ISFL Meon Adaptive Growth

(BMQ8V53) 149p

Assets: £53.1 million

Size isn’t everything. It may only have around £50 million in assets but ISFL Meon Adaptive Growth (BMQ8V53) has a recent track record which would put larger counterparts to shame.

Over the last three years the fund is up 56.9% versus 26.2% for the IA Global sector. This strong performance is underpinned by the systematic strategy adopted by Robert Hale which marks the vehicle out from peers.

This dispassionate approach could be a good fit for an unpredictable environment which looks set to test even the most dearly-held investment doctrines.

Through the use of computer modelling Hale assess numerous financial metrics for prospective investments. He also has the flexibility to use exchange-traded funds to gain exposure to asset classes beyond just stocks and shares (including commodities and bonds).

That doesn’t mean slavishly sticking to the outputs spat out by the machine – Hale is able to exercise his own judgement if he thinks the outcomes he is getting do not stack up.

Notably, while the fund has a bias towards US-listed large caps, alongside UK and European names, it doesn’t currently hold any ‘Magnificent Seven’ names.

Success chalked up from positions which have subsequently been closed of late include Italian defence firm Leonardo (LDO:BIT) and cruise operator Royal Caribbean Cruises (RCL:NYSE).

Running winners include Spanish construction outfit ACS (ACS:BME) and Norwegian multinational defence and oil and gas contractor Kongsberg Gruppen (KOG:OSE).

‘Perhaps one of the greatest advantages of a systematic approach to the management of a global equity portfolio is that you don’t get hung-up on style,’ says Hale.

‘Many managers set out their stall with a bias toward value, whereas others are more adept at a growth approach. Convincing a value stalwart to jump ship to growth and vice versa doesn’t always end well. The market is currently rather split upon which side of the divide to invest.’

With interest rates apparently heading lower, ‘growth could be where to head, but bond yields are remaining stubbornly high and therefore value could still prevail’, explains Hale.

‘And so it is that we at Meon rejoice in the fact that our style-agnostic, systematic approach, which ignores the confusing noise from around the globe, has navigated a successful path, providing worthwhile outperformance, with lower levels of volatility and a globally diversified portfolio that has adapted along the way.’ 

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