26 February 2020
While there are a lack of women in senior roles in the financial services industry, there are some exceptional female-run funds for investors to consider according to Brewin Dolphin, the wealth manager.
Data released last year by Morningstar found that only 105 of the UK’s 1,496 UK-listed open-ended funds are run by women1.
For International Women’s Day 2020 (Sunday March 8th), Brewin Dolphin has identified four female-run – or co-managed – investment vehicles that investors could consider as part of their investment portfolio.
Arlene Ewing, investment manager at Brewin Dolphin, said: “It’s well-known that there are not enough women managing funds – it’s an important challenge for the industry to take on. While it is disappointing that so few funds are run by women, there is some outstanding female talent in the investment world. The four funds we have identified with women in prominent roles are a selection of well-established names, as well as some up-and-comers who are at a relatively early stage of their career.”
Herald Investment Trust
Managed by Katie Potts since its inception in 1994, Herald Investment Trust invests in small and medium-sized companies in the UK, mainly from the technology, telecommunications, and services sectors – with smaller exposure to other geographies including the USA, China, Canada, and Australia. Among its top company holdings are GB Group, the Chester-based identity management, location intelligence, and fraud prevention company; technical products supplier, Diploma; and Future, the magazine publisher. Since inception, Herald Investment Trust has delivered a total return of +1659.5%2 to the end of 2019.
Arlene Ewing said: “The Herald Investment Trust takes a very interesting strategy – it’s an approach that has seen the trust consistently deliver positive returns for more than 25 years, through the credit crunch and other economic shocks; albeit, its net asset value dipped following the dotcom bubble. To truly understand the trust, you need to look beyond the top 20 holdings – this is where its trading book or working capital sits. Most of the companies held in the trust are good but unrecognised, and this path to greater delivery and recognition is a key contributor to performance.
“Katie has taken advantage of areas of poor research and lack of institutional reach to accumulate positions in these types of businesses unnoticed, buying when the opportunity presents itself. The trust typically takes a long-term view of the companies it invests in and has delivered an impressive track record. Katie has a great mixture of patience and passion, along with an ability to negotiate the vagaries of the market and manage liquidity, which has been a critical part of the exceptional returns she has delivered.”
Aberdeen Smaller Companies Income Trust
Abby Glennie is investment director of the Aberdeen Smaller Companies Income Trust – she has been sole manager of the fund since late 2018, re-positioning it to include growth companies along with some value and economically sensitive positions. Established in 1992, the trust’s holdings include stakes in IT group Aveva, which was promoted to the FTSE 100 last year; Hollywood Bowl, the ten-pin bowling chain; and construction group Morgan Sindall. It has a bias towards financial and industrial holdings, and has delivered a return of +117.1% over the past five years3.
Arlene Ewing said: “Abby moved into a well-established team, which was led by well-known City figure Harry Nimmo, and in addition to her contribution here has added to her credentials by re-focussing the investment strategy and holdings of the Aberdeen Smaller Companies Income Trust. She is highly successful and takes a relatively straightforward approach to what can be a tricky area. The trust is all about execution, finding high growth companies that will deliver income and capital growth. As you would expect with smaller businesses, there is a greater degree of volatility, but the trust has performed well over the last few years, comfortably outperforming its benchmark.”
Mid Wynd Investment Trust
Rosanna Burcheri is co-manager of the Mid Wynd Investment Trust, with Simon Edelsten and Alex Illingworth. Named after a street in Dundee, the Artemis-managed trust aims to deliver capital and income growth by selecting companies from across the world. Among its largest holdings are Thermo Fisher Scientific, the life sciences company; Citigroup, the US-based bank; and Microsoft. More than half of its exposure is to North America, with 16.5% focussed on Europe excluding the UK, and another 13.4% in Japan. The trust has delivered a return of +138.1% since Artemis was appointed on May 1st 20144.
Arlene Ewing said: “Looking for global growth can lead to a consensus around the well-recognised names and themes. However, drawing on experience from M&G and her time at the Shell Pension Fund, Rosanna has brought good ideas and balance to the table and made a significant contribution to Mid Wynd. Unlike many in the sector, the trust has been more disciplined and pragmatic about valuation, selling off stakes in some of the greatest companies in the world when they feel numbers do not stack up anymore.”
Lowland Investment Trust
Laura Foll is portfolio manager for the Lowland Investment Trust, as well as the Law Debenture Investment Trust – both are managed by Janus Henderson. The Lowland Investment Trust aims to provide shareholders with a higher than average return both in terms of capital and income over the medium to long-term. The trust mainly invests in UK-listed companies with Royal Dutch Shell, the oil and gas company; drug developer GlaxoSmithKline; and Severn Trent, the water utility, among its largest positions. Over 10 years, Lowland has delivered a total return of +233.7%5.
Arlene Ewing said: “In keeping with the investment style of her mandate, Laura is a bit more contrarian in her approach to company selection compared to her contemporaries we have already mentioned. She is much more focussed on value: businesses that perhaps have not worked out in the short-term, but are not in as bad a position as most people believe. Like Abby, she has brought something different to the team she is part of, helping to deliver a well thought-out investment strategy and, subsequently, better risk-adjusted returns.”
– ENDS –
Discrete annual performance
|
| 2015 | 2016 | 2017 | 2018 | 2019 |
| Herald Investment Trust | +8.4% | +22.8% | +26.9% | -4.8% | +27.5% |
| Aberdeen Smaller Companies IT | +57.7% | -20.2% | +46.0% | -1.8% | +20.4% |
| Mid Wynd IT | +30.8% | -4.0% | +18.3% | +24.4% | +12.6% |
| Lowland IT | +10.5% | +2.5% | +16.5% | -11.3% | +14.2% |
Disclaimers:
- The value of investments can fall and you may get back less than you invested
- The opinions expressed in this document are not necessarily the views held throughout Brewin Dolphin Ltd.
- Past performance is not a guide to future performance
- We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition, we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at www.brewin.co.uk.
- This information is for illustrative purposes only and is not intended as investment advice.
- No investment is suitable in all cases and if you have any doubts as to an investment’s suitability then you should contact us.
- If your clients invest in currencies other than their own, fluctuations in currency value will mean that the value of their investment will move independently of the underlying asset.
- The information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.
- Brewin Dolphin is authorised and regulated by the FCA
PRESS INFORMATION
For further information, please contact:
Peter McFarlane peter.mcfarlane@framecreates.co.uk / Tel. +44 (0) 141 559 5840
Richard Janes richard.janes@brewin.co.uk / Tel. +44 (0) 20 3201 3343
Anita Turland: anita.turland@brewin.co.uk / Tel: (0) 20 3201 4263
Payal Nair payal.nair@brewin.co.uk / Tel: +44 (0) 20 3201 3342
About Brewin Dolphin
Brewin Dolphin is a UK FTSE 250 provider of discretionary wealth management. With £45.0* billion in total funds, it offers award-winning personalised wealth management services that meet the varied needs of our clients including individuals, charities and corporates.
We give clients security and wellbeing by helping them to protect and grow their wealth, in order to enrich their lives by achieving their goals and aspirations. Our services range from bespoke, discretionary investment management to retirement planning and tax-efficient investing. Our focus on discretionary investment management has led to significant growth in client funds and we now manage £40.1* billion on a discretionary basis.
Our intermediary business manages over £13.8* billion of assets for over 1,700 advice firms either on a discretionary basis or via our Managed Portfolio Service.
In line with the premium we place on personal relationships, we’ve built a network of 32 offices across the UK, Jersey and Dublin, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients’ needs at the core.
*as at 30th September 2019
1Source: https://www.morningstar.co.uk/uk/news/197122/more-funds-run-by-daves-than-women.aspx
2Source: http://heralduk.com/wp-content/uploads/2020/02/2020-01-31-HIT-Month-End-Factsheet.pdf
3Source: https://www.aberdeenstandard.com/docs?editionid=b18efba4-cac0-4287-8e18-c45caa9b8e13#_ga=2.28013631.2079609490.1582099324-667920103.1582099324
4Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/?type=packet_fund_class_doc_factsheet_private&id=0aac1f82-cc41-415c-8660-9e8cd4e66c35&user=b%2bWc7ibzxGwcLde%2fceiU2W70zdzo%2bCzbV0DHdC88wiNYomXmufF%2bVHAtnih%2bXcBq&r=1
5Source: https://cdn.janushenderson.com/webdocs/FS_LOWIUE_M_EN.pdf
Most computers will open PDF documents automatically, but you may need to download Adobe Reader.