Carne Global Fund Managers CG AJ Bell Moderately Cautious Class I Acc
Report And Accounts
Simplified Prospectus / KIID
Portfolio data accurate as at:
Performance
Discrete performance - to last month end
| 30/11/20 to 30/11/21 |
30/11/21 to 30/11/22 |
30/11/22 to 30/11/23 |
30/11/23 to 30/11/24 |
30/11/24 to 30/11/25 |
|
|---|---|---|---|---|---|
| Fund | 6.1% | -3.4% | 1.9% | 9.6% | 9.6% |
| Sector | 7.9% | -7.5% | 1.9% | 11.3% | 8.6% |
| Rank | 135/157 | 23/163 | 93/171 | 156/185 | 55/191 |
| Quartile | 4 | 1 | 3 | 4 | 2 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/11/25 |
5 Years to 30/11/25 |
10 Years to 30/11/25 |
||
| Fund | 7.0% | 4.7% | n/a | |
| Sector | 7.2% | 4.2% | 4.5% | |
| Rank | 99/171 | 72/157 | n/a | |
| Quartile | 3 | 2 | n/a | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| 1¼% Treasury Gilt 2027 | 1.23 |
| NVIDIA CORPORATION | 1.12 |
| MICROSOFT CORPORATION | 0.99 |
| US T Bill 1.25% 15/04/2028 (Index Linked) | 0.97 |
| ⅛% Treasury Gilt 2026 | 0.97 |
| APPLE | 0.91 |
| HSBC HOLDINGS | 0.74 |
| US T Bill 0.125% 15/04/2027 (Index Linked) | 0.74 |
| US T Bill 1.625% 15/10/2029 (Index Linked) | 0.73 |
| 4⅛% Treasury Gilt 2029 | 0.73 |
| Total | 9.14 |
Fund Aims
The investment objective of the Fund is to achieve long-term capital growth with a preference (often indirect) towards defensive assets such as cash, fixed interest securities, money-market funds and collective investment schemes following alternative strategies such as property and commodities and less emphasis on higher risk assets such as equities. This is to keep the Fund within a pre-determined risk profile. Capital is in fact at risk and there is no guarantee that capital growth will be achieved over a 5 year, or any period. The Fund will seek to achieve its objective (and so provide exposure to the asset classes noted in the objective) by investing predominantly (80% +), in index-tracking investments or strategies (those instruments and/or investment strategies that aim to track the performance of various financial indices) and which typically consist of collective investment schemes (including those managed or operated by the ACD) as well as equities, bonds and transferable securities. The Fund may also invest in non-index tracking collective investment schemes, equities, bonds, transferable securities, money market instruments, deposits, cash and near cash. The Fund will not have any particular geographic, industry or economic sector focus and as such weightings in these may vary as required. The Fund may have exposure to emerging markets through its investments in e.g. collective investment schemes or futures. The Fund’s risk profile is managed by restricting the types of asset held and allocations to those assets. The risk profiles are determined by the external risk rating agency’s forward looking volatility assumptions. The Fund aims to operate with a risk rating of 4, on a scale of 1-10 where 1 is an allocation to cash and 10 is an allocation to riskier equity regions such as Asia and emerging markets. Please note that the above risk rating is calculated on a different basis from that shown in the ‘risk and reward profile’ section of this KIID. The current external risk rating agency is Distribution Technology. Derivatives (that is sophisticated investment instruments linked to the rise and fall of the price of other assets) are held only for efficient portfolio management purposes.
Fund Manager
AJ Bell Investments LLP
manager
for
8 years
and 8 months
TBC
Fund Overview
| Mid (16/12/2025) | 147.05p |
| Historic yield | - |
| Fund size (30/09/2025) | £452.67m |
| Number of holdings | 9138 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.31% |
| Launch date | 18/04/2017 |
Asset Allocation
| International Equities | 27.04% | |
| International Bonds | 19.03% | |
| UK Equities | 10.83% | |
| UK Corporate Bonds | 7.81% | |
| UK Gilts | 5.81% | |
| Cash and Equivalents | 5.21% | |
| Money Market | 1.54% | |
| Alternative Trading Strategies | 1.03% | |
| Investment Trusts | 0.56% | |
| Other Assets | 21.13% |
Portfolio data accurate as at:
Asset Allocation
| International Equities | 27.04% | |
| International Bonds | 19.03% | |
| UK Equities | 10.83% | |
| UK Corporate Bonds | 7.81% | |
| UK Gilts | 5.81% | |
| Cash and Equivalents | 5.21% | |
| Money Market | 1.54% | |
| Alternative Trading Strategies | 1.03% | |
| Investment Trusts | 0.56% | |
| Other Assets | 21.13% |
Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 32.65% | - | - | - | |
| Non-Classified | 20.88% | - | - | - | |
| Non-Classified | - | 19.00% | - | - | |
| Non-Classified | - | - | 19.00% | - | |
| Non-Classified | - | - | - | 19.00% | |
| Technology | 8.23% | - | - | - | |
| Technology | - | 8.23% | - | - | |
| Software & Computer Services | - | - | 4.35% | - | |
| Software | - | - | - | 2.00% | |
| Consumer Digital Services | - | - | - | 1.74% | |
| Computer Services | - | - | - | 0.61% | |
| Technology Hardware & Equipment | - | - | 3.88% | - | |
| Semiconductors | - | - | - | 2.31% | |
| Computer Hardware | - | - | - | 1.06% | |
| Production Technology Equipment | - | - | - | 0.34% | |
| Electronic Components | - | - | - | 0.17% | |
| Financials | 7.22% | - | - | - | |
| Banks | - | 3.44% | - | - | |
| Banks | - | - | 3.44% | - | |
| Banks | - | - | - | 3.44% | |
| Financial Services | - | 2.44% | - | - | |
| Investment Banking & Brokerage Services | - | - | 1.46% | - | |
| Asset Managers & Custodians | - | - | - | 0.62% | |
| Investment Services | - | - | - | 0.51% | |
| Diversified Financial Services | - | - | - | 0.33% | |
| Equity Investment Instruments | - | - | 0.57% | - | |
| Equity Investment Instruments | - | - | - | 0.57% | |
| Finance & Credit Services | - | - | 0.41% | - | |
| Financial Data & Systems | - | - | - | 0.36% | |
| Consumer Lending | - | - | - | 0.04% | |
| Mortgage Finance | - | - | - | 0.01% | |
| Insurance | - | 1.34% | - | - | |
| Non-life Insurance | - | - | 0.84% | - | |
| Full Line Insurance | - | - | - | 0.34% | |
| Property & Casualty Insurance | - | - | - | 0.29% | |
| Reinsurance | - | - | - | 0.11% | |
| Insurance Brokers | - | - | - | 0.11% | |
| Life Insurance | - | - | 0.49% | - | |
| Life Insurance | - | - | - | 0.49% | |
| Cash and Equivalents | 6.76% | - | - | - | |
| Industrials | 5.33% | - | - | - | |
| Industrial Goods & Services | - | 4.81% | - | - | |
| Aerospace & Defence | - | - | 1.42% | - | |
| Aerospace | - | - | - | 0.87% | |
| Defense | - | - | - | 0.55% | |
| Industrial Support Services | - | - | 1.19% | - | |
| Transaction Processing Services | - | - | - | 0.56% | |
| Professional Business Support Services | - | - | - | 0.47% | |
| Industrial Suppliers | - | - | - | 0.13% | |
| Business Training & Employment Agencies | - | - | - | 0.02% | |
| Security Services | - | - | - | 0.02% | |
| Electronic & Electrical Equipment | - | - | 0.61% | - | |
| Electrical Components | - | - | - | 0.28% | |
| Electronic Equipment: Control & Filter | - | - | - | 0.14% | |
| Electronic Equipment: Gauges & Meters | - | - | - | 0.13% | |
| Electronic Equipment: Pollution Control | - | - | - | 0.04% | |
| Electronic Equipment: Other | - | - | - | 0.03% | |
| General Industrials | - | - | 0.61% | - | |
| Diversified Industrials | - | - | - | 0.48% | |
| Containers & Packaging | - | - | - | 0.07% | |
| Paints & Coatings | - | - | - | 0.04% | |
| Plastics | - | - | - | 0.01% | |
| Glass | - | - | - | 0.01% | |
| Industrial Transportation | - | - | 0.58% | - | |
| Commercial Vehicle-Equipment Leasing | - | - | - | 0.12% | |
| Transportation Services | - | - | - | 0.11% | |
| Railroads | - | - | - | 0.09% | |
| Delivery Services | - | - | - | 0.09% | |
| Commercial Vehicles & Parts | - | - | - | 0.07% | |
| Marine Transportation | - | - | - | 0.05% | |
| Trucking | - | - | - | 0.03% | |
| Railroad Equipment | - | - | - | 0.03% | |
| Industrial Engineering | - | - | 0.39% | - | |
| Machinery: Construction & Handling | - | - | - | 0.15% | |
| Machinery: Industrial | - | - | - | 0.11% | |
| Machinery: Engines | - | - | - | 0.04% | |
| Machinery: Agricultural | - | - | - | 0.04% | |
| Machinery: Tools | - | - | - | 0.03% | |
| Machinery: Specialty | - | - | - | 0.01% | |
| Construction & Materials | - | 0.53% | - | - | |
| Construction & Materials | - | - | 0.53% | - | |
| Building Materials: Other | - | - | - | 0.17% | |
| Construction | - | - | - | 0.12% | |
| Cement | - | - | - | 0.08% | |
| Building: Climate Control | - | - | - | 0.08% | |
| Engineering & Contracting Services | - | - | - | 0.05% | |
| Building, Roofing/Wallboard & Plumbing | - | - | - | 0.03% | |
| Consumer Discretionary | 4.72% | - | - | - | |
| Retail | - | 1.73% | - | - | |
| Retailers | - | - | 1.73% | - | |
| Diversified Retailers | - | - | - | 1.21% | |
| Home Improvement Retailers | - | - | - | 0.22% | |
| Specialty Retailers | - | - | - | 0.17% | |
| Apparel Retailers | - | - | - | 0.14% | |
| Consumer Products & Services | - | 1.09% | - | - | |
| Personal Goods | - | - | 0.42% | - | |
| Clothing & Accessories | - | - | - | 0.22% | |
| Luxury Items | - | - | - | 0.08% | |
| Footwear | - | - | - | 0.07% | |
| Cosmetics | - | - | - | 0.05% | |
| Consumer Services | - | - | 0.32% | - | |
| Vending & Catering Service | - | - | - | 0.20% | |
| Consumer Services: Misc. | - | - | - | 0.11% | |
| Education Services | - | - | - | 0.01% | |
| Rental & Leasing Services: Consumer | - | - | - | 0.00% | |
| Household Goods & Home Construction | - | - | 0.21% | - | |
| Home Construction | - | - | - | 0.17% | |
| Household Appliance | - | - | - | 0.02% | |
| Household Equipment & Products | - | - | - | 0.01% | |
| Household Furnishings | - | - | - | 0.00% | |
| Leisure Goods | - | - | 0.14% | - | |
| Electronic Entertainment | - | - | - | 0.07% | |
| Toys | - | - | - | 0.03% | |
| Consumer Electronics | - | - | - | 0.02% | |
| Recreational Vehicles & Boats | - | - | - | 0.01% | |
| Recreational Products | - | - | - | 0.01% | |
| Photography | - | - | - | 0.00% | |
| Travel & Leisure | - | 0.78% | - | - | |
| Travel & Leisure | - | - | 0.78% | - | |
| Travel & Tourism | - | - | - | 0.20% | |
| Restaurants & Bars | - | - | - | 0.19% | |
| Hotels & Motels | - | - | - | 0.15% | |
| Airlines | - | - | - | 0.14% | |
| Casinos & Gambling | - | - | - | 0.08% | |
| Recreational Services | - | - | - | 0.02% | |
| Automobiles & Parts | - | 0.64% | - | - | |
| Automobiles & Parts | - | - | 0.64% | - | |
| Automobiles | - | - | - | 0.56% | |
| Auto Parts | - | - | - | 0.05% | |
| Tires | - | - | - | 0.02% | |
| Auto Services | - | - | - | 0.00% | |
| Media | - | 0.48% | - | - | |
| Media | - | - | 0.48% | - | |
| Entertainment | - | - | - | 0.24% | |
| Media Agencies | - | - | - | 0.13% | |
| Radio & TV Broadcasters | - | - | - | 0.05% | |
| Publishing | - | - | - | 0.05% | |
| Health Care | 3.76% | - | - | - | |
| Health Care | - | 3.76% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 2.68% | - | |
| Pharmaceuticals | - | - | - | 2.46% | |
| Biotechnology | - | - | - | 0.22% | |
| Medical Equipment & Services | - | - | 0.82% | - | |
| Medical Equipment | - | - | - | 0.60% | |
| Medical Supplies | - | - | - | 0.20% | |
| Medical Services | - | - | - | 0.03% | |
| Health Care Providers | - | - | 0.26% | - | |
| Health Care Management Services | - | - | - | 0.16% | |
| Health Care Facilities | - | - | - | 0.06% | |
| Health Care Services | - | - | - | 0.04% | |
| Consumer Staples | 3.00% | - | - | - | |
| Food, Beverage & Tobacco | - | 1.72% | - | - | |
| Beverages | - | - | 0.65% | - | |
| Soft Drinks | - | - | - | 0.30% | |
| Distillers & Vintners | - | - | - | 0.25% | |
| Brewers | - | - | - | 0.10% | |
| Tobacco | - | - | 0.55% | - | |
| Tobacco | - | - | - | 0.55% | |
| Food Producers | - | - | 0.53% | - | |
| Food Products | - | - | - | 0.47% | |
| Farming, Fishing, Ranching & Plantations | - | - | - | 0.03% | |
| Fruit & Grain Processing | - | - | - | 0.03% | |
| Personal Care, Drug & Grocery Stores | - | 1.28% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 1.28% | - | |
| Personal Products | - | - | - | 0.72% | |
| Food Retailers & Wholesalers | - | - | - | 0.29% | |
| Nondurable Household Products | - | - | - | 0.18% | |
| Drug Retailers | - | - | - | 0.09% | |
| Energy | 1.97% | - | - | - | |
| Energy | - | 1.97% | - | - | |
| Non-Renewable Energy | - | - | 1.89% | - | |
| Integrated Oil & Gas | - | - | - | 1.39% | |
| Oil: Crude Producers | - | - | - | 0.18% | |
| Oil Refining and Marketing | - | - | - | 0.14% | |
| Pipelines | - | - | - | 0.08% | |
| Oil Equipment & Services | - | - | - | 0.06% | |
| Coal | - | - | - | 0.03% | |
| Offshore Drilling & Other Services | - | - | - | 0.00% | |
| Renewable Energy | - | - | 0.08% | - | |
| Renewable Energy Equipment | - | - | - | 0.08% | |
| Alternative Fuels | - | - | - | 0.00% | |
| Utilities | 1.38% | - | - | - | |
| Utilities | - | 1.38% | - | - | |
| Electricity | - | - | 0.74% | - | |
| Conventional Electricity | - | - | - | 0.71% | |
| Alternative Electricity | - | - | - | 0.03% | |
| Gas, Water & Multi-utilities | - | - | 0.60% | - | |
| Multi-Utilities | - | - | - | 0.44% | |
| Water | - | - | - | 0.11% | |
| Gas Distribution | - | - | - | 0.04% | |
| Waste & Disposal Services | - | - | 0.05% | - | |
| Waste & Disposal Services | - | - | - | 0.05% | |
| Basic Materials | 1.24% | - | - | - | |
| Basic Resources | - | 0.84% | - | - | |
| Industrial Metals & Mining | - | - | 0.68% | - | |
| General Mining | - | - | - | 0.48% | |
| Copper | - | - | - | 0.06% | |
| Iron & Steel | - | - | - | 0.06% | |
| Metal Fabricating | - | - | - | 0.04% | |
| Aluminum | - | - | - | 0.02% | |
| Nonferrous Metals | - | - | - | 0.01% | |
| Precious Metals & Mining | - | - | 0.12% | - | |
| Gold Mining | - | - | - | 0.11% | |
| Platinum & Precious Metals | - | - | - | 0.01% | |
| Diamonds & Gemstones | - | - | - | 0.00% | |
| Industrial Materials | - | - | 0.05% | - | |
| Paper | - | - | - | 0.03% | |
| Diversified Materials | - | - | - | 0.01% | |
| Forestry | - | - | - | 0.00% | |
| Chemicals | - | 0.40% | - | - | |
| Chemicals | - | - | 0.40% | - | |
| Chemicals: Diversified | - | - | - | 0.22% | |
| Specialty Chemicals | - | - | - | 0.15% | |
| Fertilizers | - | - | - | 0.03% | |
| Chemicals & Synthetic Fibers | - | - | - | 0.00% | |
| Alternative Trading Strategies | 1.03% | - | - | - | |
| Alternative Trading Strategies | - | 1.03% | - | - | |
| Alternative Trading Strategies | - | - | 1.03% | - | |
| Alternative Trading Strategies | - | - | - | 1.03% | |
| Telecommunications | 0.96% | - | - | - | |
| Telecommunications | - | 0.96% | - | - | |
| Telecommunications Service Providers | - | - | 0.57% | - | |
| Telecommunications Services | - | - | - | 0.52% | |
| Cable Television Services | - | - | - | 0.05% | |
| Telecommunications Equipment | - | - | 0.39% | - | |
| Telecommunications Equipment | - | - | - | 0.39% | |
| Real Estate | 0.87% | - | - | - | |
| Real Estate | - | 0.87% | - | - | |
| Real Estate Investment Trusts | - | - | 0.67% | - | |
| Residential REITs | - | - | - | 0.10% | |
| Retail REITs | - | - | - | 0.09% | |
| Other Specialty REITs | - | - | - | 0.09% | |
| Industrial REITs | - | - | - | 0.08% | |
| Health Care REITs | - | - | - | 0.08% | |
| Diversified REITs | - | - | - | 0.06% | |
| Infrastructure REITs | - | - | - | 0.06% | |
| Office REITs | - | - | - | 0.04% | |
| Storage REITs | - | - | - | 0.03% | |
| Hotel & Lodging REITs | - | - | - | 0.02% | |
| Timber REITs | - | - | - | 0.01% | |
| Real Estate Investment & Services | - | - | 0.20% | - | |
| Real Estate Holding and Development | - | - | - | 0.11% | |
| Real Estate Services | - | - | - | 0.09% | |
Regional Allocation
| North America | 25.41% | |
| UK | 24.43% | |
| Non-Classified | 22.67% | |
| Developed Europe - Excl UK | 14.00% | |
| Cash and Equivalents | 6.76% | |
| Emerging Asia | 3.76% | |
| Australia & New Zealand | 0.93% | |
| Middle East & Africa | 0.48% | |
| Developed Asia | 0.47% | |
| Other Regions | 1.09% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 67.15% | |
| Pound Sterling | 28.72% | |
| US Dollar | 3.62% | |
| Euro | 0.26% | |
| Cash | 0.21% | |
| Australian Dollar | 0.04% | |
| Other Currencies | 0.02% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| North America | 25.41% | - | |
United States
|
- | 23.13% | |
Canada
|
- | 2.29% | |
| UK | 24.43% | - | |
United Kingdom
|
- | 24.45% | |
| Non-Classified | 22.67% | - | |
| Developed Europe - Excl UK | 14.00% | - | |
France
|
- | 3.09% | |
Germany
|
- | 2.59% | |
Netherlands
|
- | 1.97% | |
Switzerland
|
- | 1.36% | |
Luxembourg
|
- | 1.06% | |
Spain
|
- | 0.66% | |
Sweden
|
- | 0.60% | |
Ireland
|
- | 0.57% | |
Finland
|
- | 0.52% | |
Italy
|
- | 0.46% | |
Denmark
|
- | 0.44% | |
Norway
|
- | 0.29% | |
Austria
|
- | 0.20% | |
Belgium
|
- | 0.17% | |
Portugal
|
- | 0.02% | |
| Cash and Equivalents | 6.76% | - | |
| Emerging Asia | 3.76% | - | |
China
|
- | 2.04% | |
Taiwan
|
- | 0.56% | |
India
|
- | 0.47% | |
South Korea
|
- | 0.32% | |
Philippines
|
- | 0.26% | |
Indonesia
|
- | 0.04% | |
Malaysia
|
- | 0.04% | |
Thailand
|
- | 0.03% | |
Viet Nam
|
- | 0.00% | |
| Australia & New Zealand | 0.93% | - | |
Australia
|
- | 0.93% | |
| Middle East & Africa | 0.48% | - | |
United Arab Emirates
|
- | 0.16% | |
Saudi Arabia
|
- | 0.10% | |
South Africa
|
- | 0.09% | |
Cote D'Ivoire
|
- | 0.08% | |
Qatar
|
- | 0.02% | |
Kuwait
|
- | 0.02% | |
Israel
|
- | 0.01% | |
Egypt
|
- | 0.00% | |
| Developed Asia | 0.47% | - | |
Singapore
|
- | 0.32% | |
Hong Kong
|
- | 0.15% | |
| Property | 0.47% | - | |
| Japan | 0.30% | - | |
Japan
|
- | 0.30% | |
| South & Central America | 0.20% | - | |
Mexico
|
- | 0.13% | |
Venezuela
|
- | 0.04% | |
Honduras
|
- | 0.02% | |
Chile
|
- | 0.01% | |
Colombia
|
- | 0.00% | |
Peru
|
- | 0.00% | |
Cayman Islands
|
- | 0.00% | |
| Emerging Europe | 0.12% | - | |
Poland
|
- | 0.07% | |
Greece
|
- | 0.02% | |
Turkey
|
- | 0.01% | |
Hungary
|
- | 0.01% | |
Czech Republic
|
- | 0.00% | |
Russian Federation
|
- | 0.00% | |
Breakdown By Market Cap (%)
| Mega |
|
21.12% |
| Large |
|
7.44% |
| Medium |
|
2.50% |
| Small |
|
0.43% |
| Micro |
|
0.07% |
| Non-Classified |
|
29.03% |
| Bonds |
|
32.65% |
| Cash |
|
6.76% |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
22.97% |
| 5Yr - 10Yr Maturity |
|
3.95% |
| 10Yr - 15Yr Maturity |
|
2.25% |
| > 15Yr Maturity |
|
3.47% |
| Cash And Equivalents |
|
6.76% |
| Unknown Maturity |
|
1.82% |
| Other Asset Types |
|
58.79% |
Fixed Interest Quality Profile
| AAA |
|
8.56% |
| AA |
|
11.45% |
| A |
|
4.57% |
| BBB |
|
4.76% |
| Sub-Investment Grade |
|
0.52% |
| Unknown Quality |
|
2.80% |
| Cash and Equivalents |
|
6.76% |
| Other Asset Types |
|
60.60% |
Top 10 Fund Holdings
| Name | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | SPDR ETF SPDR S&P 500 UCITS ETF - | 14.36% | Managed Funds | Managed Funds |
| 2 | Vanguard FTSE U.K. All Share Index Unit Trust Institutional Plus GBP | 11.85% | Managed Funds | Managed Funds |
| 3 | Vanguard U.K Investment Grade Bond Index Institutional Plus | 11.12% | Managed Funds | Managed Funds |
| 4 | iShares iShares IV plc £ Ultrashort Bond UCITS ETF GBP (Dist) | 10.00% | Managed Funds | Managed Funds |
| 5 | SSgA Emerging Markets Hard Currency Government Bond Index Class I | 5.95% | Managed Funds | Managed Funds |
| 6 | Vanguard FTSE Developed Europe ex-U.K Equity Index Institutional Plus GBP | 5.89% | Managed Funds | Managed Funds |
| 7 | Amundi ETF Amundi MSCI Emerging Ex China UCITS ETF Acc | 4.09% | Managed Funds | Managed Funds |
| 8 | Amundi ETF Amundi Prime Japan UCITS ETF DR (D) | 4.08% | Managed Funds | Managed Funds |
| 9 | BlackRock Institutional Cash Series ICS Sterling Liquidity Premier | 3.99% | Managed Funds | Managed Funds |
| 10 | SSgA Global High Yield Constrained Index Class I Hedged | 3.57% | Managed Funds | Managed Funds |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | 1¼% Treasury Gilt 2027 | 1.23% | Bonds | United Kingdom |
| 2 | NVIDIA CORPORATION | 1.12% | Technology Hardware & Equipment | United States |
| 3 | MICROSOFT CORPORATION | 0.99% | Software & Computer Services | United States |
| 4 | US T Bill 1.25% 15/04/2028 (Index Linked) | 0.97% | Bonds | United States |
| 5 | ⅛% Treasury Gilt 2026 | 0.97% | Bonds | United Kingdom |
| 6 | APPLE | 0.91% | Technology Hardware & Equipment | United States |
| 7 | HSBC HOLDINGS | 0.74% | Banks | United Kingdom |
| 8 | US T Bill 0.125% 15/04/2027 (Index Linked) | 0.74% | Bonds | United States |
| 9 | US T Bill 1.625% 15/10/2029 (Index Linked) | 0.73% | Bonds | United States |
| 10 | 4⅛% Treasury Gilt 2029 | 0.73% | Bonds | United Kingdom |
Identification Codes
| Sedol Code | BYW8VJ5 |
| Mex Code | VMSEK |
| Isin Code | GB00BYW8VJ55 |
| Citi Code | NT3K |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.31% |
Aims and Benchmark
| Aims | The investment objective of the Fund is to achieve long-term capital growth with a preference (often indirect) towards defensive assets such as cash, fixed interest securities, money-market funds and collective investment schemes following alternative strategies such as property and commodities and less emphasis on higher risk assets such as equities. This is to keep the Fund within a pre-determined risk profile. Capital is in fact at risk and there is no guarantee that capital growth will be achieved over a 5 year, or any period. The Fund will seek to achieve its objective (and so provide exposure to the asset classes noted in the objective) by investing predominantly (80% +), in index-tracking investments or strategies (those instruments and/or investment strategies that aim to track the performance of various financial indices) and which typically consist of collective investment schemes (including those managed or operated by the ACD) as well as equities, bonds and transferable securities. The Fund may also invest in non-index tracking collective investment schemes, equities, bonds, transferable securities, money market instruments, deposits, cash and near cash. The Fund will not have any particular geographic, industry or economic sector focus and as such weightings in these may vary as required. The Fund may have exposure to emerging markets through its investments in e.g. collective investment schemes or futures. The Fund’s risk profile is managed by restricting the types of asset held and allocations to those assets. The risk profiles are determined by the external risk rating agency’s forward looking volatility assumptions. The Fund aims to operate with a risk rating of 4, on a scale of 1-10 where 1 is an allocation to cash and 10 is an allocation to riskier equity regions such as Asia and emerging markets. Please note that the above risk rating is calculated on a different basis from that shown in the ‘risk and reward profile’ section of this KIID. The current external risk rating agency is Distribution Technology. Derivatives (that is sophisticated investment instruments linked to the rise and fall of the price of other assets) are held only for efficient portfolio management purposes. |
| Benchmark | NONE - The performance of the Fund can be assessed by comparing its total return to funds with similar return and/or risk objectives. The IA (Investment Association) provides the median performance of funds with similar characteristics (IA sectors). The Fund is assigned to the Mixed Investment 20-60% Shares IA sector. Other providers also provide peer groups, based on asset allocation or historical volatility, of which the Fund may be assigned, these may be a useful guide to assess performance. |
| Benchmark Category | Comparator |
| IA Sector | Mixed Investment 20-60% Shares |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | OEIC |
| Launch price | £1.00 |
| 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) |
|---|---|
| 30 September | 31 May |
| 31 March | 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 | Northern Trust Investor Services Limited |
| Fund Administrator | The Northern Trust Company |
| Fund Registrar | The Northern Trust Company |
| Fund Custodian | The Northern Trust Company |
Group Details
| Group name | Carne Global Fund Managers (UK) Limited |
| Group address | 107 Cheapside, London, EC2V 6DN |
| Group telephone | 0 203 973 0100 |
| Dealing telephone | - |
| globalfundsolutions@carnegroup.com;ReportingServices@carnegroup.com | |
| Homepage | https://www.carnegroup.com/location/london |
| Fax number | - |
Dealing
| Minimum Investment | £1000 |
| Minimum Top Up | £25 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 3 days |
| Settlement Period: Sell | 3 days |
| Pricing Basis | Forward |
| Dealing Decimals | 3 |
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 0.32 |
| Beta | 0.92 |
| Sharpe | 0.70 |
| Standard Deviation | 4.99 |
| Info Ratio | -0.15 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | Yes |
| Concentrated Portfolio | No |
| Smaller Companies | No |
| 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 | Yes |
| Offshore | No |
| Income Eroding Capital Growth | No |
| Umbrella Liabilities | No |
| New Fund | Yes |
| Solvency of Depository | No |
| 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
Emerging Markets
The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore 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.
Derivative Exposure
The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.
New Fund
The charges and expenses may make up a higher proportion of a newly launched fund than initially estimated.
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.