The multi-manager fund was launched in June 2008, and has been managed by Paul Craig since April 2009.
While Cirilium Balanced fund is in the top 10 multi-manager funds in the Investment Management Association’s Mixed Investment 20-60 per cent share category, its three-year returns are slightly below the peer group average of 30 per cent.
Cirilium is a range of funds managed by Henderson Global Investors for the Intrinsic group, whose stable includes balanced, dynamic, balanced passive, moderate, conservative and strategic income funds.
The portfolio has year-to-date trailing returns of 10.31 per cent, and its objective is to achieve long-term capital growth by investing in the UK and overseas and by employing a cautious approach broadly diversified across asset classes, with a maximum exposure to equities of 60 per cent.
The fund’s latest factsheet revealed a 41.60 per cent exposure to equities and a 40.30 per cent exposure to cash and fixed interest.
Alternative investments made up 18 per cent of the fund, with hedge funds, private equity and property representing the largest allocations.
Some 30.69 per cent of the fund was invested in the UK, followed by 20.94 per cent in the US and 9.78 per cent in the eurozone.
The portfolio’s largest holding is the Ireland-domiciled Carador Income fund, followed by holdings in Henderson Global Investors and Warren Buffett’s US-based conglomerate Berkshire Hathaway.
It has a minimum initial investment of £1000, followed by additional investments of £100. The fund has a maximum initial charge of 5 per cent, a maximum annual management charge of 1.50 per cent and a total expense ratio of 1.99 per cent. However, it also has a maximum exit charge of 3 per cent.
At the opposite end of the performance scale, Morningstar data revealed that the £6.72m CF GHC Resilient fund had three-year returns of 16.09 per cent, almost half the peer group average, and was placed 107 out of 127 portfolios.
Managed by Richard Harper of GHC Fund Management since its launch in August 2008, the fund is delivering year-to-date trailing returns of 6.71 per cent.
It aims to achieve a long-term total return by investing primarily in collective schemes, including fixed interest, UK and international equities, and schemes that invest in securities such as property, infrastructure and commodities.
No more than 50 per cent will be invested in equities, with less than 10 per cent in international equities. Almost 80 per cent of the fund is invested in the UK.
The fund’s minimum investment is £1000. It has a maximum initial charge of 5 per cent, a maximum AMC of 1.50 per cent, and a total expense ratio of 2.76 per cent.
| Cirilium Balanced Fund | CF GHC Resilient Fund |
| Top five holdings | Top five holdings |
| • Carador Income Fund 3.33% | • Fidelity UK Smaller Companies Fund 5.90% |
| • Henderson Global Investors 2.99% | • iShares UK Property Fund 5.37% |
| • Berkshire Hathaway 2.50% | • Legal & General UK Index Trust 5.06% |
| • Jupiter Strategic Bond 2.38% | • GCP Student Living 4.92% |
| • CG Dollar Fund 2.35% | • GCP Infrastructure Investment Fund 4.89% |
Adviser says...
Gavin Haynes, managing director of Bristol-based Whitechurch Securities, said: “The Cirilium fund offers a widely diversified portfolio. Performance over the short and long term has been impressive and the fund is top quartile over one year and since launch in 2008.
“The GHC fund invests in a range of largely mainstream active and passive funds, with the large majority in equities and fixed interest. In what is a highly competitive area of multi-asset investing, it has not performed well against the peer group and is fourth quartile over most time periods.
“Given its ‘resilient’ label, the irony is that the fund was launched into a difficult climate in the summer of 2008 and lost 25 per cent of the value in the first three months. It has taken nearly five years to recover those losses.”