TM CRUX UK Special Situations Fund
Fund Opportunity
The TM CRUX UK Special Situations Fund favours shares which it considers to be undervalued due to the specific situation of the relevant company, its group and/or any member of its group. It may be that the relevant company is subject to recovery action, management change, strong potential growth, is undervalued or is refinancing or it may hold assets which the Investment Manager considers to be undervalued. The Investment Manager is not restricted in its selection of investments for the Fund by any geographic or industry specialisation.
Please note on 13th December 2024 this fund will be transferred to Oberon Investments Group. For further information please follow the link to investor notice. TM OEIC - Investor Notice - 20241101
Investment Process
The manager of the TM CRUX UK Special Situations Fund, Richard Penny, believes there are two ways to find businesses that are mispriced by the market:
- Buying a value situation, these could be distressed situations where confidence has been lost by the market and people, but where Richard has assessed the upside and believes that there has been a market overreaction.
- Where premier businesses that are better value creators can compound returns and grow strongly, where we believe it is not priced in by the market, this will tend to be in the more large and mid cap stocks within this portfolio.
For both ways finding an attractive entry point is central to the process.
Fund Facts
| Fund Name | Strategy | Fund Manager | Style | Pricing | Eligible | Performance Comparator | IA Sector | ISA Eligible | Structure |
|---|---|---|---|---|---|---|---|---|---|
| TM CRUX UK Special Situations Fund | UK Equity multi-Cap Fund | Richard Penny | Active | Daily | UK and overseas equities | IA UK All-Companies Sector | IA UK All-Companies Sector | Yes | UK Domiciled OEIC and UK-UCITS |
| Share Class | Share Type | Share Class Currency | ISIN | Ongoing Charges* (OCF) | Entry Charge | Exit Charge | Performance Fee | Minimum Investment Amount |
|---|---|---|---|---|---|---|---|---|
| I-Class | Income | GBP | GB00BG5Q5V00 | 0.78% | None | None | None | £100.00 |
| I-Class | Accumulation | GBP | GB00BG5Q5X24 | 0.78% | None | None | None | £100.00 |
| S-Class | Income | GBP | GB00BG5Q5Y31 | 0.63% | None | None | None | £15,000,000.00 |
| S-Class | Accumulation | GBP | GB00BG5Q5Z48 | 0.63% | None | None | None | £15,000,000.00 |
*The ongoing charge is based on last year's expenses for the year ending 30 September 2022. This figure may vary year to year.
Meet the Manager
Richard Penny
Richard joined CRUX Asset Management in June 2018 and started managing the TM CRUX UK Special Situations Fund in October 2018. Prior to this, Richard had worked at LGIM for 15 years where he had managed the award-winning L&G UK Alpha Trust and L&G UK Special Situations Trust as well as several segregated mandates. Previously he worked at M&G Investment Management, and prior to that Scottish Amicable Investment Management. In June 2021 Richard received an AAA rating from Citywire.
Richard has a master’s degree in Engineering and Economics from Oxford University.
Fund Literature
Fund Objectives and Investment Policy
The investment objective of the Fund is to achieve long-term capital growth, which should be viewed as 5 years or longer.
The Fund aims to achieve the investment objective by investing at least 80% of the value of its scheme property in shares listed on UK securities markets in companies that are incorporated or domiciled in the UK. These companies may or may not be headquartered in the UK and may or may not have a significant part of their business activities in the UK. The scheme property of the Fund will be invested in listed companies with any market capitalisation except that no more than 40% of the scheme property of the Fund will be invested in: (i) small companies or (ii) companies listed on the Alternative Investment Market. A small company means a company with a primary listing on the London Stock Exchange whose market capitalisation is lower than that of the largest 350 companies by capitalisation which have their primary listing on the London Stock Exchange. In very broad terms, market capitalisation means the value of a company that is traded on the stock market.
The Fund’s portfolio will be managed on a concentrated basis. Whilst increasing the potential reward, the nature of this funds can increase risk. As such, the returns may be more volatile and will be impacted more by fluctuations in the value of underlying stock.
The Fund may also invest in cash and cash-like instruments (including money market instruments and deposits), warrants and exchange traded derivatives. Derivative transactions may be used for the purposes of meeting the investment objective of the Fund as well as for hedging purposes, although it is not anticipated that the Fund will use this power to enter into derivatives at present.
The Investment Manager may adjust the Fund’s exposure to certain asset classes and investment types in response to adverse market and/or economic conditions, when, in the Investment Manager’s opinion, it would be in the best interests of the Fund and its shareholders to do so; this is expected to be for short periods of time.
Investors should note that while the investment objective of the Fund is to achieve long term capital growth there may be situations in which an income return is also achieved.
Contact Us
For individual investor enquiries please contact the Fund's Administrator.
in writing to:
CRUX Asset Management Limited
PO Box 12248
Chelmsford
Essex
CM99 2EG
United Kingdom
or by phone:
+ 44 (0) 345 113 6965
Office hours are between 9am and 5pm (GMT) Monday to Friday.
How to Invest
You can invest in the TM CRUX UK Special Situations Fund, a sub Fund of the TM CRUX OEIC, via several methods, which include:
Fund platform
The TM CRUX UK Special Situations Fund is available to purchase through a wide range of platforms and supermarkets. Please see the list of platforms and supermarkets below.
Financial Advisor
Your financial adviser can give you advice on making an investment. They will help plan your investments based on your overall financial goals. If you do not have a financial adviser, please visit unbiased.co.uk
The TM CRUX UK Special Situations Fund has multiple share classes available, some with different minimum investment amount or charging structures. Please refer to the Fund Fact section of this page or the literature section of our website for more information.
Important information
The material within this website (including research) is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell an investment.
Fund Registrations:
| Fund | Domiciled | UK | Switzerland |
|---|---|---|---|
| TM CRUX UK Core Fund | UK | Yes | |
| TM CRUX UK Special Situations Fund | UK | Yes | |
| TM CRUX UK Smaller Companies Fund | UK | Yes | |
| TM CRUX European Special Situations Fund | UK | Yes | Yes |