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WAVERTON MULTI-ASSET INCOME FUND P GBPFUND FACTSHEET - AS AT 30 APRIL 2021
OBJECTIVES
INVESTMENT STYLE
The Fund has a multi-asset structure and invests in a portfolio of direct
equities, bonds and alternative strategies, and may use open-end funds and
ETFs to gain exposure to the same asset classes. The fund will maintain a
relatively concentrated portfolio with a high degree of flexibility.
FUND AIM
The investment objective of the Waverton Multi-Asset Income Fund is to
provide holders with a reasonable level of income and maintain the real
value of the capital over the medium to long term. The yield of the Fund
may alter as interest rate and market conditions change.
Risk Warning: Past performance is no guide tofuture performance. The value of holdings mayfall as well as rise and investors may not getback their initial investment.Important information: Performance displayedis for the P Share Class. Performance iscalculated on a NAV to NAV basis and doesnot take into account any initial fees.Performance is displayed net of fees andassumes income is reinvested.
Period 1 Month 3 Months YTD 1 Year 3 Years 5 Years Inception Oct 14
Portfolio (%) 2.5 4.6 4.4 16.6 25.7 46.2 59.8
Benchmark (%) 0.2 1.0 1.0 3.3 11.7 23.3 27.9
Average Peer Group (%) 2.3 3.8 3.5 16.4 15.4 34.0 45.1
Quartile 2 1 1 2 1 1 1
DISCRETE CALENDAR YEAR PERFORMANCE
Period 2020 2019 2018 2017 2016
Fund (%) 9.8 12.5 -3.3 4.7 12.6
Benchmark (%) 2.9 3.8 4.6 5.4 4.1
STANDARDISED PERFORMANCE
Period 1 year to 30/04/2021 30/04/2020 30/04/2019 30/04/2018 30/04/2017
Fund (%) 16.6 3.7 4.0 1.8 14.3
PERFORMANCE
ROLLING PERFORMANCE
PORTFOLIO SUMMARY
TOP 10 HOLDINGS
Waverton Sterling Bond Fund 6.3%
US Treasury 2.25% 15/11/2027 4.9%
iShares MSCI Far East ex Japan Fund 4.0%
Coca-Cola 3.0%
GCP Asset Backed Income 2.5%
CME Group 2.5%
Starwood European Real Estate Finance 2.5%
Fair Oaks Income 2.0%
Vanguard FTSE 250 ETF 2.0%
Real Estate Credit Investments 2.0%
Total 31.6%
Sources: Waverton Investment Management, Morningstar.
Asset %
Projected
Yield (%)
Equities 53.3% 1.3%
Alternatives 20.5% 1.1%
Fixed Income 19.6% 0.6%
Cash 6.7% 0.0%
Total 100.0% 3.0%
Fund Benchmark Morningstar Peer
90
100
110
120
130
140
150
Apr 16 Oct 16 Apr 17 Oct 17 Apr 18 Oct 18 Apr 19 Oct 19 Apr 20 Oct 20 Apr 2190.00
100.00
110.00
120.00
130.00
140.00
150.00
99.76
105.21102.24100.00 108.46 108.52110.94105.84102.65100.00 108.69 114.63116.49113.38106.05103.07100.00 121.48111.26108.98 117.71117.27116.25113.39106.17103.36100.29 123.28111.49109.42 120.02118.69
117.61113.99107.00103.97100.41 112.45109.75 122.44120.41118.92117.64114.13107.51104.60100.81 112.78110.39 123.03121.20119.17118.09114.24107.84107.19101.02 113.12111.04 129.42121.40119.31
120.25 118.25114.58112.80108.73101.53 113.65112.98 131.22121.45119.36122.66118.33115.45114.07109.62101.60 114.00113.78 134.24122.02119.56
123.91121.48115.46114.27109.88101.93 116.10 114.15 142.62122.06119.91128.39121.75115.52114.65110.02103.97 116.28 146.21122.10120.01
122.40116.09 116.01115.50114.69111.99105.58 117.17 127.12120.16123.20117.42116.20115.79114.71112.00107.32 117.45 128.56120.70
124.40121.16116.87116.82116.21114.78112.19107.63 129.23127.17 124.67117.16117.66116.26115.09112.21108.17 129.54
125.40124.73118.97117.82116.65115.43112.79109.27 131.05128.01124.74119.55118.19117.29115.60114.64109.75 140.18132.09
129.33126.41120.94118.20117.41115.71115.35 136.64129.83127.39119.83117.62115.84 139.83
127.53120.90116.30 139.99129.08120.90116.67
ASSET ALLOCATION
COMMENTARY
Asset allocation has been the key driver of positive performance in April, driven by allocations to equity and real assets, and
carrying an underweight to duration and fixed income generally. The currency effect has also been positive, although GBP
seems to be in something of a holding pattern for now – certainly against the dollar. Growth positions have driven
performance; value has lagged.
We made no substantive trades in the Fund over the month; rather, we topped up names we think will continue to benefit
from an “opening up” trend. Viewed as a theme within the Fund, we are currently running circa 31% in “opening up”
names, across equities & bonds, and in our real assets allocation. Coupled with a circa 6% weight in what we believe are
pro-cyclically tilted securities, we believe the portfolio is well positioned to continue to capture an opening up beta.
Through April, a number of the opening up names contributed meaningfully: GCP Asset Backed Income (GABI), Starwood
European Real Estate (SWEF), Autoliv, American Express, Persimmon and Visa all rank in the top-10 contributors to
performance over the month. LVMH, and Diageo – both compounders – also placed. It is encouraging to see the real asset
positions we have been adding to performing so well. GABI and GCP Student Living are now trading back up near or at
NAV, while SWEF retains some upside to our perception of fair value. Elsewhere, we have seen very strong Q1 earnings
reports from a number of companies we own.
The Fund paid its largest dividend since inception, at just under 1.7% in April, courtesy of Tesco’s special dividend in
February. This is encouraging, and brings the Fund’s yield across 1, 3, 5 years and since inception up to 3.6%.
FUND DETAILS
FUND FACTS
Launch Date 16th October 2014
Morningstar Sector GBP Moderate Allocation
Benchmark CPI +2.5%
Fund Size £134.6m
No. of Holdings 68
Domicile Ireland
Sedol BQ1KPQ1
Bloomberg Code WAVCIPG ID
Fund Type OEIC
Base Currency GBP
Other Currencies None
Ex Dividend Dates Jan 31st, Apr 30th, Jul 31st and Oct 31st
RISK PROFILE
FUND INFORMATION
Share class ISIN Minimum investment AMC INC/ACC NAV Historic yield (%) Ongoing charge (%)
B GBP IE00BQ1KPP02 1,500 GBP 0.75% INC 12.04 3.59% 0.96%
P GBP IE00BQ1KPQ19 1,500 GBP 0.40% INC 12.39 3.59% 0.61%
Note: The Multi Asset Income Fund P share class is only available through Financial Advisers.
CONTACT DETAILS
MARKETING DIRECTOR
Mark Barrington
+44 (0) 20 7484 2058
www.waverton.co.uk
ADMINISTRATOR
RBC Investor Services
Risk Warning: Past performance is no guide to future performance. The value of holdings may fall as well as rise. All financial investments involve an element
of risk. Clients should note that yields on investments may fall or rise dependent on the performance of the underlying investment and more specifically the
performance of financial markets. As such, no warranty can be given that the expressed yields will consistently attain such levels over any given period.
Currency movements may also affect the value of the investment. If the currency in which the past performance is displayed differs from the currency of the
country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted
into your local currency.
For full details of investment risks please refer to the Prospectus. A copy of the full prospectus and the KIID is available from Waverton Investment
Management or Administrator, RBC Investor Services (Ireland).
Sources: Waverton, Morningstar.
Issued by Waverton Investment Management Limited. Registered in England No 2042285. Registered Office: 16 Babmaes Street, London, SW1Y 6AH.
Authorised and Regulated by the Financial Conduct Authority.
FUND MANAGER
James Mee - CFA
FUND MANAGER
Luke Hyde-Smith - CFA
AST FUND MANAGER
Matthew Parkinson - CFA
