.82%
7SMITH & NEPHEW3.37%
8GLAXOSMITHKLINE3.23%
9ASTRAZENECA PLC3.16%
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 Yarrow19/10/2009Hugh 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 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 price269.35
CurrencyGBX
Price updated18/04/2018
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 price196.95
CurrencyGBX
Price updated18/04/2018
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 price280.81
CurrencyGBX
Price updated18/04/2018
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 price205.41
CurrencyGBX
Price updated18/04/2018
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 price281.64
CurrencyGBX
Price updated18/04/2018
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 price206.02
CurrencyGBX
Price updated18/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeMBTS
Data provided by

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