TB Wise Multi-Asset Income B Inc
Mixed Asset 61-100% Equity
Rated Fund 2015-20. Looks for income opportunities across the asset spectrum
This fund has had an unusually high weighting to UK shares recently to benefit from cheap valuations and high dividends. This has held performance back, but at the end of 2019 a turnaround for value stocks appeared to be under way. Tony Yarrow, chairman of Wise Investments, describes this as a strategic income fund, as it is able to invest globally across the widest spectrum of assets. His process begins with economic, market, fund and company analysis. He looks for assets that are high-quality, but out of favour with the market and undervalued.
Yarrow and co-managers Vincent Ropers and Philip Matthews make direct investments in the UK and invest through funds overseas and in specialist sectors. Their recent bias towards UK assets has resulted in an usually large tilt towards direct holdings, which represented 70% of the fund at the end of the 2019, with the other 30% in investment trusts. They particularly favour the closed-ended structure for investing in illiquid assets such as property.
They believe there is pent-up demand across the UK economy resulting from the deferral of spending and investment decisions, and expect a surge in activity once anxiety levels abate.
At the end of 2019 financials, consumer stocks and commercial property were the fund’s top allocations. The fund’s current annual yield is 4.9%, paid monthly. Ongoing charges are a reasonable 0.88%.
Narrative and ratings content all as of 01 January 2020.See all Money Observer rated funds
|Legal & General Group PLC||6.85 %|
|BlackRock World Mining Trust plc||6.55 %|
|Princess Private Equity Ord||6.46 %|
|Rio Tinto PLC||6.27 %|
|Aberdeen Asian Income Ord||3.93 %|
|Middlefield Canadian Income Ord||3.91 %|
|Ecofin Global Utilities & Infra Ord||2.98 %|
|European Assets Ord||2.83 %|
|Taylor Wimpey PLC||2.60 %|
|Ediston Property Investment Company||2.58 %|
|United Kingdom||76.39 %|
|Asia - Developed||5.45 %|
|Financial Services||34.91 %|
|Basic materials||17.30 %|
|Real Estate||13.14 %|
|Consumer Cyclical||8.44 %|
Philip joined the Wise Funds team in September 2018 as Co-portfolio manager, having known Tony for a decade in his role as a UK Equity manager both at Jupiter and Schroders. Philip began his fund management career at Jupiter in 1999, spending 13 years managing retail and institutional equity portfolios. His portfolios focussed on income generation and he has experience investing into UK companies across the market cap spectrum. In 2013 he joined Schroders, where he managed their UK Alpha Plus portfolio and UK Growth Investment Trust.
Vincent joined the Wise Funds team in April 2017 as a Co-portfolio manager, bringing eleven years of portfolio management experience. In his previous role, Vincent was at Standard Life Investments where he managed a Tactical Asset Allocation mandate as part of the Multi Asset Investing team. He joined Standard Life Investments from Ignis Asset Management where he started as a fund manager in the Multi-Manager team before joining the Asset Allocation team at its creation. Vincent began his career at Goldman Sachs as an analyst in the European Portfolio Strategy team conducting research on equity and bond markets and then moved to Fidelity International as a fund analyst in the Multi-Manager team.
Tony commenced his career as a financial adviser in 1984, and began managing funds in 1988. He has been managing investment funds continuously since then. He founded Wise Investment, now Oak Investment Partnership, in 1992 to help people manage their investments and financial affairs. The company’s aim from the beginning has been to build relationships on understanding and trust, rather than selling products. Tony specialises in managing investment portfolios and is Co-Portfolio manager of the TB Wise Multi-Asset Income and TB Wise Multi-Asset Growth funds as part of the Wise Funds subsidiary. The team's process begins with economic, market, fund and company analysis. Fund management for him is the process of putting ideas into action.
Data provided by Morningstar.
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