Die erfahrenen Stockpicking-Experten James Lowen und Clive Beagles wenden strikte Ertragskriterien an: Für ihren Fonds ziehen sie nur Titel in Betracht, von denen sie glauben, dass sie eine höhere Dividendenrendite abwerfen werden als der Durchschnitt der Werte im FTSE All-Share Index (auf Basis von Schätzungen für die nächste Periode). Darüber hinaus muss jede Aktie aber auch Potenzial für Wertzuwachs haben. Die Konzentration auf dividendenstärkere Titel bedingt naturgemäß einen „Contrarian“-Stil. Das geringere Volumen des Fonds im Vergleich zu vielen anderen bekannten dividendenorientierten Aktienfonds mit Anlageschwerpunkt Großbritannien gibt den Fondsmanagern die Möglichkeit, in interessante kleine und mittlere Werte zu investieren. Dadurch hebt sich der Fonds von Konkurrenzprodukten ab, die typischerweise sehr ähnliche Titel halten.

Wir weisen darauf hin, dass der Fonds zurzeit aus Kapazitätsgründen für neue Direktanlagen gesperrt ist („Soft-Closing“).

The FTSE All-Share Total Return Index (adjusted) returned -5.94% in June.

 

The Fund outperformed during the month, returning -5.13%. Equity markets were focused on the events in Greece, particularly towards the end of the month, but there was continued strength in UK domestic names following the general election result and robust economic data: consumer confidence, for example, hit a 15-year high. This fuelled areas such as construction (holdings Kier, Marshalls and Severfield fared well), retailers (Halfords and Sainsbury’s) and media (ITV and Halfords). Exposure to these areas accounted for much of the Fund’s outperformance over the month. 

There were also strong results from core holdings such as DS Smith. Equally, not holding a number of the larger, ‘expensive defensives’ such as GlaxoSmithKline helped. Our smaller cap real estate companies also had a good month. 

On the negative side, the mining sector continued its weakness in spite of interest rate cuts in China and undemanding valuations. Other emerging market-exposed stocks in the portfolio, such as Old Mutual and Ashmore, were also weak. Premier Farnell suffered after another weak trading update showed that management’s new strategy was taking longer than expected to gain traction. The share price of travel operator Tui was knocked back following the tragic events in Tunisia. 

During the month, we sold our holding in chemical group Synthomer, redeploying the proceeds into Royal Dutch Shell. Shell’s market cap has now fallen below the value of the stock being issued to acquire BG Group. It yields 6.6% and is trading at a historically low valuation. We also added to holdings in the mining sector, mainly BHP Billiton. Elsewhere, we exited a small position in Hargreaves Services. It had performed poorly and we believe there is now better value elsewhere. 

We also added to our holdings in the wealth management sector, which is seeing considerable consolidation and should be a beneficiary of the recent changes in the pension rules. We started a position in Brewin Dolphin in February, but have been adding to it on recent weakness. We also have a holding in Charles Stanley. 

Although uncomfortable at the time, the sell-off in June has brought equity market valuations back into more attractive territory and a third of the Fund’s holdings now yield more than 5% to December 2016. The deflating of the bond bubble continued, with yields rising in spite of the developments in Greece. As we have said before, we believe this is prompting a change in leadership within the market, with the bond proxies falling behind in favour of areas such as financials and broader cyclical companies. This trend is also likely to be supported by improving economic data in the UK, which is strengthening after a relatively weak first quarter. 

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JOHCM/FTSE Group/Bloomberg/Lipper. Data shown net of fees, net income reinvested. Performance of other share classes may vary and is available on request. Please note that all fund performance is shown against the FTSE All-Share TR Index, gross income reinvested, net income reinvested (adjusted) in GBP. Where shown, monthly returns table shows compounded discrete monthly performance. Industry Classification Benchmark (“ICB”) is a product of FTSE International Limited (“FTSE”) and all intellectual property rights in and to ICB vest in FTSE. J O Hambro Capital Management Limited has been licensed by FTSE to use ICB. “FTSE” is a trade mark of London Stock Exchange and The Financial Times Limited and is used by FTSE under license. FTSE and its licensors do not accept any liability to any person for any loss or damage arising out of any error or omission in ICB.