Global Focus

“Taking a genuinely long-term view – empowered by Majedie’s ownership structure – gives us an advantage over those more concerned with quarterly numbers.”
– Tom Morris

We prefer a portfolio that is concentrated in terms of number of stocks, but diverse in terms of drivers of return.

The Global Focus Fund is our concentrated global fund. It is managed by Tom Record, Adrian Brass and Tom Morris, who sit at the heart of our 19-strong Investment team.

Our distinctive sub-portfolio structure – typically 15 stocks each – harnesses the strengths of shared expertise, different perspectives and team work with those of individual freedom and accountability, enhancing decision-making and enabling us to act quickly.

Our shared philosophy is that long-term, fundamental and truly active investing, with flexibility and a willingness to be opportunistically contrarian, enables us to embrace uncertainty and exploit market inefficiencies.

The team invests where the potential risk/reward is jarringly skewed to the upside – the more jarring the risk/reward asymmetry, the bigger the holding in the portfolio.

Developed and Emerging Market expertise is embedded in the team, with macro and micro considerations an integral part of day-to-day research and discussion. Each manager has buy/sell autonomy on their sub-portfolio and works with the analysts to produce their own research before investing in any stock. Their distinctive perspectives and complementary investment time horizons mitigate style bias and produce a diverse set of potential money-making ideas – not skewed to one type of stock.

We take a holistic approach to risk at the portfolio level.


UK Domiciled Fund – LF Majedie Asset Management Investment Fund Company

Document type Share Class Acc/Inc Currency File
Factsheet 2020 04 LF Global Focus Fund Factsheet
KIID B Acc GBP LF Majedie Global Focus Fund B Acc KIID (GBP)
KIID B Acc USD LF Majedie Global Focus Fund B Acc KIID (USD)
KIID X Acc GBP LF Majedie Global Focus Fund X Acc KIID (GBP)
KIID X Acc USD LF Majedie Global Focus Fund X Acc KIID (USD)
Prospectus & Supplement LF MAMIFCo Prospectus
Report & Financial Statements LF MAMIFCo Interim Report & Financial Statements to June 2019
Report & Financial Statements MAMIFCo Annual Report & Financial Statements to 31 December 2019
Application Form LF Majedie Application Form

LF Majedie Global Focus Fund Class X Acc (net of fees, USD)

MSCI ACWI (NDR)

Discrete years (%)
12 months ending
Dec 15Dec 16Dec 17Dec 18Dec 19Since Inception^ (P.A.)
(to 31 December 2019)
X Accumulation (USD) 5.6 0.1 24.1 -9.7 22.9 6.4
MSCI ACWI (NDR) -2.4 7.9 24.0 -9.4 26.6 7.3
Relative +8.0 -7.7 +0.1 -0.3 -3.7 -0.9

^30 June 2014

Source: Majedie, USD, net of fees.

Other share classes are available.
Past performance is not necessarily a guide to future performance. The return on investments may increase or decrease as a result of currency fluctuations.

UK Domiciled Fund – LF Majedie Asset Management Investment Fund Company

Share Class Currency Acc/Inc ISIN Price Price swing Pricing date Valuation point
B USD Acc GB00BN31TJ24 1.4243 none 02 Jun 2020 Noon
B GBP Acc GB00BN31TH00 1.9319 none 02 Jun 2020 Noon
X USD Acc GB00BN31TL46 1.3446 none 02 Jun 2020 Noon
X GBP Acc GB00BN31TK39 1.8233 none 02 Jun 2020 Noon

The prices shown are historic (calculated at the valuation point on the date shown) and are indicative only. Transactions will be effected at the price next calculated after receipt of a valid dealing instruction.

Share Class: For further information, please refer to the Prospectus and/or KIIDs
Acc / Inc: With accumulation shares, income from the Fund’s investments will be included in the value of your shares rather than being paid out via a dividend. With income shares, income from the Fund’s investments will be paid out via a dividend.

UK Domiciled Fund – LF Majedie Asset Management Investment Fund Company

Share Class Currency Acc/Inc ISIN OCF (%) AMC (%) ACC (%) One-off entry/exit cost (%) Transaction costs (%) Performance fees (%) Pricing basis Dilution Rates (%)
B USD Acc GB00BN31TJ24 0.00 0.00 0.00 0.00 / 0.00 0.09 Single Swing 0.05 / 0.05
B GBP Acc GB00BN31TH00 0.00 0.00 0.00 0.00 / 0.00 0.09 Single Swing 0.05 / 0.05
X USD Acc GB00BN31TL46 0.85 0.85 0.00 0.00 / 0.00 0.09 Single Swing 0.05 / 0.05
X GBP Acc GB00BN31TK39 0.85 0.85 0.00 0.00 / 0.00 0.09 Single Swing 0.05 / 0.05

Charges shown are predicted (calculated at the valuation point on 30 April 2020 and estimated as of 06 May 2020), are for indicative purposes only and subject to change. Please note that B share classes are only available by separate agreement with Majedie Asset Management Limited, bespoke arrangements typically include performance fee structures.

Share Class: For further information, please refer to the Prospectus and/or KIIDs
Acc / Inc: With accumulation shares, income from the Fund’s investments will be included in the value of your shares rather than being paid out via a dividend. With income shares, income from the Fund’s investments will be paid out via a dividend.
OCF (%): Ongoing Charges Figure. This is the annual cost that is incurred through the regular operation of the Fund. The figure is normally based the actual costs of the previous year, but for new funds or a new share class of existing funds, the figure provided may be an estimate based on expected costs. These charges are deducted from the daily quoted price of the Fund. The two components of the OCF, Annual Management Charge (AMC) and Admin Cost Charges (ACC) are described separately. The OCF does not include Entry Charges, Exit Charges or Transaction Costs (such as taxes and execution) which are quoted separately in this table. Research Costs are paid for by Majedie.
AMC (%): Annual Management Charge. This is the annual charge received by Majedie Asset Management Limited.
ACC (%): Admin Cost Charge. This is the annual charge for all other administrative costs incurred in the regular operation of the Fund, including for example daily fund accounting, safe custody of assets, transfer agency services, trustee & depositary oversight, regulatory fees, external audit and where applicable, hedged share class administration fees. Where Majedie Asset Management has elected to pay certain costs, the ACC quotes only those costs that will be paid by the Fund. The ACC is the difference between the OCF and the AMC.
Entry / Exit Charge: No entry or exit fees are charged for any fund.
Transaction costs (%): This figure includes explicit costs (taxes such as stamp duty‚ exchange fees‚ and commission paid to brokers for execution)‚ an estimate of implicit costs or “slippage” (using intraday arrival prices)‚ and – where relevant – an offset from any anti-dilution mechanisms applied. These ex-ante costs are projected using the actual costs incurred over the most recent 3 year period‚ annualised (but excluding commissions paid for research pre-2018 which are now absorbed by Majedie).
Performance fee (%): The Fund does not charge a performance fee.
Pricing Basis: The Fund operates on a single swinging pricing basis. Prices are swung up / down whenever there are net inflows / outflows of £250,000 (or currency equivalent) or higher on any dealing day.  Please see the prospectus for further information.
Dilution Rates (%): These are the current bid/offer rates applied to prices when swung down/up.  Dilution compensates the Fund for transaction taxes, trade execution costs and market spread incurred by the Fund in actioning trades resulting from investor subscriptions or redemptions.   Dilution rates are reviewed regularly and therefore subject to change.

This information is not intended to be an offer or solicitation of an offer to buy or sell securities. All rights in the referenced index are vested in the index owner and/or its licensors, who do not accept any liability for any errors or omissions in the index or any underlying data.

Fund: For further information, please refer to the Prospectus and/or KIIDs
Notes
For further information, please refer to the Prospectus and/or KIIDs.
More details on costs and charges can be found in the European MiFID Template (EMT) – Excel or the European MiFID Template (EMT) – Pipe Delimited files.