About this trust
Investment objective and policies
Aims to achieve capital growth from North American investments by outperformance of the S&P 500 index. The company will predominantly invest in quoted companies including, when appropriate, exposure to smaller capitalisation companies. The company has the ability to use borrowing to gear the portfolio within the range of 5% net cash to 20% geared in normal market conditions.
- Broadly-diversified strategy with separate portfolios dedicated to large and smaller companies exposure.
- Actively-managed gearing to enhance shareholder returns.
Strong focus on fundamental research to select the most compelling investment ideas for inclusion in the portfolio.
- The value of investments and the income from them can go down and up, and you may not get back as much as you paid in. Past performance is not a guide to the future.
- For further risks associated with this trust please refer to the 'Risks' section below.
Points to consider
- Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.
- External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the same time.
- This trust may utlilise gearing (borrowing) which will exaggerate market movements both up and down.
- This trust may also invest in smaller companies which may increase its risk profile.
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In their words (as of )
The Company's net asset value outperformed the benchmark in February, while the share price performed in line. Our stock selection in the information technology and consumer discretionary sectors contributed positively to relative returns. In information technology, our overweight position in Apple was the top contributor. News that Berkshire Hathaway had doubled its stake in the company contributed to momentum in the share price. At the security level, our overweight in healthcare name Amgen also added value. On the other hand, our stock selection in the telecom services and industrials sectors weighed on returns. In telecom services, our overweight position in CenturyLink was the largest detractor. Among individual names, our overweight in healthcare name Gilead Sciences also detracted from relative performance as the company provided 2017 guidance below consensus expectations.
Committee Terms Of Reference
Annual General Meeting
Reports and Accounts
- 2016 Annual Report
- 2016 Half Year Report
- 2015 Annual Report
- 2015 Half Year Report
- 2014 Annual Report
- 2014 Half Year Report
- 2013 Annual Report
- 2013 Half Year Report
- 2012 Annual Report
- 2012 Half Year Report
- 2011 Annual Report
- 2011 Half Year Report
- 2010 Annual Report
- 2010 Half Year Report
- 2009 Annual Report
- 2009 Half Year Report
Find out more
For contact details and more information on our trust range use the following links:
Annual General Meeting: 11 May 2017 2.30pm at 60 Victoria Embankment, London, EC4Y 0JP
3 Gearing represents the excess amount above shareholders' funds of total investments (excluding liquidity fund holdings) expressed as a percentage of the shareholders' funds. If the amount calculated is negative, this is known as a "net cash" position.
4 Net asset value assumes that shares held in treasury (if any) have been re issued at the previous nights closing price.
7 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.