Rathbones Asset Management Limited Income I Class Acc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 30/04/19 to 30/04/20 |
30/04/20 to 30/04/21 |
30/04/21 to 30/04/22 |
30/04/22 to 30/04/23 |
30/04/23 to 30/04/24 |
|
|---|---|---|---|---|---|
| Fund | -15.5% | 24.0% | 9.3% | 5.7% | 5.4% |
| Sector | -16.5% | 26.2% | 6.8% | 2.9% | 8.1% |
| Rank | 32/74 | 48/74 | 23/75 | 21/77 | 63/77 |
| Quartile | 2 | 3 | 2 | 2 | 4 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/04/24 |
5 Years to 30/04/24 |
10 Years to 30/04/24 |
||
| Fund | 6.8% | 5.0% | 5.6% | |
| Sector | 5.9% | 4.6% | 5.1% | |
| Rank | 33/75 | 32/74 | 22/63 | |
| Quartile | 2 | 2 | 2 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| ASTRAZENECA | 4.12 |
| SHELL | 4.06 |
| SSE | 4.03 |
| NATIONAL GRID | 3.82 |
| BP | 3.75 |
| BAE SYSTEMS | 3.68 |
| RIO TINTO | 3.46 |
| LLOYDS BANKING GROUP | 3.44 |
| LEGAL & GENERAL GROUP | 3.26 |
| RELX | 3.26 |
| Total | 36.88 |
Fund Aims
We aim to deliver an annual income that is in line with or better than that of the FTSE All-Share Index over any rolling three-year period. We also aim to increase the income we pay you in line with the Consumer Price Index (CPI) measure of inflation over any rolling five-year period. We aim to generate a greater total return than the FTSE All-Share Index, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the FTSE All-Share Index as a target for our fund’s return and the income we pay because we want to offer you a better income and higher returns than the UK stock market. Increasing your income payments at least in line with the CPI measure of inflation protects your future spending power. We also compare our fund against the Investment Association (IA) UK Equity Income sector because the funds in it are similar to ours.
Fund Manager
Carl plays a key role in the development of Rathbones’ investment process and business strategy. He is also the manager of the Rathbone Income Fund, which he has been managing since January 2000.
After Rathbones acquired Neilson Cobbold in 1996, Carl transferred to London in August 1998, where he became an assistant fund manager for the unit trust business, working alongside Hugh Priestley. Carl graduated from the University of Southampton in 1991 with a BA Honours degree in English Literature. He is also I.I.M.R.-qualified and a Fellow of the Securities Institute.
Alan Dobbie joined Rathbones in October 2005. He became co-manager of the Rathbone Income Fund in October 2018. Alan has previously managed and co-managed a number of UK, European and global equity funds for Rathbones. He graduated from the University of Strathclyde with an MSc Finance and also holds degrees in Accounting & Finance and Chemical Sciences from the Universities of Glasgow and Edinburgh, respectively. Alan holds the Investment Management Certificate (IMC) and is a Chartered Financial Analyst (CFA) charter-holder.
Fund Overview
| Mid (02/05/2024) | 2067.08p |
| Historic yield | 4.59% |
| Fund size (31/12/2023) | £693.49m |
| Number of holdings | 39 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.78% |
| Launch date | 12/02/1971 |
Asset Allocation
| UK Equities | 82.59% | |
| International Equities | 13.00% | |
| Cash and Equivalents | 4.41% |
Commentary
SEE https://www.rutm.com/pa/investment-notes.aspx
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| UK Equities | 82.59% | |
| International Equities | 13.00% | |
| Cash and Equivalents | 4.41% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Consumer Discretionary | 17.92% | - | - | - | |
| Consumer Products & Services | - | 8.83% | - | - | |
| Household Goods & Home Construction | - | - | 4.95% | - | |
| Home Construction | - | - | - | 4.95% | |
| Consumer Services | - | - | 2.02% | - | |
| Vending & Catering Service | - | - | - | 2.02% | |
| Leisure Goods | - | - | 1.86% | - | |
| Toys | - | - | - | 1.86% | |
| Media | - | 4.99% | - | - | |
| Media | - | - | 4.99% | - | |
| Publishing | - | - | - | 3.26% | |
| Media Agencies | - | - | - | 1.74% | |
| Retail | - | 4.10% | - | - | |
| Retailers | - | - | 4.10% | - | |
| Diversified Retailers | - | - | - | 2.52% | |
| Specialty Retailers | - | - | - | 1.59% | |
| Financials | 16.28% | - | - | - | |
| Banks | - | 7.84% | - | - | |
| Banks | - | - | 7.84% | - | |
| Banks | - | - | - | 7.84% | |
| Insurance | - | 5.27% | - | - | |
| Life Insurance | - | - | 3.26% | - | |
| Life Insurance | - | - | - | 3.26% | |
| Non-life Insurance | - | - | 2.01% | - | |
| Full Line Insurance | - | - | - | 2.01% | |
| Financial Services | - | 3.17% | - | - | |
| Investment Banking & Brokerage Services | - | - | 1.65% | - | |
| Investment Services | - | - | - | 1.65% | |
| Finance & Credit Services | - | - | 1.52% | - | |
| Mortgage Finance | - | - | - | 1.52% | |
| Industrials | 13.61% | - | - | - | |
| Industrial Goods & Services | - | 13.61% | - | - | |
| Industrial Support Services | - | - | 7.30% | - | |
| Industrial Suppliers | - | - | - | 2.50% | |
| Business Training & Employment Agencies | - | - | - | 2.49% | |
| Professional Business Support Services | - | - | - | 2.31% | |
| Aerospace & Defence | - | - | 3.68% | - | |
| Defense | - | - | - | 3.68% | |
| Industrial Engineering | - | - | 2.64% | - | |
| Machinery: Specialty | - | - | - | 2.64% | |
| Consumer Staples | 12.35% | - | - | - | |
| Personal Care, Drug & Grocery Stores | - | 6.89% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 6.89% | - | |
| Personal Products | - | - | - | 3.14% | |
| Nondurable Household Products | - | - | - | 2.75% | |
| Food Retailers & Wholesalers | - | - | - | 1.00% | |
| Food, Beverage & Tobacco | - | 5.45% | - | - | |
| Tobacco | - | - | 5.45% | - | |
| Tobacco | - | - | - | 5.45% | |
| Health Care | 9.60% | - | - | - | |
| Health Care | - | 9.60% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 9.60% | - | |
| Pharmaceuticals | - | - | - | 9.60% | |
| Utilities | 7.85% | - | - | - | |
| Utilities | - | 7.85% | - | - | |
| Electricity | - | - | 4.03% | - | |
| Conventional Electricity | - | - | - | 4.03% | |
| Gas, Water & Multi-utilities | - | - | 3.82% | - | |
| Multi-Utilities | - | - | - | 3.82% | |
| Energy | 7.81% | - | - | - | |
| Energy | - | 7.81% | - | - | |
| Non-Renewable Energy | - | - | 7.81% | - | |
| Integrated Oil & Gas | - | - | - | 7.81% | |
| Basic Materials | 6.19% | - | - | - | |
| Basic Resources | - | 6.19% | - | - | |
| Industrial Metals & Mining | - | - | 6.19% | - | |
| General Mining | - | - | - | 6.19% | |
| Cash and Equivalents | 4.41% | - | - | - | |
| Real Estate | 2.49% | - | - | - | |
| Real Estate | - | 2.49% | - | - | |
| Real Estate Investment Trusts | - | - | 2.49% | - | |
| Storage REITs | - | - | - | 2.49% | |
| Technology | 1.50% | - | - | - | |
| Technology | - | 1.50% | - | - | |
| Software & Computer Services | - | - | 1.50% | - | |
| Computer Services | - | - | - | 1.50% | |
Regional Allocation
| UK | 82.59% | |
| Developed Europe - Excl UK | 7.54% | |
| Cash and Equivalents | 4.41% | |
| North America | 2.74% | |
| Australia & New Zealand | 2.72% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 94.16% | |
| Cash | 5.65% | |
| Pound Sterling | 0.19% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 82.59% | - | |
United Kingdom
|
- | 82.59% | |
| Developed Europe - Excl UK | 7.54% | - | |
Switzerland
|
- | 2.53% | |
Luxembourg
|
- | 2.52% | |
Ireland
|
- | 2.50% | |
| Cash and Equivalents | 4.41% | - | |
| North America | 2.74% | - | |
United States
|
- | 2.74% | |
| Australia & New Zealand | 2.72% | - | |
Australia
|
- | 2.72% | |
Breakdown By Market Cap (%)
| Mega |
|
51.71% |
| Large |
|
11.71% |
| Medium |
|
21.59% |
| Small |
|
1.59% |
| Non-Classified |
|
8.99% |
| Cash |
|
4.41% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | ASTRAZENECA | 4.12% | Pharmaceuticals & Biotechnology | United Kingdom |
| 2 | SHELL | 4.06% | Non-Renewable Energy | United Kingdom |
| 3 | SSE | 4.03% | Electricity | United Kingdom |
| 4 | NATIONAL GRID | 3.82% | Gas, Water & Multi-utilities | United Kingdom |
| 5 | BP | 3.75% | Non-Renewable Energy | United Kingdom |
| 6 | BAE SYSTEMS | 3.68% | Aerospace & Defence | United Kingdom |
| 7 | RIO TINTO | 3.46% | Industrial Metals & Mining | United Kingdom |
| 8 | LLOYDS BANKING GROUP | 3.44% | Banks | United Kingdom |
| 9 | LEGAL & GENERAL GROUP | 3.26% | Life Insurance | United Kingdom |
| 10 | RELX | 3.26% | Media | United Kingdom |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | 1.50% | - | - | - | - | - | - | - | 1.50% |
| Financials | 16.28% | - | - | - | - | - | - | - | 16.28% |
| Real Estate | 2.49% | - | - | - | - | - | - | - | 2.49% |
| Consumer Discretionary | 15.41% | 2.52% | - | - | - | - | - | - | 17.92% |
| Consumer Staples | 9.61% | 2.74% | - | - | - | - | - | - | 12.35% |
| Energy | 7.81% | - | - | - | - | - | - | - | 7.81% |
| Utilities | 7.85% | - | - | - | - | - | - | - | 7.85% |
| Health Care | 7.07% | 2.53% | - | - | - | - | - | - | 9.60% |
| Industrials | 11.11% | 2.50% | - | - | - | - | - | - | 13.61% |
| Basic Materials | 3.46% | 2.72% | - | - | - | - | - | - | 6.19% |
| Cash and Equivalents | - | - | - | - | - | - | - | 4.41% | 4.41% |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B3Q9WG1 |
| Mex Code | LENCOM |
| Isin Code | GB00B3Q9WG18 |
| Citi Code | 0WFG |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.78% |
Aims and Benchmark
| Aims | We aim to deliver an annual income that is in line with or better than that of the FTSE All-Share Index over any rolling three-year period. We also aim to increase the income we pay you in line with the Consumer Price Index (CPI) measure of inflation over any rolling five-year period. We aim to generate a greater total return than the FTSE All-Share Index, after fees, over any five-year period. Total return means the return we receive from the value of our investments increasing (capital growth) plus the income we receive from our investments (dividend payments). We use the FTSE All-Share Index as a target for our fund’s return and the income we pay because we want to offer you a better income and higher returns than the UK stock market. Increasing your income payments at least in line with the CPI measure of inflation protects your future spending power. We also compare our fund against the Investment Association (IA) UK Equity Income sector because the funds in it are similar to ours. |
| Benchmark | IA UK Equity Income* (*indicative purposes only) |
| Benchmark Category | - |
| IA Sector | UK Equity Income |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | Unit Trust |
| Launch price | £0.25 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Biannually |
| Distribution Type | Dividend |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 01 April | 31 May |
| 01 October | 30 November |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | The National Westminster Bank plc |
| Fund Administrator | SS&C Financial Services International Limited |
| Fund Registrar | SS&C Financial Services International Limited |
| Fund Custodian | HSBC Bank plc |
Group Details
| Group name | Rathbones Asset Management Limited |
| Group address | 8 Finsbury Circus London EC2M 7AZ |
| Group telephone | 020 7399 0000 |
| Dealing telephone | 08459 220044 |
| rutm@rathbones.com | |
| Homepage | www.rutm.com |
| Fax number | 020 7399 0011 |
Dealing
| Minimum Investment | £1000000 |
| Minimum Top Up | £500 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 4 days |
| Settlement Period: Sell | 4 days |
| Pricing Basis | Forward |
| Dealing Decimals | 2 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 1.28 |
| Beta | 0.97 |
| Sharpe | 0.30 |
| Standard Deviation | 11.10 |
| Info Ratio | 0.42 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | No |
| Concentrated Portfolio | Yes |
| Smaller Companies | Yes |
| High Yield Bonds | No |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | No |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | Yes |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Charges to Capital
Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
Smaller Companies
The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Income Eroding Capital Growth
The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.
Solvency of Depository
The value of a cash or currency fund may be affected if any of the institutions with which cash is deposited becomes insolvent or experiences other financial difficulties.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage. "Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.