Saracen Growth Fund
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TB SARACEN UK ALPHA FUND 31 January 2017 Fund Objective and Policy FOR PROFESSIONAL The objective is to achieve a higher rate of return than the MSCI UK All Cap INVESTORS ONLY Index by investing in a portfolio of primarily UK equity securities with the Retail investors should consult their potential for long term growth. financial advisers Fund Performance Since Inception* FUND DETAILS (as at 31 January 2017) Fund size: £25m Launch date: 05/03/99 No. of holdings: 29 Active share: 91% Beta: 0.74 Volatility: 16.73 Source: Factset as at 31/1/17 Denomination: GBP Valuation point: 12.00 noon Fund prices: A Accumulation: 391.38p *Source: Factset B Accumulation: 629.76p Total Return, Bid to Bid, GBP terms. Past performance is not a reliable indicator of future results. The value of your investment and the income derived from it can go down as well as up and you may not get back the money you invested. Policy is not to charge a dilution levy except in exceptional circumstances. Cumulative Performance after all ongoing charges to last valuation point in January 2017 ACD: Since 1 month 1 year 3 years 5 years T. Bailey Fund Services Limited launch* TB Saracen UK 0.6% 11.7% 17.5% 82.0% 529.8% Alpha B Acc Fund Manager MSCI UK All -0.3% 20.4% 21.5% 55.1% 107.5% Cap Index (TR) Sector Average 0.6% 17.6 % 20.5% 63.9% 148.3% Quartile 2 4 3 2 1 Ranking Source: Financial Express; * launch date 05 March 1999 Sector: IA Sector (UK All Companies) Fund Breakdown by Market Cap 70% Craig Yeaman joined Saracen in 2008 from 60% Aberdeen Asset 50% Management. He has 40% managed the Fund since 2009. He has over 19 years 30% of industry experience. 20% 10% http://citywire.co.uk/wealth- 0% manager/manager/craig- 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 yeaman/d13339 Large Mid Small Data as of 31 January 2017, Source: Saracen Fund Managers Data TB SARACEN UK ALPHA FUND 31 January 2017 January - Attribution Analysis* Fund Breakdown Top Contributors Positive Top 10 Holdings Sector breakdown Synthomer +0.44% MJ Gleeson 6.3% Industrials 22.5% Rio Tinto +0.40% RPC Group 6.1% Consumer Services 21.9% Moneysupermarket.com +0.25% GKN 5.9% Financials 17.1% Ashmore +0.23% Tyman 4.9% Basic Materials 15.7% GKN +0.20% Top Detractors Negative STV Group 4.7% Consumer Goods 13.4% Tyman -0.16% Hill & Smith 4.5% Oil & Gas 2.1% Prudential -0.20% Rio Tinto 4.3% Healthcare 1.8% Standard Life -0.23% Berkeley Group 4.1% Telecoms 1.7% Pets at Home -0.35% Avon Rubber 4.0% Technology 0.0% Dunelm Group -0.39% Restore 3.7% Utilities 0.0% * Source: Factset as at 31/01/17 Monthly Commentary Performance The UK stock market started the New Year in lacklustre fashion led by the FTSE 100 which retreated 0.57%. The FTSE 250 and Small Cap posted positive returns of 0.46% and 1.44% respectively which led to a total return in the FTSE All Share of -0.33%. Against this, Saracen UK Alpha Fund had a solid start to 2017 with Beta shares returning 0.59%. Positives The fund had five stocks which added more than 10% during January, mainly after reporting solid trading updates. Synthomer, a new purchase for the fund, issued guidance ahead of expectations and was rewarded with a 17% move. Rio Tinto continued to outperform on the back of firming commodity prices and moneysupermarket.com, another new addition, jumped 12% after reporting solid trading. Victoria, our newest purchase added 11% since it was bought earlier in the month and Ashmore bounced 10% after recent weakness. Negatives Retailers caused the fund more pain with Dunelm reporting that current trading was mixed together with some additional one off costs relating to a new warehouse. The market proved it was in an unforgiving mood and marked the shares 16% lower. Pets At Home, although reiterating guidance, disappointed on its sales number and saw its price also fall 16%. TalkTalk remained unloved and its shares weakened 9%. Portfolio Activity We sold out of Pets at Home when it was 9% weaker and we reinvested the money into Victoria, a manufacturer and distributor of carpet and floor coverings in the United Kingdom and Australia. The company has been very pro-active in consolidating their chosen markets and we believe there is much more still to be done. Initial Annual Ongoing ** ISIN SEDOL Bloomberg EMX Charge Charge Charge B Acc Shares GB0005711196 0571119 SFMGRBA LN SARGFB 0% 1.00% 1.25% ** From annual audited accounts to 31 January 2017 To place a deal or for further information contact: T. Bailey Fund Services Limited (TBFS) General Enquiries: 0115 988 8200 64 St. James’s Street Dealing Line: 0115 988 8274 Nottingham E-mail Dealing: [email protected] NG1 6FJ (Phone and email deals will only be accepted on completion of initial account set up and by prior agreement with TBFS) T. Bailey Fund Services Limited is authorised and regulated by the Financial Conduct Authority (No. 190293). Important information: This information should not be construed as an invitation, offer or recommendation to buy or sell investments, shares or securities or to form the basis of a contract to be relied on in any way and is by way of information only. Taxation levels, benefits and reliefs may all vary depending on individual circumstances and are subject to change. This document represents the views of Saracen Fund Managers Limited at the time of writing. Subscriptions will only be received and shares issued on the basis of the current Prospectus, Key Investor Information Document (KIID) and Supplementary Information Document (SID). These are available, in English, together with information on how to buy and sell shares, on-line at: www.tbaileyfs.co.uk. Risk factors you should consider before investing: The value of investments and the income from them may go down as well as up and you may get back less than the amount invested. Past performance is not a guide to future performance. A full list of the risks applicable to this Fund can be found in the Prospectus. All fund performance figures calculated on a single price basis. This Fund may not be appropriate for investors who plan to withdraw their money in the short-term (within 5 years). The Fund should be viewed as a medium to long-term investment only. Investment Manager: Saracen Fund Managers Ltd, 19 Rutland Square, Edinburgh, EH1 2BB. Tel: 0131 202 9100 and on-line at www.saracenfundmanagers.com. Saracen Fund Managers Limited is authorised and regulated by the Financial Conduct Authority. Registered in Scotland No. 180545. Issued by Saracen Fund Managers Limited. Please note that Saracen Fund Managers Limited do not provide financial advice. If you have any doubt whether the TB Saracen UK Alpha Fund is suitable for you and you wish to receive advice you should contact your Financial Adviser. Regulatory Status: FCA Recognised: Yes Scheme Type: OEIC (UCITS) Issue date – 31 January 2017 .