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JO Hambro CM UK Equity Income Y
Multicap UK equity income fund with a strict yield discipline.
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
Price (Acc)
These are the shares in the fund that don't pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
Initial charge
Some funds charge you when you first invest, which is aptly known as the initial charge. They're usually between 3-5% but at Bestinvest, we usually don't charge you a penny!
Annual management charge
This is how much the fund management company charges to run the fund. It's like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
This stands for Ongoing Charges Figure. It's the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
How much the fund is currently paying out in income to investors. It's NOT to be confused with the overall growth of a fund – a very different thing indeed. It's also NOT a guarantee of future pay-outs, just a snapshot. This is more what it's not than what it is…
Prices as at 15 January 2021, fund data last updated 26 May 2016
See full performance
Past performance is not an indication of future performance.
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Key features and documents
This fund targets an above average yield and some capital growth from a multi-cap portfolio of UK equities. The investment process, which incorporates a strict yield requirement for portfolio holdings, was developed by fund managers James Lowen and Clive Beagles at previous employers Newton. Stock selection also incorporates long-term investment trends identified by the managers - these are used to focus research. The portfolio typically has a value bias.
Sector UK Equity Income
Structure OEIC
Launched January, 2013
Size £1,808m
Charging basis Capital
Dividends paid 28 Feb, 31 May, 31 Aug, 30 Nov
Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.63%
Ongoing charges figure 0.66%
Geographic split
Equity Capitalisation split
Proportion (%)
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All stocks in the portfolio must have a higher prospective yield than the FTSE All-Share, which reduces the investment universe to around 120-140 FTSE 350 companies and 80+ small cap stocks. The managers make their own dividend forecasts, so they can invest in non-yielding stocks they believe will introduce dividends. The managers build the portfolio using a primarily bottom-up approach, favouring companies with strong cash and dividend flows. Stock turnover is relatively low (around 50%pa) - any stock whose yield falls below that of the index will be sold; the managers may also sell companies yielding more than the index if other valuation measures become stretched. The process also includes themes - long term trends such as the mobile internet - identified by the managers to focus research. Portfolio construction is also mainly bottom-up and sector weights can diverge substantially from the index, though the managers sometimes include stocks in sectors they do not like in order to reduce underweights.
Beagles and Lowen each have more than 20 years' experience and have worked together for more than a decade, during which time they have generated fairly consistent outperformance. This is partly due to a higher weighting to mid and small-cap companies than the peer group, which often looks at just a limited number of large cap dividend payers. The fund's success has resulted in an increase in assets under management, which may make it more difficult to access smaller companies, providing a headwind to future performance. The fund has also typically been more volatile than the benchmark and peer group, and can struggle when its value style is out of favour.
Manager research
Average monthly relative returns
16/17 0.07%
18/19 -0.42%
Bestinvest MRI
3 years -0.29%
Career 0.19%
3 years 32.60%
Career 96.10%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
James Lowen / Clive Beagles
Lowen started his career in 1994 at KPMG, qualifying as a Chartered Accountant before moving to Newton in 1998 as a member of the Research Department. He became an Investment Director, a member of the UK Policy Group (responsible for setting UK equity strategy) and the investment committee before moving to JO Hambro in September 2004. Lowen holds a first class Economics degree from Exeter University and is an associate member of the Institute of Investment Management and Research. Beagles graduated in 1989 with a degree in Economics from Nottingham University and began his investment career at Commercial Union in the UK Equity team. After 7 years at CU, culminating in the management of their pooled pension fund, he joined Newton in September 1996 as a Regional Specialist, UK Equities. He ultimately became Head of UK Equities and chaired the UK Equity Policy group, before joining JO Hambro in September 2004.
James Lowen / Clive Beagles has 12.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.19%. During the worst period of relative performance (from April 2018 - September 2020) there was a decline of 25% relative to the index. The worst absolute loss has been 37%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 96%.
Periods of worst performance
Absolute -37.00% (May 2018 - March 2020)
Relative -25.00% (April 2018 - September 2020)
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
Data accurate as at 31 July 2020
5.9314% Bp
4.39% Tesco
4.2369% Rio Tinto
4.2024% Anglo American
4.0358% Glencore Plc
3.89% Legal & General Group
3.8795% Barclays
3.8166% Vodafone Group Plc
3.395% Phoenix Group Hldgs Plc
3.3046% Wpp Plc
Sector breakdown
Financials 32.00%
Consumer Services 16.00%
Basic Materials 15.00%
Oil & Gas 11.00%
Consumer Goods 6.00%
Telecommunications 4.00%
Money Market 2.00%
50-70 stocks.
Maximum position size 10% - there are no other stock limits, but stock overweights are unlikely to exceed 3%. There are no sector limits.
Key Investor Information - Income
Key Investor Information - Accumulation
The value of investments and the income from them can go down as well as up and you may not get back the amount invested. Past performance is not a guide to future performance.
View full risk warning
The value of your investment can go down as well as up, and you can get back less than you originally invested.
Past performance or any yields quoted should not be considered reliable indicators of future returns. Restricted advice can be provided as part of other services offered by Bestinvest, upon request and on a fee basis. Before investing in funds please check the specific risk factors on the key features document or refer to our risk warning notice as some funds can be high risk or complex; they may also have risks relating to the geographical area, industry sector and/or underlying assets in which they invest. Tax legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions.
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Issued by Tilney Investment Management Services Limited, (Reg. No: 2830297), which is authorised and regulated by the Financial Conduct Authority. Financial services are provided by Tilney Investment Management Services Limited and other companies in the Tilney Smith & Williamson Group, further details of which are available here. This site is for UK investors only. © Tilney Smith & Williamson Limited 2021.
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