Fact sheet: Ardevora UK Equity

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.
UK GROWTH
Sector
FO Equity - UK
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Ardevora UK Equity

Rated Fund 2016-2018. Offers something different to investor portfolios

Ardevora UK Equity takes a slightly unusual approach on two counts: the managers use behavioural psychology to help them make stock decisions, and they can also short-sell stocks to make money from falling share prices.

Short term, the fund's performance has faltered, but longer term it remains among the top performers. On the basis of its long-term track record and the fact that it offers something different to investor portfolios, it has retained its Rated Fund status.

Launched in 2011, it is run by Jeremy Lang and William Pattisson, who between them have many years of experience in fund management. They think that picking good stocks is about recognising where 'the market' can be wrong. They picture the market as made up of three sets of people: company managers, financial analysts and investors.

They watch the behaviour of these people for signs of bias. For management, they look for indications of hubris, denial and excessive risk-taking. For analysts, they look for signs of overconfidence, blinkering and belief in a good-sounding story. And for investors, they look for signs of excessive anxiety, over-exuberance or a fixation on recent emotive events.

The duo says they 'keep away from these people, and judge them by observable facts ヨ stock prices, valuations, forecasts, company accounts and analyst reports'.

They mainly buy shares they think will rise in the long term: these 'long' positions equate to 150 per cent of net assets.

Synthetic 'short' positions, achieved principally through the use of derivatives, make up 50 per cent of net assets. The stocks they short are those where they think managers are behaving unusually riskily, but investors or analysts are relaxed.

3 Year Performance
Fund Performance30.9%
Average of Rated Funds Group43.6%
Sector Performance13.8%
Fund information
Fund name
Ardevora UK Equity A
Fund manager company
Ardevora
Fund type
OEIC
Fund managers
  • Jeremy Langsince 11/02/2011
  • William Pattissonsince 11/02/2011
Accolades
Fund objective
The Ardevora UK Equity Fund's investment objective is to achieve long-term capital appreciation.
Benchmark
  • MSCI UK IMI index
Investment style
Active,Growth
Investment method
Shares
Quick stats
1 Year return
12.6%
1 Year rank in sector
5/78
Sector
FO Equity - UK
Yield
-
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.
1.63%
Fund size
£159m (£187m last year)
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.
111
Top in this sector
Fund name1 Year
Old Mutual UK SmCos Fcus20%
Marlborough UK MulCap Gth Cell15.3%
Marlborough UK MiCap Gth Cell15.3%
Investec UK Alpha14.5%
Ardevora UK Equity12.6%
...more in FO Equity - UK

Performance snapshot

Holdings snapshot

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund4.9%0.5%5.9%12.6%30.9%73.5%
Sector5.5%-2.1%-0.3%4.6%13.8%41.8%
Rank within sector61 / 805 / 803 / 805 / 789 / 655 / 50
Quartile4th1st1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund1.4%14.1%7.5%20.9%-4.7%
Sector-1.8%11.6%8.9%4.9%1%
Rank within sector6 / 8023 / 7541 / 683 / 6448 / 51
Quartile1st2nd3rd1st4th
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.
6.37
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.
0.83
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.
0.48
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%.
12.18
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.
9.93
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.
0.53
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.
0.35
Price movement
52 week high2.52
52 week low2.16
Current bid price-
Current offer price-
Current mid price2.48
Region
1UK100%
Industry sector
1Materials24%
2Industrials20%
3Information Technology19%
4Health Care17%
5Consumer Staples8%
6Financials7%
7Utilities7%
8Others2%
9Energy1%
Asset type
1UK Equities100%
Individual holdings
1INDIVIOR PLC4.04%
2ASOS4.01%
3ASCENTIAL PLC4%
4RIO TINTO4%
5BHP BILLITON PLC3.99%
6ANGLO AMERICAN3.97%
7ABCAM3.89%
8CRODA INTERNATIONAL PLC3.86%
9BP3.79%
Management
Fund manager group
Ardevora
Fund manager company
Ardevora
Fund type
OEIC
Fund objective
The Ardevora UK Equity Fund's investment objective is to achieve long-term capital appreciation.
Benchmark
  • MSCI UK IMI index
Investment style
Active,Growth
Investment method
Shares
Fund managers
NameSinceBiography
Jeremy Lang11/02/2011Jeremy Lang co-founded Ardevora in January 2010, alongside William Pattisson. Jeremy has over 30 years’ experience, beginning his career in 1986 managing North American and UK Equities with William at James Capel Fund Managers. He left James Capel in 1991 to take up full-time long-distance sailing. In 1995 Jeremy joined Liontrust Asset Management, and in 1999, he partnered with William to manage UK equity portfolios and all investment management operations. Jeremy left Liontrust in April 2009. He has a First Class degree in Economics and Econometrics from the University of York and a Masters in Economics of Finance and Investment from the University of Exeter.
William Pattisson11/02/2011William Pattisson co-founded Ardevora in January 2010, alongside Jeremy Lang. William has over 30 years’ experience, beginning his career in 1986 managing North American and UK Equities with Jeremy at James Capel Fund Managers. In 1994, William moved to Fleming Investment Management where he became Head of the UK Equity Specialist team, before being appointed asthe Head of UK Equities. In 1999, he joined Liontrust Asset Management where he partnered with Jeremy to manage UK equity portfolios and all investment management operations. William left Liontrust in April 2009. He has a degree in Chemistry from Oxford University.
Compliance
Transparent for German Tax, IA Recognised, Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom, Ireland, Offshore
Ardevora UK Equity A
Initial charge3%
Annual charge1.5%
Min single investment£5,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.63%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price2.4766
CurrencyGBP
Price updated24/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code01BW
Ardevora UK Equity B
Initial charge-
Annual charge0.5%
Min single investment£5,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)0.63%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price2.4007
CurrencyGBP
Price updated24/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code01BX
Ardevora UK Equity C
Initial charge-
Annual charge1%
Min single investment£50,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.13%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price2.4621
CurrencyGBP
Price updated24/04/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code01BY
Ardevora UK Equity D
Initial charge3%
Annual charge1%
Min single investment£50,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.13%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1.7868
CurrencyGBP
Price updated24/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeIB2O
Data provided by

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.