STATISTICS PA QUALITY FUNDS
The PA Quality Funds
Blue-chip funds for investment advisers
The PA Quality Funds are a
carefully filtered selection
of premium funds from the
whole universe available
to UK-based investment
advisers. These funds have
undergone a series of
quantitative and qualitative
screens designed with the
help of Morningstar and
kept on a bespoke
database.
Universe
The universe is based on
Morningstar’s ‘UK registered
for sale universe’ of
around 3,400 funds – split
roughly evenly between UKdomiciled
funds and offshore
funds with FSA
recognition. Funds must
have a three-year track
record.
Investment categories
We have created 14 categories
– the most commonly
used by advisers
for asset allocation deci-
sions – and have consolidated
all the relevant
Morningstar Global
Investment Fund sectors
into them.
Quantitative screen
Only funds with a four- or
five-star Morningstar
Rating appear.
This represents the top
32.5% of funds based on
three-year performance
and volatility within their
sectors.
Qualitative screen
Finally, funds must have a
qualitative rating to be
allowed in.
That is to say that an
independent agency
needs to have met with
and evaluated the fund
manager and team.
To qualify for the PA
Quality Funds, a fund
needs to have a qualitative
fund rating from Standard
& Poor’s, OBSR or
Morningstar themselves.
Data supplied by
including ratings by
Data Source: © 2011 Morningstar, Inc. All Rights Reserved. The information contained on the following pages: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete
or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Performances have been calculated on a bid-to-bid, £, gross income
basis. Volatility is expressed as standard deviation of 36 monthly total returns (bid-to-bid). Fund sizes are as reported by the management groups and the latest available to Morningstar. The Morningstar Rating is calculated based on a fund’s total returns, adjusted
for risk and sales charges, relative to other funds in its Morningstar Category. The Overall Morningstar Rating published here is based on a weighted average of a fund’s 3-, 5-, and ten-year ratings, depending on the length of its record.
UK equity (incorporating equity income)
Fund name Manager name Morningstar S&P fund OBSR M’star 3-year 3-year Domicile Curr Min init Fund
Rating ratings Qual % chg volatility inv (£) size (£m)
Investec UK Smaller Cos A Acc Net Investec Fund Mngrs (UK) ����� AA � 132.73 18.49 UK £ 1,000 296.5
L&G UK Alpha R Legal & General UT Mngrs ����� AA 131.37 19.64 UK £ 500 184.35
Liontrust Special Situations Inc Liontrust Fund Partners ����� A 103.49 13.64 UK £ 1,000 170.46
Franklin UK Mid Cap A Inc Franklin Temp Invest (UK) ����� AA � 95.35 20 UK £ 1,000 498.01
Cazenove UK Opportunities B Cazenove Invest Fund Mgt ����� A 75.53 18.11 UK £ 1,000 1.5
Axa Fram’ton UK Select Opps Inc Axa Investment Mngrs UK ����� AAA � 74.4 16.11 UK £ 1,000 2,779.19
M&G Recovery A Inc M&G Group ����� AAA AAA � 61.05 17.33 UK £ 500 6,913.54
MFS Meridian UK Equity A1 £ MFS Meridian Funds ����� AA 59.68 16.58 Luxembourg £ 2,500 75
Aviva Investors UK Equity SC1 Aviva Investors UK Fd S’vcs ����� AA 57.24 16.91 UK £ 1,000 202.79
JOHCM UK Opps Retail £ Acc JO Hambro Capital Mgt ����� AA � 47.57 12.82 UK £ 1,000 801.82
IP High Income Inc Invesco Fund Managers ����� AAA AAA � 38.05 11.89 UK £ 500 11,066.49
IP Income Inc Invesco Fund Managers ����� AAA AAA � 37.65 12.06 UK £ 500 8,737.32
Standard Life UK Eq Unconstrained Standard Life Investments ���� A 132.87 31.51 UK £ 1,000 391.95
Cazenove UK Smaller Companies B Cazenove Invest Fund Mgt ���� A 119.54 21.09 UK £ 1,000 91.4
Standard Life UK Smaller Cos R Standard Life Investments ���� AAA AAA � 93.13 15.77 UK £ 500 1,117.73
Old Mutual Dublin UK Sel Smllr Cos Old Mutual Asset Mngrs UK ���� AAA 89.62 18.94 UK £ 1,000 48.91
Liontrust UK Smaller Comps Inc Liontrust Fund Partners ���� A 86.8 13.55 UK £ 1,000 71.95
Old Mutual UK Select Small Co Acc Old Mutual Fund Managers ���� AAA AAA � 79.24 18.14 UK £ 1,000 454.18
Kames UK Smaller Companies A Kames Capital ���� A 78.65 17.89 UK £ 500 15.43
HSBC FTSE 250 Index Retail Inc HSBC Global Asset Mgt (UK) ���� AAA 77.71 19.92 UK £ 1,000 185.35
BlackRock UK Smaller Comp A Inc BlackRock Fund Managers ���� AA A � 73.65 18.32 UK £ 500 363.88
BlackRock UK Special Sits A Inc BlackRock Fund Managers ���� AAA AAA 70.17 18.42 UK £ 500 1,346.34
Cazenove UK Equity B £ Cazenove International Fund ���� A 66.53 17.51 Ireland £ 5,000 73.7
JOHCM UK Equity Income £ Inc JO Hambro Capital Mgt ���� AA � 65.13 20.19 UK £ 1,000 879.95
Old Mutual UK Select Mid Cap Acc Old Mutual Fund Managers ���� AA AA � 64.93 20.53 UK £ 1,000 756.34
Investec UK Special Sits A Inc Net Investec Fund Mngrs (UK) ���� AAA � 58.89 17.12 UK £ 1,000 479.83
CF Walker Crips Equity Income Inc Walker Crips Group (Capita) ���� A 58.55 14.56 UK £ 1,000 223.39
BlackRock UK Income A Inc BlackRock Fund Managers ���� AA AA � 56.02 15.91 UK £ 500 718.2
CF Walker Crips UK Growth Inc Walker Crips Group (Capita) ���� A 54.05 14.44 UK £ 1,000 172.35
Threadneedle UK Fund Retail Threadneedle Invest S’vces ���� A 52.9 17.25 UK £ 2,500 1,044.49
Aviva Investors UK Equity Inc SC1 Aviva Investors UK Fd S’vcs ���� AA 49.19 15.76 UK £ 1,000 661.92
Threadneedle UK Eq Inc Ret Net £ Threadneedle Invest S’vcs ���� AA AA 48.63 15.77 UK £ 2,500 1,081.94
40 PORTFOLIO ADVISER [www.portfolio-adviser.com] JANUARY 2012
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