Fact sheet: TB Wise 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.
MIXED ASSET - HIGHER RISK
Sector
UT Flexible Investment
Fund type
OEIC
Primary aim
GROWTH & INCOME
Why Money Observer Rates TB Wise Income

Rated Fund 2015-2017. Looking for income opportunities across the asset spectrum

In 2015 this fund achieved highly commended award status in Money Observer's Higher Risk Mixed Asset category. Tony Yarrow, chairman and founder of wealth managers Wise Investments, has managed it since inception in 2005.

He describes it as a strategic income fund, which allows him to look globally for attractive income-paying assets across the widest spectrum, including fixed interest, commercial property, shares and alternatives such as private equity and infrastructure.

He gets this exposure mainly through other investment funds and trusts, though he can also invest direct. The fund has an attractive yield of 5 per cent.

Yarrow's process begins with economic, market, fund and company analysis. Fund management for him is the process of putting ideas into action. When considering which assets to buy, he looks for those that are of high quality but undervalued and out of favour with the market.

He is prepared to hold on to these investments until their prospects improve so he invests for the long term and likes to keep the turnover of the fund low. When holdings become fashionable and expensive he tends to reduce them, meanwhile adding to holdings that he still likes when they are unfashionable and cheap.

At the end of 2016, over half of the fund was invested in UK small and medium-sized companies and private equity funds. It had an 11 per cent exposure to property, mainly through the Picton Property Income investment trust, and overseas holdings through funds such as Middlefield Canadian Income and Aberdeen Asian Income.

3 Year Performance
Fund Performance36.2%
Average of Rated Funds Group28.4%
Sector Performance20.2%
Fund information
Fund name
TB Wise Multi-Asset Income B Inc
Fund manager company
Wise Funds Limited
Fund type
OEIC
Fund manager
  • Tony Yarrowsince 30/09/2005
Accolades
Highly Commended - Mixed Asset (Higher Risk)
Fund objective
The investment objectives of TB Wise Multi-Asset Income are to provide a yield in excess of the BATS UK All Companies Index with the potential to provide income growth and capital growth over the medium to long term in line with, or better than, the rate of UK inflation (based on the Bank of England’s preferred measure of UK inflation, which is currently the Consumer Prices Index (CPI)). Investors should note that their capital is at risk and that there is no guarantee that a positive return will be achieved over any time period. The fund will have exposure to multiple asset classes. The fund will invest in a diversified portfolio which may include collective investment schemes, equities including investment trusts, bonds, Government securities, money market instruments, deposits and cash. The fund may also use derivatives for the purpose of efficient portfolio management from time to time. There will be no restriction on allocations between asset classes or geographic regions.
Benchmark
  • BATS UK All Companies Index
Investment style
Flexible
Investment method
None
Quick stats
1 Year return
5.6%
1 Year rank in sector
121/247
Sector
UT Flexible Investment
Yield
5.2%
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.
0.93%
Fund size
£111m (£75m 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.
63
Mid price
127.3
Top in this sector
Fund name1 Year
Neptune Global Alpha19.2%
LF Odey Cont European16.4%
M&G Fund of Inv Trust Shs15.2%
F&C MM Investment Trust14.7%
VT Ursus Arctos13.6%
...more in UT Flexible Investment

Performance snapshot

Holdings snapshot

  • No data available.
  • No data available.
  • Others23.6%
    UK Small Cap Companies21.9%
    Property14.3%
    UK Large Cap Companies11.7%
    UK Mid Cap Companies8.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-3.6%-1.5%-1.3%5.6%36.2%75.8%
Sector-3.2%-0.8%0.7%4.9%20.2%39%
Rank within sector180 / 266198 / 265224 / 261121 / 24718 / 2135 / 184
Quartile3rd3rd4th2nd1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-4%15.8%23.5%2.5%5.4%
Sector-2%9.9%12.8%2%4.9%
Rank within sector256 / 26621 / 23815 / 224100 / 212101 / 192
Quartile4th1st1st2nd3rd
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.
5.37
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.
0.83
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.
1.06
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%.
8.39
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.
5.74
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.
0.67
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.
0.55
Price movement
52 week high137.11
52 week low124.97
Current bid price-
Current offer price-
Current mid price127.3
Region
No data available.
Industry sector
No data available.
Asset type
1Others23.6%
2UK Small Cap Companies21.9%
3Property14.3%
4UK Large Cap Companies11.7%
5UK Mid Cap Companies8.2%
6Private Equity7.2%
7North American Equities3.7%
8Asia Pacific Equities3%
9Money Market2.9%
Individual holdings
1PRINCESS PRIVATE EQUITY HOLDINGS LIMITED ORD EUR0.001 (EUR)4.38%
2LEGAL & GENERAL GROUP4.28%
3EDISTON PROPERTY INVESTMENT COMPANY PLC ORD 1P4.02%
4MIDDLEFIELD CANADIAN INCOME TRUST I4%
5ECOFIN GLOBAL UTILITIES & INFRASTRUCTURE TRUST PLC ORD 1P3.49%
6BLACKROCK WORLD MINING IT3.32%
7BRITISH LAND PLC3.08%
8ASIAN INCOME ORD3.03%
9SHOE ZONE PLC2.85%
Management
Fund manager group
No data available.
Fund manager company
Wise Funds Limited
Fund type
OEIC
Fund objective
The investment objectives of TB Wise Multi-Asset Income are to provide a yield in excess of the BATS UK All Companies Index with the potential to provide income growth and capital growth over the medium to long term in line with, or better than, the rate of UK inflation (based on the Bank of England’s preferred measure of UK inflation, which is currently the Consumer Prices Index (CPI)). Investors should note that their capital is at risk and that there is no guarantee that a positive return will be achieved over any time period. The fund will have exposure to multiple asset classes. The fund will invest in a diversified portfolio which may include collective investment schemes, equities including investment trusts, bonds, Government securities, money market instruments, deposits and cash. The fund may also use derivatives for the purpose of efficient portfolio management from time to time. There will be no restriction on allocations between asset classes or geographic regions.
Benchmark
  • BATS UK All Companies Index
Investment style
Flexible
Investment method
None
Fund manager
NameSinceBiography
Tony Yarrow30/09/2005Tony established Wise Investment in 1992 to help private individuals manage their investments and financial affairs. He specialises in managing investment portfolios and runs our TB Wise Investment and TB Wise Income funds.Tony graduated from Cambridge in 1974. He has been a financial adviser since 1984 and fund manager since 1989. His qualifications include the Financial Planning Certificate and the Investment Management Certificate.
Compliance
IA Recognised, UCITS IV Compliant, UCITS V Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
TB Wise Multi-Asset Income A Acc
Initial charge-
Annual charge1.44%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.58%
Total expense ratio (TER)2.11%
Bid price-
Offer price-
Mid price224.49
CurrencyGBX
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeTK92
TB Wise Multi-Asset Income A Inc
Initial charge-
Annual charge1.44%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.58%
Total expense ratio (TER)2.11%
Bid price-
Offer price-
Mid price117.95
CurrencyGBX
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeTJ88
TB Wise Multi-Asset Income B Acc
Initial charge-
Annual charge0.79%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)0.93%
Total expense ratio (TER)1.5%
Bid price-
Offer price-
Mid price242.99
CurrencyGBX
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeTK35
TB Wise Multi-Asset Income B Inc
Initial charge-
Annual charge0.79%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)0.93%
Total expense ratio (TER)1.5%
Bid price-
Offer price-
Mid price127.3
CurrencyGBX
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeTJ63
TB Wise Multi-Asset Income W Acc
Initial charge7.5%
Annual charge0.54%
Min single investment£100,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.68%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price243.76
CurrencyGBX
Price updated19/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeNOAZ
TB Wise Multi-Asset Income W Inc
Initial charge7.5%
Annual charge0.54%
Min single investment£100,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.68%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price127.79
CurrencyGBX
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeNOBA
Data provided by

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