Ardevora UK Equity Fund C GBP Acc

UK Growth

Rated Fund 2016-20. Offers something different for investor portfolios  

Ardevora UK Equity has recovered from a poor period of performance in 2018 when the fund suffered losses, to beat its benchmark over all notable time periods. It measures its performance against the MSCI UK Investable Market index, which charts the performance of the large, mid and small-cap segments of the UK market. Managers Jeremy Lang and William Pattisson enable investors to profit from falling as well as rising share prices, making this a good bet for those looking to add an element of protection to their portfolio.

Lang and Pattisson mainly buy shares they think will rise in the long term: these "long" positions equate to 150% of net assets. Synthetic "short" positions, achieved principally through the use of derivatives, make up 50% of net assets. The stocks they short are those where they think managers are behaving unusually riskily, but investors or analysts are relaxed. Their approach offers something different for investors for another reason: the managers use behavioural psychology to help them make stock decisions. They think that picking good stocks is about recognising where the market can be wrong.

They picture the market as made up of three sets of people - company managers, financial analysts and investors. They watch the behaviour of these people for signs of bias. For management, they look for indications of hubris, denial and excessive risk-taking. For analysts, they look for signs of overconfidence, blinkering and belief in a good-sounding story. And for investors, they look for signs of excessive anxiety, over-exuberance or a fixation on recent emotive events. The duo say they avoid these people and judge them by observable facts - stock prices, valuations, forecasts, company accounts and analyst reports.

Narrative and ratings content all as of January 2020.  

See all Money Observer rated funds
Name
Ardevora UK Equity Fund C GBP Acc
Manager
Ardevora Asset Management LLP
Type
Open Ended Investment Company
ISIN
IE00B3WN9227
Sector
UK All Companies
Launched
18/07/2011
OCF
1.14 %
Risk Rating
2
3 Year Sharpe
0.46
3 Year Alpha
7.41
Yield
0 %
Benchmark
MSCI UK IMI NR GBP
The Ardevora UK Equity Fund’s investment objective is to achieve positive absolute returns and long-term capital appreciation. The fund will primarily invest in and gain exposure to a diversified portfolio of UK equity or equity-related securities (such as ordinary and preference shares, global depository receipts and American depository receipts) listed or traded on Regulated Markets. The Investment Manager will seek to structure the portfolio so that it has a long/short ratio of 150/50.
Holding %
Ascential PLC 5.26 %
Severn Trent PLC 5.26 %
Rightmove PLC 5.11 %
Travis Perkins PLC 5.10 %
Rio Tinto PLCCFD 4.77 %
Victrex PLC 4.74 %
InterContinental Hotels Group PLCCFD 4.72 %
Berkeley Group Holdings (The) PLC 4.71 %
London Stock Exchange Group PLCCFD 4.69 %
Croda International PLC 4.68 %
Region %
United Kingdom 91.18 %
United States 8.82 %
Sector %
Industrials 27.24 %
Communication Services 21.09 %
Healthcare 12.71 %
Basic materials 10.40 %
Consumer Cyclical 10.18 %
Consumer Defensive 7.49 %
Utilities 5.80 %
Technology 5.08 %
Name
Ardevora Asset Management LLP
Address
EC4V 6AB, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Jeremy Lang
Joined 02/11/2011

Jeremy Lang co-founded Ardevora in January 2010, alongside William Pattisson. Jeremy has over 30 years’ experience, beginning his career in 1986 managing North American and UK Equities with William at James Capel Fund Managers. He left James Capel in 1991 to take up full-time long-distance sailing. In 1995 Jeremy joined Liontrust Asset Management, and in 1999, he partnered with William to manage UK equity portfolios and all investment management operations. Jeremy left Liontrust in April 2009 and founded Ardevora in January 2010. He has a First Class degree in Economics and Econometrics from the University of York and a Masters in Economics of Finance and Investment from the University of Exeter.

William Pattisson
Joined 02/11/2011

William Pattisson co-founded Ardevora in January 2010, alongside Jeremy Lang. William has over 30 years’ experience, beginning his career in 1986 managing North American and UK Equities with Jeremy at James Capel Fund Managers. In 1994, William moved to Fleming Investment Management where he became Head of the UK Equity Specialist team, before being appointed asthe Head of UK Equities. In 1999, he joined Liontrust Asset Management where he partnered with Jeremy to manage UK equity portfolios and all investment management operations. William left Liontrust in April 2009 and founded Ardevora in January 2010. He has a degree in Chemistry from Oxford University.

Data provided by Morningstar.

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You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.