TB Wise Multi-Asset Income B Inc
Mixed Asset 61-100% Equity
Rated Fund 2015-19. Looks for income opportunities across the asset spectrum
Highly commended in Money Observer’s Best Mixed Asset Higher Risk Fund category in 2015, this fund has slipped down the performance league table in the past year due to its bias towards the unloved UK market. Despite the ‘perma-crisis of Brexit’ managers Tony Yarrow and Vincent Ropers are sticking to their guns.
The fund currently generates 57% of its income in the UK, from shares and property, and the managers – Yarrow has run the fund since its inception in 2005 and Ropers since 2017 – point to the UK market being ‘unusually’ cheap, both in absolute terms and relative to other world markets.
They have been reducing exposure to more defensive assets, including infrastructure, utilities and renewables, and adding to cash with a view to picking up shares in growth companies that have been unfairly punished by the market sell-off.
Yarrow, chairman and founder of wealth manager Wise Investments, describes this as a strategic income fund as it is able to invest globally across the widest spectrum of income-producing assets, from shares and fixed interest to commercial property and alternative assets, such as private equity and infrastructure. They obtain this exposure mainly through other investment funds and trusts, though they can also invest directly.
Yarrow’s process begins with economic, market, fund and company analysis. He looks for assets that are of high quality, but out of favour with the market and undervalued.
At the end of 2018, financials, consumer stocks and commercial property were the fund’s top sector allocations. The fund has an attractive yield of 5.7% and pays income quarterly. Ongoing charges are a reasonable 0.87%.
Narrative and ratings content all as of 01 January 2019.See all Money Observer rated funds
|Legal & General Group PLC||6.14 %|
|Princess Private Equity Ord||5.76 %|
|BlackRock World Mining Trust plc||4.68 %|
|Middlefield Canadian Income Ord||4.32 %|
|Aberdeen Asian Income Ord||3.86 %|
|Rio Tinto PLC||3.68 %|
|Ediston Property Investment Company||3.24 %|
|Boot (Henry) PLC||3.16 %|
|Murray International Ord||2.91 %|
|Ecofin Global Utilities & Infra Ord||2.84 %|
|United Kingdom||83.60 %|
|Asia - Developed||5.03 %|
|Financial Services||26.89 %|
|Real Estate||16.31 %|
|Basic materials||12.04 %|
|Consumer Cyclical||10.06 %|
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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