Rathbone Income Fund
Rathbone Income is a multi-cap UK equity income fund, which gives investors exposure to a concentrated portfolio of companies with high quality and visible earnings. The manager is unconstrained in terms of sector weightings and is able to fully express his market views with the portfolio positioning. The fund usually consists of between 40 and 50 holdings. It invests predominantly in UK equities (80% or more), while up to 20% of the total may be held in cash and overseas equities.
Our Opinion
Fund Managers
Expand
Fund Managers
Close
Carl plays a crucial role in shaping Rathbones' investment process and business strategy. He has managed the Rathbone Income Fund since January 2000. After Rathbones acquired Neilson Cobbold in 1996, Carl moved to London in August 1998, where he became an assistant fund manager for the unit trust business, working alongside Hugh Priestley. Carl graduated from the University of Southampton in 1991 with a BA (Hons) in English Literature. He is I.I.M.R.-qualified and a Fellow of the Securities Institute.
Alan joined Rathbones in October 2005 and became co-manager of the Rathbone Income Fund in October 2018. He has managed and co-managed various UK, European, and global equity funds for Rathbones. Alan holds the Investment Management Certificate (IMC) and is a Chartered Financial Analyst (CFA) charterholder.
Carl plays a crucial role in shaping Rathbones' investment process and business strategy. He has managed the Rathbone Income Fund since January 2000. After Rathbones acquired Neilson Cobbold in 1996, Carl moved to London in August 1998, where he became an assistant fund manager for the unit trust business, working alongside Hugh Priestley. Carl graduated from the University of Southampton in 1991 with a BA (Hons) in English Literature. He is I.I.M.R.-qualified and a Fellow of the Securities Institute.
Read More
Risk
Read more
Back
Company Description
Established in 1999, Rathbone Unit Trust Management is the asset management subsidiary of Rathbone Brothers Plc. It was awarded the Elite Equities Provider Rating in 2016, 2017 and 2018. Rathbone Brothers Plc is listed on the London Stock Exchange and employs more than 250 investment professionals in a number of offices around the UK.
Fund Performance
Close
Risk
Close
Talking Factsheet
Quote from the Fund Manager
Stick with the long-term dividend winners - ‘buy and hold’ for compound income and capital returns.
Carl Stick
Co-Manager
Investment process
Through investing in UK companies with above-average yields, Carl aims to deliver rising income with the opportunity for capital growth over time. The investment process uses ten core stock selection principles and revolves around three areas: risk management, quality and value. Company meetings and further qualitative research is then undertaken to build a portfolio of around 40 to 50 stocks. Carl's intention is always to own a stock for as long as it continues to fit the investment criteria.
Risk
Carl's focus on companies with high-quality earnings has resulted in this fund having a lower risk profile than the UK stock market. While there are no sector constraints, he controls single company risk by limiting position sizes.
ESG
ESG - Integrated
While the Rathbone Income fund is not classified as an ESG fund, ESG analysis is integrated into the process in order to fully assess the business, financial and price risks in any investment. The managers are free to invest in businesses that might otherwise be excluded if certain ESG exclusions were in place, such as the energy sector. They may retain a holding if it has a poor ESG score if they feel comfortable with the associated risks, and if those risks are priced into the investment. However, the managers would always prefer a business with lower ESG risks. If an ESG score is deteriorating they will investigate as a matter of urgency, as this reflects an increase in the overall risk profile of the business; conversely, an improvement in an ESG score is a positive. ESG scores on individual holdings in the fund are monitored on a weekly basis, and form part of their own internal analysis. They also use third-party ESG data providers, such as MSCI and Sustainalytics, and they will engage with companies if any controversies or issues are flagged.
The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.