Munro Fund Objective -
To deliver an optimised risk adjusted return from UK equities.
Munro Fund Process -
The fund uses consensus forecast gross cash dividends for each constituent company, in relation to
the total for the index, to determine the size of each holding. Using a fundamental measure, rather
than price (market capitalisation) as with most index funds, gives it a value bias. This model bridges
the gap between active and passive funds and could be described as Smart Beta. The model is rebalanced every month to incorporate
changes to dividend forecasts and the fund is reconciled to the model every day to exploit volatility.
Now available through Hargreaves Lansdown on its low cost flat fee basis of £2 a month
The Munro UK Dividend Fund does not lend out stock, charge performance fees or use derivatives.
It is a long only fully authorised OEIC.
The annual management charge on the X class is 0.5%.
The current dividend yield on the X class income shares is 4.6%.
The minimum investment in X Class shares is £250.
Latest Fact Sheet
Munro Fund Blog Pages
Munro Fund Prices
Monday 20th May
MITIE Group announce preliminary results which shows full-year pre-tax profits of £111m, up 5.4% from the previous year. The full-year dividend per share is 10.3p, up 7.3%.
ITE Group stated that pre-tax profits for the six months to 31 March were £2.6m, down from £6.3m in the previous year.
Cranswick reported that full-year pre-tax profit was down 2% to £47.4m. Total dividend is 30p per share, an increase of 5.3%.
BTG said that post-tax profit was £16.4m, up from £14.6m.
Salamander Energy stated that production averaged 14,100 boepd in the year to April 30th. Total group debt at the end of the previous month was $403m, including the $100m convertible bond.
The Independent Committee of the board of ENRC confirmed a proposal made a Consortium on 16 May 2013 which offered 175p per share in cash and 0.231 of an existing Kazakhmys share for each ENRC share. The proposal referenced a Kazakhmys share price of 370p per share, which together with 175p per share in cash represented a total price of 260p per ENRC share. The Committee believes that the proposal undervalues ENRC.
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Past performance is not a guide to future returns. The value of investments and the income from them may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested.
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