Fact sheet: Seneca Global Income & Growth IT

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.
MIXED ASSET 41-60% EQUITY
Sector
IT Flexible Investment
Fund type
Investment Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates Seneca Global Income & Growth IT

Rated Fund 2016-2018. Adopts a value-based approach

This trust was given its absolute return mandate in 2011 and taken over by its current management team in 2014. Its aim is to produce an annual total return of at least inflation plus 6 per cent, with low volatility and dividends growing at least in line with inflation.

It is among the most expensive of our selections, with ongoing charges of 1.61 per cent. For that, investors get access to a five-strong team of specialists and a portfolio that combines direct investment with holdings in third-party funds, both open- and closed-ended. Its current yield is 3.5 per cent and income is paid quarterly.

Peter Elston is responsible for asset allocation, while Alan Borrows focuses on fixed income. Mark Wright is responsible for UK equities, Tom Delic for overseas equities and investment themes, and Richard Parfect for specialist assets. The managers take active allocation decisions within defined ranges. Their approach has been described as 'multi-asset value investing', with investment decisions being based on both quality and price in order to generate long-term outperformance.

Near the end of 2017, they were turning bearish, trimming allocations to equities to 57 per cent of assets and adding to short duration high-yield bonds and specialist assets in preparation for the end of the bull market. The largest specialist asset holdings included an investment in unquoted financial services firm AJ Bell and a range of investment trusts investing in infrastructure, aircraft leasing and specialist debt.

Shares in the trust have traded around or at a small premium to net asset value since early 2016.<\p>

3 Year Performance
Fund Performance38.4%
Average of Rated Funds Group29.4%
Sector Performance27%
Fund information
Fund name
Seneca Global Income & Growth Trust
Fund manager company
Seneca Investment Managers Ltd
Fund type
Investment Trust
Fund managers
  • Peter Elstonsince 01/02/2016
Accolades
Fund objective
Over a typical investment cycle, the Company will seek to achieve a total return of at least CPI plus 6 per cent per annum after costs with low volatility, and with the aim of growing aggregate annual dividends at least in line with inflation, through the application of a Multi-Asset Value Investment Policy. The manager takes active allocation decisions within defined ranges. These tactical moves are made through a combination of direct investment and commitments to third party funds, both open and closed end.
Benchmark
  • No Specified Index
Investment style
Active,Aggressive
Investment method
None
Quick stats
1 Year return
5.4%
1 Year rank in sector
12/17
Sector
IT Flexible Investment
Yield
3.6%
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.
1.61%
Fund size
£85m
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.
48
Mid price
176.5
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
173.8
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
+1.55
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
100
Top in this sector
Fund name1 Year
Hansa Trust PLC13.7%
F&C Mngd Prtfolio Tst Gth11.8%
RIT Capital Partners plc11.7%
Miton Gbl Opps PLC10.6%
Tetrgn Fn Grp Ltd9.1%
...more in IT Flexible Investment

Performance snapshot

Holdings snapshot

  • Not Specified39%
    UK29.9%
    International24%
    Money Market7.1%
  • No data available.
  • UK Equities33%
    Others28.5%
    International Equities25.8%
    Global Fixed Interest8.6%
    Money Market4.1%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund2.8%3.3%2.6%5.4%38.4%63.6%
Sector2.3%0.8%0.3%6.2%27%35.5%
Rank within sector6 / 185 / 175 / 1712 / 174 / 164 / 16
Quartile2nd2nd2nd3rd1st1st
Calendar performance
 YTD - 20182017201620152014
Fund1.1%15.2%14.3%11%6.1%
Sector-1.1%14.1%14.5%3.3%3.9%
Rank within sector5 / 1710 / 179 / 172 / 165 / 16
Quartile2nd3rd3rd1st2nd
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.
4.05
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.
1.13
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%.
7.25
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.
5.71
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.56
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.
0.37
Price movement
52 week high179.5
52 week low168
Current bid price176
Current offer price177
Current mid price176.5
Region
1Not Specified38.99%
2UK29.87%
3International24%
4Money Market7.14%
Industry sector
No data available.
Asset type
1UK Equities33%
2Others28.5%
3International Equities25.8%
4Global Fixed Interest8.6%
5Money Market4.1%
Individual holdings
1ROYAL LONDON SHORT DURATION GLOBAL HIGH YIELD BOND M INC4.1%
2AJ BELL HOLDINGS3.2%
3HMG GLOBAL EMERGING MARKETS EQUITY FUND3%
4CC JAPAN INCOME & GROWTH TRUST2.9%
5EUROPEAN ASSETS TRUST NV EUR0.46(BR)2.8%
6SAMARANG ASIAN PROSPERITY2.8%
7SCHRODER ASIAN INCOME MAXIMISER FUND2.7%
8INTERNATIONAL PUBLIC PARTNERSHIP2.5%
9NIMROD DORIC NIMROD AIR TWO LIMITED ORD PREF SHS NPV2.1%
Management
Fund manager group
Seneca Investment Managers
Fund manager company
Seneca Investment Managers Ltd
Fund type
Investment Trust
Fund objective
Over a typical investment cycle, the Company will seek to achieve a total return of at least CPI plus 6 per cent per annum after costs with low volatility, and with the aim of growing aggregate annual dividends at least in line with inflation, through the application of a Multi-Asset Value Investment Policy. The manager takes active allocation decisions within defined ranges. These tactical moves are made through a combination of direct investment and commitments to third party funds, both open and closed end.
Benchmark
  • No Specified Index
Investment style
Active,Aggressive
Investment method
None
Fund managers
NameSinceBiography
Peter Elston01/02/2016Each fund is now managed through our team approach. Peter’s research responsibility for Seneca IM is asset allocation. Having joined the team as global investment strategist in November 2014, Peter was appointed chief investment officer in April 2015 and to the board of the company in January 2016.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
Seneca Global Income & Growth Trust
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price171.71
CurrencyGBX
Price updated17/05/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJPF
Seneca Global Income & Growth Trust NFV
Initial charge-
Annual charge0.65%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.52%
Total expense ratio (TER)0.02%
Bid price-
Offer price-
Mid price173.8
CurrencyGBX
Price updated17/05/2018
Type-
Institutional or retail classRetail
Domicile-
Citi code0WPE
Seneca Global Income & Growth Trust NPV
Initial charge-
Annual charge0.65%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.52%
Total expense ratio (TER)0.02%
Bid price-
Offer price-
Mid price173.8
CurrencyGBX
Price updated17/05/2018
Type-
Institutional or retail classRetail
Domicile-
Citi codeEV17
Data provided by

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