Morningstar Fund Report  | 05/04/2025Print

Thesis The Northern Lights Fund Class A Stering Income

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Thesis The Northern Lights Fund Class A Stering Income
Fund11.3-7.27.110.30.9
+/-Cat0.12.8-1.31.32.2
+/-B’mrk-1.00.0-3.6-1.01.5
 
Category: GBP Allocation 60-80% Equity
Category Benchmark: Morningstar UK Mod Adv Tgt ...
Key Stats
NAV
04/04/2025		 GBX 127.90
Day Change -0.93%
Morningstar Category™ GBP Allocation 60-80% Equity
IA (formerly IMA) Sector -
ISIN GB00B79XQW21
Fund Size (Mil)
28/02/2025		 GBP 328.51
Share Class Size (Mil)
03/04/2025		 GBP 95.28
Max Initial Charge 5.00%
Ongoing Charge
19/02/2025		  1.14%
Investment Objective: Thesis The Northern Lights Fund Class A Stering Income
The objective of the Fund is to achieve a mixture of income and capital growth. The Fund will predominantly invest into a range of underlying funds and offshore funds which qualify for distributor status (or the equivalent under the new reporting fund regime legislation) with a view to gaining exposure to a portfolio of assets which comprises global equities, cash and bonds, but which may also contain other elements including, without limitation, (listed) hedge funds, venture capital, commodities, infrastructure and property exposure, in each case in accordance with the fund’s investment and borrowing powers. The Fund may also invest directly in these asset classes, again in accordance with its investment and borrowing powers.
Returns
Trailing Returns (GBP)04/04/2025
YTD-0.75
3 Years Annualised3.77
5 Years Annualised7.51
10 Years Annualised3.92
12 Month Yield 2.64
Dividend Paying Frequency Quarterly
Management
Manager Name
Start Date
Not Disclosed
17/04/2012
Inception Date
17/04/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
ARC Balanced Asset PCI TR GBPMorningstar UK Mod Adv Tgt Alloc NR GBP
Portfolio Profile for  Thesis The Northern Lights Fund Class A Stering Income31/12/2024
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock62.180.0062.18
Bond24.126.4517.66
Property0.000.000.00
Cash14.186.917.27
Other9.532.027.52
Fixed Income
Effective Maturity7.18
Effective Duration5.08
Top 5 Regions%
United Kingdom44.48
United States32.92
Eurozone7.18
Europe - ex Euro4.62
Asia - Emerging3.82
Top 5 Sectors%
Financial Services25.54
Technology14.00
Consumer Defensive13.58
Industrials13.56
Consumer Cyclical9.96
Top 5 HoldingsSector%
Vanguard S&P 500 UCITS ETF12.35
Artemis Global Income I Inc5.94
IFSL Evenlode Global Income F GB... 5.18
TM Redwheel UK Eq Inc L Inc4.18
Man Income Professional Inc D4.04
Increase Decrease New since last portfolio
Thesis The Northern Lights Fund Class A Stering Income
Growth Of 1000 (GBP) 31/03/2025
Fund:  Thesis The Northern Lights Fund Class A Stering Income
Category:  GBP Allocation 60-80% Equity
Category Index:  Morningstar UK Mod Adv Tgt Alloc NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-6.4714.27-1.8011.26-7.247.0710.270.93
+/- Category-0.11-1.40-7.040.112.84-1.301.272.20
+/- Category Index---6.32-1.010.03-3.60-0.961.46
% Rank in Category5369925122693110
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.93   0.231.63
1 Week-2.19   0.050.72
1 Month-3.51   0.881.44
3 Months-1.07   1.622.39
6 Months0.40   1.941.40
YTD-0.75   1.491.86
1 Year5.97   3.522.36
3 Years Annualised3.77   1.11-0.61
5 Years Annualised7.51   -0.40-1.63
10 Years Annualised3.92   -0.89-2.18
 
Category: GBP Allocation 60-80% Equity
Category Index: Morningstar UK Mod Adv Tgt Alloc NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.93---
20243.691.843.161.22
20231.930.000.844.16
2022-2.48-5.93-1.742.90
20211.414.551.063.83
2020-16.139.341.285.74
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageLow4 star
5-YearAverageBelow Average3 star
10-YearBelow AverageLow2 star
OverallAverageLow3 star
 
Category :  GBP Allocation 60-80% EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev6.45 %
3-Yr Mean Return4.48 %
 
3-Yr Sharpe Ratio0.06
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Mod Adv Tgt Alloc NR GBP  Morningstar UK Mod Adv Tgt Alloc NR GBP
3-Yr Beta0.690.69
3-Yr Alpha-0.64-0.64
 
Investment Style Details31/12/2024
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 45431-
Market Capitalisation% of Equity
Giant36.76
Large35.54
Medium22.98
Small4.23
Micro0.49
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings14.140.81
Price/Book2.130.80
Price/Sales1.600.85
Price/Cash Flow10.270.89
Dividend-Yield Factor3.101.38
 
Long-Term Projected Earnings Growth8.680.87
Historical Earnings Growth4.420.59
Sales Growth6.681.23
Cash-Flow Growth5.530.87
Book-Value Growth4.540.75
 
Category: GBP Allocation 60-80% Equity
Fixed Income Style31/12/2024
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 321
Maturity Distribution %
1 to 328.38
3 to 510.40
5 to 76.68
7 to 1014.52
10 to 1512.52
15 to 203.62
20 to 309.76
Over 301.87
Effective Maturity7.18
Effective Duration5.08
Credit Quality Breakdown %     %
AAA35.56   BB6.41
AA18.74   B1.43
A7.45   Below B2.14
BBB28.26   Not Rated0.01
 
Category: GBP Allocation 60-80% Equity
Asset Allocation31/12/2024
Asset Allocation
 % Long% Short% Net Assets
Stock62.180.0062.18
Bond24.126.4517.66
Property0.000.000.00
Cash14.186.917.27
Other9.532.027.52
World Regions31/12/2024
 % of EquityRelative to Category
United States32.920.63
Canada0.800.84
Latin America0.320.58
United Kingdom44.482.33
Eurozone7.180.78
Europe - ex Euro4.621.11
Europe - Emerging0.040.23
Africa0.060.40
Middle East0.361.13
Japan1.280.21
Australasia0.490.81
Asia - Developed3.621.10
Asia - Emerging3.821.18
 
Category: GBP Allocation 60-80% Equity
Sector Weightings31/12/2024
 % of EquityRelative to Category
Basic MaterialsBasic Materials2.800.71
Consumer CyclicalConsumer Cyclical9.960.93
Financial ServicesFinancial Services25.541.48
Real EstateReal Estate2.420.96
Consumer DefensiveConsumer Defensive13.582.08
HealthcareHealthcare8.080.68
UtilitiesUtilities2.390.94
Communication ServicesCommunication Services4.220.56
EnergyEnergy3.450.94
IndustrialsIndustrials13.561.07
TechnologyTechnology14.000.67
 
Category: GBP Allocation 60-80% Equity
Top 10 Holdings31/12/2024
 Portfolio NEW
Total Number of Equity Holdings32
Total Number of Bond Holdings8
Assets in Top 10 Holdings47.07
NameSectorCountry% of Assets
Vanguard S&P 500 UCITS ETFIreland12.35
Artemis Global Income I IncUnited Kingdom5.94
IFSL Evenlode Global Income F GBP IncUnited Kingdom5.18
TM Redwheel UK Eq Inc L IncUnited Kingdom4.18
Man Income Professional Inc DUnited Kingdom4.04
PIMCO GIS Income Instl GBPH IncIreland3.65
BlueBay Glbl Inv Grd Corp Bd Q GBP (QID)Luxembourg3.26
United Kingdom of Great Britain and N... United Kingdom2.99
JPMorgan Global Growth & Income PLC103United Kingdom2.77
Polar Capital Global Ins I IncIreland2.71
 
Increase Decrease New since last portfolio
Category: GBP Allocation 60-80% Equity
 
Management
Name of CompanyThesis Unit Trust Management Limited
Phone+44 1243 531234
Websitewww.tutman.co.uk
AddressThesis Unit Trust Management Limited
 Chichester   -
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSNo
Inception Date17/04/2012
Fund Advisor(s)
FF&P Asset Management Limited
Fund ManagerNot Disclosed
Manager Start Date17/04/2012
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*5.00%
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge1.14%
Purchase Details
Minimum Investments
Initial100000  GBP
Additional50000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes