Ashburton is launching a dollar equivalent of its Isle of Man-based international equity fund. The £1...
The £120m Sterling International Equity fund was launched in 1992 and the new fund will mirror its asset allocation exactly.
The minimum investment is $40,000 with a 1.5% annual management charge. The total expense ration will come to around 1.8%. The initial charge is 5% of which 4% is available as commission.
Trevor Falle, business development director at Ashburton, said: "The sterling fund has enjoyed outstanding performance since launch and there has been considerable demand both from our international clients and intermediaries to introduce a US dollar-based equivalent."
The US Dollar International Equity fund is a sub-fund of the Ashburton Global Funds umbrella and finishes the series of offering dollar versions of all sterling funds. It will help open up the fund to international investors, especially in Ashburton's key markets such as South Africa, Kenya, various offshore islands and the Middle East.
Nick Lee, who will manage the fund, has managed the sterling equivalent from Ashburton's Jersey offshore base since its launch. The performance since then has been 337% and the compound growth since launch has been 20.27% with a 16.73% volatility.
This compares to a Lipper sector return of 200.24% and a compound growth of 14.74%.
Lee uses the Morgan Stanley World Index as his benchmark, although he is not bound to stick to it. As a result, he can take fairly aggressive asset allocation bets. For example, his Europe weighting is 32% against a benchmark 23%, he is underweight US (40% vs. 47%) and very light Japan (5% against the World Indexes 13%).
The fund is run on broadly conservative grounds, with Lee sticking to the mainstream centres and his team's areas of expertise.
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