Royal London Global Equity Select Fund
Share classM Acc GBP
ISIN GB00BF93W972
Fund objective
The Fund aims to provide a return greater than that of the MSCI World Net Total Return Index GBP by 2.5% per annum over rolling 3-year periods, through capital growth, after the deduction of charges. The Index has been selected as a target benchmark because it is representative of the type of companies in which the Fund invests, and it is therefore an appropriate measure for the Fund's performance. Management of the Fund is not restricted by this target benchmark and the Fund does not base its investment process upon the Index. As a result, the Fund can invest in companies that are not part of the Index. The performance comparator for the Fund is the IA Global sector (the “IA Sector”).
Fund ratings
| Base currency | GBP |
|---|---|
| Fund launch | 10 Oct 2017 |
| ISA eligible | Yes |
| SRRI | 5 |
| Dividend yield | 1.09% |
| IA sector |
|---|
| IA Global |
| Benchmark |
| MSCI World |
Performance
Data as at 31 Aug 2026
Royal London Global Equity Select Fund - M Acc GBP | 108.80% |
MSCI World | 72.67% |
IA Global | 42.00% |
Past performance is not a guarantee or reliable indicator of future returns. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested.
Share class performance is based on mid-day prices, net of fees and gross of taxes, with gross income reinvested unless otherwise stated. Benchmark performance is priced at close of business, gross of fees and taxes. The impact of fees reduces your investments. Rolling performance data shown using month end returns. Quartile rank, where displayed, is the IA sector quartile rank for the M Acc GBP share class.
Cumulative
To 31 Aug 2026 | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 10 years | Launch |
|---|---|---|---|---|---|---|---|---|
M Acc GBP | 3.97 | 3.13 | 12.00 | 23.69 | 63.86 | 108.81 | - | 272.30 |
Benchmark | 1.82 | 1.77 | 8.90 | 19.95 | 61.94 | 72.67 | - | 175.66 |
IA sector | 2.17 | 1.81 | 6.57 | 16.74 | 46.36 | 42.22 | - | - |
Quartile rank | 1 | 2 | 1 | 1 | 1 | 1 | - | - |
Annualised
3 years | 5 years | Launch |
|---|---|---|
17.88 | 15.85 | 16.73 |
17.41 | 11.54 | 12.68 |
13.54 | 7.30 | - |
1 | 1 | - |
Share class launched on 05 Mar 2018
Risk and return
Annualised| 3 years | 5 years | |
|---|---|---|
Alpha (%) | 0.07 | 4.44 |
Beta | 1.10 | 1.04 |
Tracking error (%) | 4.16 | 4.66 |
Information ratio | 0.30 | 1.11 |
Alpha
Measure of excess return of an investment relative to a benchmark index. It measures the performance of a stock or portfolio, relative to a benchmark. A positive alpha indicates outperformance, while a negative alpha suggests underperformance. In this context, alpha refers to Jensen’s Alpha, the industry‑standard risk‑adjusted measure of performance relative to expected returns given market risk.
Beta
It measures a stock's volatility relative to the market. A beta of 1 means the stock moves with the market, while a beta less than 1 is less volatile, and a beta greater than 1 is more volatile.
Tracking error
Tracking error indicates how closely a fund follows its benchmark index. It is a measure of the risk in the fund that is due to active management decisions made by the fund manager. It is calculated on an ex-post basis (actual basis, post period end).
Information ratio (IR)
It is a measure of risk-adjusted performance of a portfolio against a benchmark. It calculates the excess returns of a portfolio relative to the benchmark, adjusted for the volatility of those returns. A higher IR indicates more consistent excess returns.
Fund breakdowns
Top 10 holdings (%)
NVIDIA Corporation | 6.17 |
Alphabet Inc. Class A | 6.01 |
Apple Inc. | 5.08 |
Microsoft Corporation | 4.98 |
Amazon.com, Inc. | 4.24 |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 4.07 |
Visa Inc. Class A | 3.89 |
Ferrari NV | 3.21 |
Safran SA | 3.19 |
Chubb Limited | 3.05 |
Total number of holdings | 41 |
Sector breakdown (%)
| Fund | Benchmark | |
|---|---|---|
Information Technology | 25.45 | 30.04 |
Financials | 14.91 | 16.47 |
Industrials | 14.62 | 11.12 |
Health Care | 12.17 | 9.25 |
Consumer Discretionary | 9.17 | 8.79 |
Communication | 9.07 | 7.92 |
Energy | 6.89 | 4.08 |
Materials | 4.94 | 3.42 |
Consumer Staples | 1.81 | 4.90 |
Other | 0.96 | 4.00 |
Fund characteristics
Dividend yield | 1.09% |
P/E ratio - last 12 months | 21.75 |
P/E ratio - forward 1 year | 17.98 |
P/CF ratio | 16.57 |
P/B ratio | 3.92 |
P/S ratio | 3.75 |
Dividend yield
The dividend yield reflects distributions declared over the past twelve months as a percentage of the mid-market price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Reported yields reflect RLAM’s current perception of market convention around timing of bond cash flows.
P/E ratio (Price-to-earnings ratio)
The P/E ratio is used to determine a company's share value and compare valuations. A high P/E ratio may indicate high market expectations for future growth, while a low P/E ratio may suggest lower expectations for future performance.
P/B ratio (Price-to-book ratio)
A valuation ratio calculated by dividing the market price per share of a company by its book value per share. A low P/B ratio may indicate that the company is undervalued, while a high P/B ratio may suggest that the company is overvalued.
P/CF ratio (Price-to-cash flow ratio)
It is used to determine the company's share value and to compare it to others or the market average. A low P/CF ratio may indicate that the company is undervalued, while a high P/CF ratio may suggest that the company is overvalued.
P/S ratio (Price-to-sales ratio)
A valuation ratio calculated by dividing a company's market capitalization by its total sales over the past 12 months. It is used to determine a company's share value and compare valuations. A low P/S ratio may indicate undervaluation, while a high P/S ratio may suggest overvaluation.
Monthly commentary
Data as at 31 Aug 2026
These views represent the opinions of the author(s) at the time of writing and do not constitute investment advice.
Global equities delivered a solid August, with the MSCI World index producing positive returns in sterling terms. Markets were supported by resilient economic growth and another robust earnings season. Although investors continued to debate the path of interest rates, elevated valuations and the durability of the AI investment cycle, they largely looked through the macroeconomic uncertainty. The market's gains were spread beyond the largest technology stocks.
The fund outperformed its benchmark during August, further extending the outperformance so far this year. Earnings from our holdings in Halozyme Therapeutics and CACI were well ahead of market expectations and contributed significantly to performance during the month. On the downside, Steel Dynamics was the most significant detractor as the US reconsidered its stance on tariffs with Canada.
Transactions have been focused on changing prices and expectations within the Slowing & Maturing cohort, although we also took advantage of the rotation out of AI to introduce an underappreciated beneficiary of the capex demand. We sold CACI following a significant rerating and also trimmed some Halozyme to an appropriate position size given the nature of the biotech industry. We used the proceeds to buy Meta Platforms and Seagate Technology.
Fund managers
Francois de Bruin
Fund Manager
Paul Schofield
Head of Global Equities
Fund literature
Codes and fees
Share class | ISIN | SEDOL | Launch date | Fee | Min investment |
|---|---|---|---|---|---|
M Acc GBP | GB00BF93W972 | BF93W97 | 05/03/2018 | 0.710% | £100,000 |
M Inc GBP | GB00BF93WB97 | BF93WB9 | 05/03/2018 | 0.710% | £100,000 |
S Acc GBP | GB00BNR47H12 | BNR47H1 | 17/12/2021 | 0.050% | £0 |
Z Acc GBP | GB00BNNFF075 | BNNFF07 | 24/06/2021 | 0.650% | £3,000,000 |
Contact us
For intermediaries
Email: bdsupport@rlam.com
For enquiries: 020 3272 5950
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Risks
Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested.
Concentration risk
The price of Funds that invest in a reduced number of holdings, sectors, or geographical areas may be more heavily affected by events that influence the stockmarket and therefore more volatile.
Counterparty risk
The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Emerging markets risk
Investing in Emerging Markets may provide the potential for greater rewards but carries greater risk due to the possibility of high volatility, low liquidity, currency fluctuations, the adverse effect of social, political and economic instability, weak supervisory structures and accounting standards.
EPM techniques risk
The Fund may engage in Efficient Portfolio Management (EPM) techniques, including holdings of derivative instruments. Whilst intended to reduce risk, the use of these instruments may expose the Fund to increased price volatility.
Exchange rate risk
Investing in assets denominated in a currency other than the base currency of the Fund means the value of the investment can be affected by changes in exchange rates.
Liquidity risk
In difficult market conditions the value of certain fund investments may be difficult to value and harder to sell, or sell at a fair price, resulting in unpredictable falls in the value of your holding.
Important information
This is a financial promotion and is not investment advice.
Issued by Royal London Asset Management Limited, 80 Fenchurch Street, London EC3M 4BY. Authorised and regulated by the Financial Conduct Authority, firm reference number 141665. A subsidiary of The Royal London Mutual Insurance Society Limited.
The Fund is a sub-fund of Royal London Equity Funds ICVC, an open-ended investment company with variable capital with segregated liability between sub-funds, incorporated in England and Wales under registered number IC000807.
The Authorised Corporate Director (ACD) is Royal London Unit Trust Managers Limited, authorised and regulated by the Financial Conduct Authority, with firm reference number 144037.
For more information on the fund or the risks of investing, please refer to the Prospectus or Key Investor Information Document (KIID).
MSCI indexes and data are the intellectual property of MSCI Inc. MSCI has no liability to any person for any loss, damage, cost, or expense suffered as a result of any use of or reliance on any of the information.
Source: Royal London Asset Management unless otherwise stated.
