Fact sheet: Schroder MM International

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
GLOBAL GROWTH
Sector
UT Global
Fund type
Unit Trust
Primary aim
GROWTH
Why Money Observer Rates Schroder MM International

Rated Fund 2015-2017. Diversification through a multi-manager approach

Schroder MM International is a past winner of Money Observer's Best Larger Global Growth Fund award. It is one of the suite of multi-manager funds offered by Schroders.

Formerly known as the Cazenove Multi Manager Global Fund, it has been run since 2007 by a three-man team consisting of Marcus Brookes, head of multi-manager, with Robin McDonald and Joe Le Jehan.

It invests purely in other asset managers' equity funds, both in the UK and overseas. This gives the managers the choice of over 5,000 funds and can provide investors with exposure to funds they would otherwise find difficult to access.

Typically the fund holds between 10 and 20 other managers' products. Although it is not prevented from holding Schroder funds, this happens relatively rarely. Brookes and his fellow managers regularly meet other fund managers to find out whether they are doing a good job and what makes them tick.

They also check whether the funds are performing in the way the managers said they would. This research enables Brookes and his team to compile a list of funds ready to invest in when they want exposure to specific areas of the market.

The catalyst behind the decisions to buy or sell a fund is the team's view on the prospects for certain markets or market sectors. The managers say they are often doing the opposite of what other investors are doing, buying into areas that have performed badly and selling out of those doing really well.

3 Year Performance
Fund Performance37.1%
Average of Rated Funds Group54.7%
Sector Performance34.2%
Fund information
Fund name
Schroder MM International Z Acc
Fund manager company
Schroder UT Managers
Fund type
Unit Trust
Fund managers
  • Robin McDonaldsince 23/10/2007
  • Marcus Brookessince 23/10/2007
  • Joe Le Jehansince 23/10/2007
Accolades
Winner - Large Fund - Global Growth
Fund objective
The fund aims to provide capital growth. The fund invests in a diversified portfolio of funds that invest in shares of companies worldwide. The fund may also invest directly in shares and money market instruments and hold cash and foreign currency on deposit. Investments are selected after rigorous assessment of each underlying fund's portfolio, its fund manager's style and how investments are made over the economic cycle. The fund may invest in any geographic region or economic sector. Derivatives may be used to reduce risk or manage the fund more efficiently.
Benchmark
  • FTSE All-World ex UK Index
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
1.8%
1 Year rank in sector
220/248
Sector
UT Global
Yield
0.6%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.42%
Fund size
£458m (£503m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
84
Top in this sector
Fund name1 Year
Baillie Gifford PostivChng35.6%
Aubrey GblConviction31.5%
TM Lansd DMLO SRI Fed26.5%
Equitile Resilience26.4%
Baillie Gifford Gbl Discovery24.1%
...more in UT Global

Performance snapshot

Holdings snapshot

  • International24.9%
    North America24.3%
    Europe16.4%
    Japan13.8%
    Money Market9.6%
  • Financials16.9%
    Money Market12.3%
    Industrials10.8%
    Information Technology10.5%
    Consumer Discretionary7.4%
  • International Equities24.9%
    North American Equities24.3%
    European Equities16.4%
    Japanese Equities13.8%
    Money Market9.6%

Fund also available on these pension platforms:

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-5.5%-3.2%-1.8%1.8%37.1%72.3%
Sector-4.8%-1.4%1%6.7%34.2%61.7%
Rank within sector210 / 272242 / 268230 / 260220 / 248103 / 22176 / 199
Quartile4th4th4th4th2nd2nd
Calendar performance
 YTD - 20182017201620152014
Fund-3.4%8.3%27.9%6%7.1%
Sector-2.8%13.6%21%3.4%6.7%
Rank within sector172 / 272222 / 24753 / 23274 / 220125 / 207
Quartile3rd4th1st2nd3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
0.99
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.92
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.95
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
9.51
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
2.83
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.92
Price movement
52 week high170.2
52 week low152.7
Current bid price-
Current offer price-
Current mid price160
Region
1International24.9%
2North America24.3%
3Europe16.4%
4Japan13.8%
5Money Market9.6%
6Asia Pacific ex Japan7.6%
7Global Emerging Markets3.4%
Industry sector
1Financials16.9%
2Money Market12.3%
3Industrials10.82%
4Information Technology10.55%
5Consumer Discretionary7.39%
6Materials5.5%
7Health Care5.2%
8Utilities4.61%
9Others3.94%
Asset type
1International Equities24.9%
2North American Equities24.3%
3European Equities16.4%
4Japanese Equities13.8%
5Money Market9.6%
6Asia Pacific ex Japan Equities7.6%
7Global Emerging Market Equities3.4%
Individual holdings
1FINDLAY PARK AMERICAN USD18.53%
2GLG JAPAN CORE ALPHA D PROFESSIONAL INC13.88%
3GAM GLOBAL DIVERSIFIED INST ACC13.4%
4THESIS TM SANDITON EUROPEAN F ACC8.56%
5INVESCO PERPETUAL EUROPEAN INVESTMENT SERIES8.21%
6HERMES ASIA EX JAPAN EQUITY F ACC GBP6.62%
7FIDELITY INDEX US P INC6.2%
8JOHCM GLOBAL OPPORTUNITIES X GBP5.53%
9SCHRODER STERLING LIQUIDITY PLUS I ACC5.21%
Management
Fund manager group
Schroders
Fund manager company
Schroder UT Managers
Fund type
Unit Trust
Fund objective
The fund aims to provide capital growth. The fund invests in a diversified portfolio of funds that invest in shares of companies worldwide. The fund may also invest directly in shares and money market instruments and hold cash and foreign currency on deposit. Investments are selected after rigorous assessment of each underlying fund's portfolio, its fund manager's style and how investments are made over the economic cycle. The fund may invest in any geographic region or economic sector. Derivatives may be used to reduce risk or manage the fund more efficiently.
Benchmark
  • FTSE All-World ex UK Index
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
Robin McDonald23/10/2007Robin McDonald joined Cazenove in October 2007. He is Co-Manager of Cazenove's Multi-Manager range of funds. Prior to joining Cazenove, Robin worked as an Analyst at Gartmore Investment Management, where his responsibilities included asset allocation, fund selection and portfolio construction. Prior to joining Gartmore, Robin held a similar position at Insight Investment, following its acquisition of Rothschild Asset Management in 2003. Robin is a Director of Cazenove Capital and has 13 years investment experience and is a CFA charterholder.
Marcus Brookes23/10/2007Marcus Brookes, Head of Multi-Manager, joined Schroders in July 2013 following the acquisition of Cazenove Capital. Previous to the acquisition he was the Head of Multi Manager at Cazenove Capital, which he joined in January 2008. Prior to this Marcus was the Deputy Head of Multi Manager at Gartmore, a position he held from November 2004. Up to this time he spent 3.5 years from May 2001 as the Co-Manager of Multi Manager, at Rothschild Asset Management. Marcus began his career on 28 September 1994 when he joined Friends, Ivory and Sime, where he became the Multi Manager Fund Manager. Marcus qualified from University of Stirling with MSc. Investment Analysis.
Joe Le Jehan23/10/2007Joe Le Jehan is a member of the Multi-Manager team. Joe joined from Brewin Dolphin. He graduated from the University of Durham with BA Hons Economics. Joe is a CFA Charterholder and a member of the CFA Society and has 12 years’ investment experience.
Compliance
IA Recognised, Non UCITS Retail Scheme
Domicile
No data available.
Fund for sale in
United Kingdom
Schroder MM International A Acc
Initial charge-
Annual charge1%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.92%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price155.3
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeKR08
Schroder MM International A Inc
Initial charge-
Annual charge1%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.92%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price154.8
CurrencyGBX
Price updated15/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeKR09
Schroder MM International Z Acc
Initial charge-
Annual charge0.5%
Min single investment£25,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.42%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price160
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code0ZW1
Schroder MM International Z Inc
Initial charge-
Annual charge0.5%
Min single investment£25,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.42%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price157.6
CurrencyGBX
Price updated15/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code0ZW0
Data provided by

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