Fact sheet: Unicorn Mastertrust

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 61-100% EQUITY
Sector
UT Flexible Investment
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Unicorn Mastertrust

New for 2018. Takes a contrarian approach to investment trusts

Unicorn Mastertrust is run by Peter Walls, a specialist in investment trusts. It is a newcomer to the Rated Funds list for 2018 on the strength of its performance and contrarian nature.

Walls invests in a wide range of investment trusts, seeking to take advantage of what he calls 'pricing anomalies'. Closed-ended funds can trade at either a premium or discount to their net asset value, and it is these discounts that Walls aims to exploit.

In the fund's 2017 interim report, Unicorn pointed to average discounts narrowing considerably, from around 9 per cent in the wake of the EU referendum in mid 2016 to less than 4 per cent by March 2017. Although rising equity markets undoubtedly contributed towards this trend, the report highlighted growing demand for investment trust shares as another factor. New issues of conventional investment trusts remain thin on the ground, while demand is rising as appreciation of the long-term attractions of the closed-ended structure become more widespread.Mastertrust's holdings in listed private equity trusts HarbourVest Global Private Equity and Standard Life Private Equity have benefited from a strong market for realisations and narrowing discounts. Holdings in Fidelity Asian Values, Monks, BlackRock World Mining and Polar Capital Global Financials have also driven recent strong performance. Standard Life Private Equity, Monks and BlackRock World Mining are also Rated Funds.

At the end of 2017, the fund was 83 per cent invested, with the balance in cash. It held 54 investment trusts. Its ongoing charges are a relatively reasonable 0.85 per cent.<\p>

3 Year Performance
Fund Performance38.1%
Average of Rated Funds Group27.6%
Sector Performance14.2%
Fund information
Fund name
Unicorn Mastertrust B
Fund manager company
Unicorn Asset Management
Fund type
OEIC
Fund managers
  • Peter Wallssince 19/09/2008
Accolades
Fund objective
The Unicorn Mastertrust Fund aims to achieve long term capital growth by investing in a wide range of listed investment companies.
Benchmark
  • FTSE Inv Companies Index
Investment style
None
Investment method
Shares
Quick stats
1 Year return
9.4%
1 Year rank in sector
10/246
Sector
UT Flexible Investment
Yield
0.9%
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.
0.85%
Fund size
£73m (£45m 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.
65
Mid price
449.41
Top in this sector
Fund name1 Year
Neptune Global Alpha22.4%
LF Ruffer Japanese19.9%
LF Odey Cont European18.2%
M&G Fund of Inv Trust Shs12.2%
F&C MM Investment Trust11.3%
...more in UT Flexible Investment

Performance snapshot

Holdings snapshot

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-1.8%-4.2%-0.9%9.4%38.1%73%
Sector-1.5%-4.1%-1.9%3.3%14.2%35.7%
Rank within sector158 / 267125 / 26154 / 25910 / 2462 / 2092 / 180
Quartile3rd2nd1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-2%19.3%18.2%8%4.6%
Sector-2.9%9.9%12.8%2%4.9%
Rank within sector63 / 2617 / 23349 / 2197 / 207121 / 187
Quartile1st1st1st1st3rd
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.
6.76
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.
0.96
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.
1.02
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.
3.93
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.
1.64
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.
0.78
Price movement
52 week high470.42
52 week low412.18
Current bid price-
Current offer price-
Current mid price449.41
Region
1UK81.57%
2Money Market18.43%
Industry sector
1Equities81.57%
2Money Market18.43%
Asset type
1UK Equities81.57%
2Cash & Cash Equivalents18.43%
Individual holdings
1ALLIANCE TRUST PLC2.66%
2F&C FOREIGN & COLONIAL INVESTMENT TRUST ORD2.52%
3TR PROPERTY INVESTMENT TRUST PLC2.26%
4ABERFORTH SMALLER COMPANIES TRUST PLC ORD2.23%
5CALEDONIA INVESTMENTS PLC ORD2.22%
6BRITISH EMPIRE SEC & GENERAL TRUST2.21%
7LAW DEBENTURE CORPORATION PLC2.15%
8ATLANTIS JAPAN GROWTH FUND ORD NPV2.11%
9HERALD INVESTMENT TRUST PLC2.11%
Management
Fund manager group
Unicorn
Fund manager company
Unicorn Asset Management
Fund type
OEIC
Fund objective
The Unicorn Mastertrust Fund aims to achieve long term capital growth by investing in a wide range of listed investment companies.
Benchmark
  • FTSE Inv Companies Index
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Peter Walls19/09/2008Peter’s in-depth knowledge of the collective funds industry was acquired as an investment trust analyst and commentator between 1983 and 2001. From 1983 to 1988 he was the investment trust analyst at Hoare Govett (now ABN Amro). Peter joined Credit Lyonnais Securities in 1988 where he authored the Investment Trust Yearbook between 1988 and 1999 and was also Head of the Investment Trust department. Since 2001 Peter has managed the Unicorn Mastertrust fund.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Unicorn Mastertrust A
Initial charge5.5%
Annual charge1.5%
Min single investment£2,500
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.6%
Total expense ratio (TER)1.99%
Bid price-
Offer price-
Mid price499.98
CurrencyGBX
Price updated18/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeUD81
Unicorn Mastertrust B
Initial charge2.5%
Annual charge0.75%
Min single investment£100,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)0.85%
Total expense ratio (TER)1.74%
Bid price-
Offer price-
Mid price449.41
CurrencyGBX
Price updated18/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeUJ91
Unicorn Mastertrust O
Initial charge5.5%
Annual charge1.5%
Min single investment£10,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.6%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price146.97
CurrencyGBX
Price updated18/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeK6DW
Data provided by

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