ii super 60

Name	Investment Category	Selection rationale	Invest now
Fidelity Index UK Fund	Low cost	find out more	trade
Liontrust Special Situations	Core	find out more	trade
LF Lindsell Train UK Equity	Core	find out more	trade
CFP SDL UK Buffettology	Adventurous	find out more	trade
River & Mercantile UK Recovery	Adventurous	find out more	trade
Marlborough Multi Cap Growth	Adventurous	find out more	trade

Formal review concluded. This Super 60 Fund is retained. Find out more

Name	Investment Category	Selection rationale	Invest now
Vanguard FTSE UK Equity Income Index	Low cost	find out more	trade
Royal London UK Equity Income	Core	find out more	trade
City of London IT	Income	find out more	trade
Man GLG UK Income	Adventurous	find out more	trade
Schroder Income	Adventurous	find out more	trade

This Super 60 fund is currently under formal review. Find out more

Name	Investment Category	Selection rationale	Invest now
SPDR S&P Global Dividend Aristocrats UCITS ETF GBP	Low cost	find out more	trade
Fidelity Global Dividend	Core	find out more	trade
Morgan Stanley Global Brands Equity Income	Income	find out more	trade
Murray International IT	Adventurous	find out more	trade

This fund is a new addition to the Super 60. Find out more

The classification of this Super 60 fund has changed. Find out more

Name	Investment Category	Selection rationale	Invest now
Fidelity Index Emerging Markets	Low cost	find out more	trade
JPMorgan Emerging Markets IT	Core	find out more	trade
Utilico Emerging Markets IT	Income	find out more	trade
Templeton EM Smaller Companies	Smaller Company	find out more	trade
BlackRock Frontiers IT	Adventurous	find out more	trade

This Super 60 fund is currently under formal review. Find out more

Name	Investment Category	Selection rationale	Invest now
Vanguard US Equity Index Fund	Low cost	find out more	trade
Merian North American Equity	Core	find out more	trade
North American Income IT	Income	find out more	trade
Artemis US Smaller Companies	Smaller Company	find out more	trade
LF Miton US Opportunities	Adventurous	find out more	trade

Formal review concluded. This Super 60 Fund is retained. Find out more

Name	Investment Category	Selection rationale	Invest now
BMO Commercial Property	Income	find out more	trade
TR Property IT	Adventurous	find out more	trade

This Super 60 fund is currently under formal review. Find out more

LF Lindsell Train UK Equity fund

In line with our stated methodology, Lindsell Train UK Equity was put under formal review on 29 November 2019 after being downgraded by two independent external agencies. Given its highly concentrated nature, we wanted to reassure ourselves that there had been no deterioration in liquidity.

The interactive investor selection team conducted extensive analysis on the liquidity, capacity and concentration of Lindsell Train UK Equity, and spoke to the fund manager at length. The key outcome is that our investment selection committee is comfortable with the liquidity of the fund, it has been removed from being under formal review, and it will remain on our Super 60 list. The majority of the holdings are large, liquid companies with diversified revenue streams. In terms of capacity, there is plenty of room for further growth without compromising the mandate. The fund has always had a concentrated, high conviction approach but has a low turnover and long-term successful track record.

(19 January 2020)

Merian North American Equity fund

In line with our stated methodology, Merian North American Equity fund was put under formal review on 25 February 2020 following the announcement that Merian has been acquired by Jupiter and a co-manager of the fund will be leaving the business.

Interactive investor’s selection team has been closely monitoring the situation and speaking to Merian to gain a better understanding of what changes, if any, are likely to take place after the acquisition, that could impact the fund’s team structure, philosophy or process. The details confirmed with Merian are relatively high level, and we are comfortable that the key fund managers are well committed and incentivised which should encourage team stability and continuity of the investment process under Jupiter’s corporate umbrella. As a result, the fund is no longer under formal review, and it will remain on our Super 60 list.

(24 April 2020)

Inclusion of Morgan Stanley Global Brands Equity Income fund

This is the first new addition since the launch of the Super 60. In-line with our stated methodology, we have conducted rigorous quantitative analysis on the fund and met the investment team before making our final decision. The fund, which is featured as the ‘Income’ option in the Global Equity Income category, showed exceptional qualities in terms of investment process, performance and capital protection, income generation, strength of the team, transparency, and value for money. All this helped us to build conviction in the fund during our due diligence process.

Removal of Artemis Global Income fund

This decision has been made in-line with our stated methodology and after conducting a formal in-depth review of the fund. That included sector and peer group analysis as well as meeting the manager and the team. The manager’s investment style has contributed to the fund’s comparatively disappointing performance against peers, but more recently this has also been compounded by some poor stock selection decisions.

Reclassification of Murray International

The decision to reclassify Murray International from Global Equity Income/ Income to Global Equity Income/ Adventurous is in-line with our stated methodology. We have conducted a careful review of the risks associated with the trust, including the style of the manager and portfolio positioning as well as assessment of the sector. In conclusion, we maintain our conviction in the manager and his process. The risk re-categorisation was needed due to the current, post sell-off market environment and the possibility of longer recovery periods for value investing .

(20 July 2020)

BlackRock Frontiers Investment Trust

The BlackRock Frontiers Investment Trust is included in the ii Super 60 list of rated funds as an Adventurous option within the Emerging Markets category. In line with our stated methodology, the investment selection committee decided to put BlackRock Frontiers Investment Trust under formal review on 21st July 2020 following an extended period of unsatisfactory performance. Our in-depth review process will consider the various factors that contributed to the disappointing results, and will include a review of the team and the fund manager investment process.

(21 July 2020)

Templeton Emerging Markets Smaller Companies

The Templeton Emerging Markets Smaller Companies Fund is included in the ii Super 60 list of rated funds as Smaller Companies option within the Emerging Markets category. In line with our stated methodology, the investment selection committee decided to put the fund under formal review on 3 August 2020 due to performance concerns. As part of the formal review process, we will conduct an in-depth analysis of the investment team and methodology, performance attribution and current shape of the portfolio, as well as the outlook for the fund.

(3 August 2020)

Utilico Emerging Markets Trust

The Utilico Emerging Markets Investment Trust is included in the ii Super 60 list of rated funds as an Income option within the Emerging Markets category. In line with our stated methodology, the investment selection committee decided to put the fund under formal review on 5rd August 2020 due to performance concerns. As part of the formal review process, we will examine the team and the investment process, detractors for performance, current portfolio positioning and outlook for the trust.

(5 August 2020)

BMO Commercial Property Investment Trust

The BMO Commercial Property Investment Trust is included in the ii Super 60 list of rated funds as an Income option within the Property category.

In line with our stated methodology, the investment selection committee decided to put the trust under formal review on 23 July 2020 due to continued uncertainty around income payments and its persistently wide share price discount to net asset value. The investment trust suspended its monthly dividend payment in April and there has not yet been any official announcement as to when dividends will be resumed.

As part of the formal review process, we will conduct an in-depth appraisal of the investment process, the shape and quality of the portfolio, prospects for resumption of dividend payments, and will consider the various factors that contributed to the significant discount that the trust is trading at.

(23 July 2020)

Schroder Income

The Schroder Income Fund is included in the ii Super 60 list of rated funds as an Adventurous option within the UK Equity Income category.

In line with our stated methodology, the investment selection committee decided to put the fund under formal review on 3rd August 2020 following an extended period of underperformance. Our in-depth review process will consider the various factors that contributed to the return profile of the fund, and will include a review of the team, investment process and portfolio positioning.

(3 August 2020)