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
UK equity income
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 decisions –
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: © 2010 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.
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)
Schroder Income Maximiser A Acc Schroder Unit Trusts (UK) ★★★★★ A 3.94 20.41 UK £ 1,000 597.47
Schroder Income Acc Schroder Unit Trusts (UK) ★★★★★ Superior 3.76 22.12 UK £ 1,000 1,581.1
Aviva Investors UK Equity Inc SC1 Aviva Inv UK Fund Services ★★★★★ A -1.65 17.7 UK £ 1,000 631.75
BlackRock UK Income A Inc BlackRock Fund Managers ★★★★ AA -1.47 18.32 UK £ 500 357.3
Threadneedle UK Eq Inc Ret Net £ Threadneedle Inv Services ★★★★ AA A -3.5 16.81 UK £ 2,000 655.32
JOHCM UK Equity income £ Inc J O Hambro Capital Mgt ★★★★ AA AA Superior -5.01 21.31 UK £ 1,000 304.34
Threadneedle UKEqAlpha Inc RN £ Threadneedle Inv Services ★★★★ AA A -6.24 16.51 UK £ 2,000 197.51
Artemis Income Inc Artemis Fund Managers ★★★★ AAA Superior -6.84 16.92 UK £ 1,000 2,854.34
Newton Higher Income £ BNY Mellon Asset Mgt ★★★★ A A -11.07 15.92 UK £ 1,000 2,730.54
Standard Life UK EqHigh Inc R Inc Standard Life Investments ★★★★ AAA -13.6 18.37 UK £ 500 900.44
Fidelity Income Plus Fidelity (FIL Inv Svcs (UK)) ★★★★ Standard -15.14 16.85 UK £ 1,000 480.91
UK equity income and growth
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)
IP High Income Inc Invesco Fund Managers ★★★★★ AAA AAA -4.9 15.56 UK £ 500 9,261.16
IP Income Inc Invesco Fund Managers ★★★★★ AAA AAA -5.64 15.59 UK £ 500 7,145.89
UK equity
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)
GLG UK Select Equity M GLG Partners UK ★★★★★ A 41.52 26.65 Ireland € 4,401 N/S
L&G UK Alpha R Legal & Gen Unit Trust Mngrs ★★★★★ AA 23.03 22.75 UK £ 500 82.31
M&G Recovery A Inc M&G Group ★★★★★ AAA AAA Elite 10.82 20.39 UK £ 500 4,689.67
Rensburg UK Mid Cap Growth Rensburg Fund Management ★★★★★ Elite 9.14 22.31 UK £ 500 178.68
Newton Income £ BNY Mellon Asset Mgt ★★★★★ AA A Superior 4.4 15.7 UK £ 1,000 1,095.85
JOHCM UK Opport Retail £ Acc J O Hambro Capital Mgt ★★★★★ AA AA Superior 3.14 15.65 UK £ 1,000 484.47
Newton UK Equity ES 1 BNY Mellon Asset Mgt ★★★★★ A 2.94 14.78 UK £ 50m 44.07
Aegon UK Smlr Coms A Aegon Fund Mgt (UK) ★★★★★ A 2.26 20.28 UK £ 500 9.08
Investec UK Special Sits A Inc Net Investec Fund Mgrs (UK) ★★★★★ AA Elite 2.22 20.08 UK £ 1,000 372.74
Newton UK Opportunities £ BNY Mellon Asset Mgt ★★★★★ AA 2.11 15.21 UK £ 1,000 424.51
Investec UK Smaller Co A Acc Net Investec Fund Mgrs (UK) ★★★★★ A Standard -0.91 24.12 UK £ 1,000 117.82
L&G Growth E Inc Legal & Gen Unit Trust Mngrs ★★★★★ AA A -1.7 20.45 UK £ 500 213.62
64 PORTFOLIO ADVISER [www.portfolio-adviser.com] MARCH 2010
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