Morningstar Fund Report  | 14/04/2025Print

Fulcrum UCITS SICAV - Fulcrum Diversified Absolute Return Fund I GBP Inc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Fulcrum UCITS SICAV - Fulcrum Diversified Absolute Return Fund I GBP Inc
Fund1.76.60.59.30.7
+/-Cat-1.04.4-3.44.3-1.1
+/-B’mrk2.019.9-5.45.90.0
 
Category: Macro Trading GBP
Category Benchmark: Morningstar UK Cau Tgt Allo...
Key Stats
NAV
11/04/2025		 GBP 123.72
Day Change 0.61%
Morningstar Category™ Macro Trading GBP
IA (formerly IMA) Sector -
ISIN LU1561566396
Fund Size (Mil)
11/04/2025		 USD 861.69
Share Class Size (Mil)
11/04/2025		 GBP 28.64
Max Initial Charge -
Ongoing Charge
15/07/2024		  0.90%
Morningstar Research
Analyst Report-
,
Morningstar, Inc

Several initiatives by the management at Fulcrum have begun to bear fruit, lifting Fulcrum Diversfied Absolute Return ahead of many of its peers in a demanding sector. The team earns a People Pillar upgrade to Above Average, while the complex and...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent23
Process23
Performance
Price
Investment Objective: Fulcrum UCITS SICAV - Fulcrum Diversified Absolute Return Fund I GBP Inc
The Sub-Fund seeks to achieve long-term absolute returns of 3% to 5% over the SOFR interest rate in all market conditions over rolling five year annualised periods, with lower volatility than equity markets. In doing so the Sub-Fund aims to achieve a positive return on a rolling three year basis. However, a positive return is not guaranteed and a capital loss may occur.
Returns
Trailing Returns (GBP)11/04/2025
YTD1.30
3 Years Annualised3.04
5 Years Annualised4.70
10 Years Annualised-
12 Month Yield 1.95
Dividend Paying Frequency Annually
Management
Manager Name
Start Date
Suhail Shaikh
01/02/2017
Inception Date
12/03/2018

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Not BenchmarkedMorningstar UK Cau Tgt Alloc NR GBP
Portfolio Profile for  Fulcrum UCITS SICAV - Fulcrum Diversified Absolute Return Fund I GBP Inc28/02/2025
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock14.030.4213.60
Bond15.470.9814.49
Property0.000.000.00
Cash67.286.6960.59
Other11.320.0011.32
Fixed Income
Effective Maturity-
Effective Duration-
Top 5 Regions%
United States82.37
Eurozone5.41
Europe - ex Euro3.22
Japan2.97
United Kingdom2.62
Top 5 Sectors%
Technology21.71
Healthcare20.25
Financial Services12.52
Consumer Defensive11.67
Industrials8.04
Top 5 HoldingsSector%
iShares Physical Gold ETC5.31
United States Treasury Bills 0%4.93
United States Treasury Bills 0%4.84
Fulcrum Climate Change Fund Z US... 4.67
United States Treasury Bills 0%4.67
Increase Decrease New since last portfolio
Fulcrum UCITS SICAV - Fulcrum Diversified Absolute Return Fund I GBP Inc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Fulcrum UCITS SICAV - Fulcrum Diversified Absolute Return Fund I GBP Inc
Category:  Macro Trading GBP
Category Index:  Morningstar UK Cau Tgt Alloc NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 20192020202120222023202431/03
Price Return3.966.471.666.640.529.320.67
+/- Category-1.715.70-0.984.35-3.364.31-1.15
+/- Category Index-0.901.9719.89-5.445.850.04
% Rank in Category60296121821665
Trailing Returns (GBP)11/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.61   1.000.76
1 Week-0.89   -0.080.22
1 Month2.21   1.802.76
3 Months1.17   0.500.80
6 Months2.58   1.432.91
YTD1.30   0.621.68
1 Year5.72   1.222.03
3 Years Annualised3.04   0.002.68
5 Years Annualised4.70   0.604.98
10 Years Annualised-   --
 
Category: Macro Trading GBP
Category Index: Morningstar UK Cau Tgt Alloc NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.67---
20245.441.94-0.171.88
2023-2.58-0.411.262.31
20227.64-1.631.81-1.07
20211.052.35-2.170.47
20202.48-0.691.772.80
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageLow3 star
5-YearAverageBelow Average3 star
10-Year--Not Rated
OverallAverageBelow Average3 star
 
Category :  Macro Trading GBPClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev4.26 %
3-Yr Mean Return3.20 %
 
3-Yr Sharpe Ratio-0.20
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Cau Tgt Alloc NR GBP  FTSE Global CB TR USD
3-Yr Beta0.150.31
3-Yr Alpha-0.28-0.76
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 150795-
Market Capitalisation% of Equity
Giant39.58
Large30.90
Medium25.55
Small3.37
Micro0.60
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings20.591.20
Price/Book3.851.65
Price/Sales0.990.76
Price/Cash Flow13.741.48
Dividend-Yield Factor1.370.67
 
Long-Term Projected Earnings Growth10.540.75
Historical Earnings Growth12.531.53
Sales Growth11.874.31
Cash-Flow Growth4.640.92
Book-Value Growth9.331.81
 
Category: Macro Trading GBP
Fixed Income Style-
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)USD 798
Maturity Distribution %
1 to 30.05
3 to 50.00
5 to 70.00
7 to 100.00
10 to 150.06
15 to 200.00
20 to 300.00
Over 300.00
Effective Maturity-
Effective Duration-
Credit Quality Breakdown %     %
AAA -   BB-
AA-   B-
A-   Below B-
BBB-   Not Rated-
 
Category: Macro Trading GBP
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock14.030.4213.60
Bond15.470.9814.49
Property0.000.000.00
Cash67.286.6960.59
Other11.320.0011.32
World Regions28/02/2025
 % of EquityRelative to Category
United States82.371.30
Canada2.261.58
Latin America0.010.04
United Kingdom2.621.23
Eurozone5.410.34
Europe - ex Euro3.220.60
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan2.971.62
Australasia0.721.42
Asia - Developed0.420.16
Asia - Emerging0.000.00
 
Category: Macro Trading GBP
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials1.490.40
Consumer CyclicalConsumer Cyclical7.450.59
Financial ServicesFinancial Services12.520.95
Real EstateReal Estate0.830.57
Consumer DefensiveConsumer Defensive11.672.63
HealthcareHealthcare20.251.20
UtilitiesUtilities7.481.58
Communication ServicesCommunication Services6.421.70
EnergyEnergy2.141.20
IndustrialsIndustrials8.040.75
TechnologyTechnology21.710.82
 
Category: Macro Trading GBP
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings314
Total Number of Bond Holdings41
Assets in Top 10 Holdings44.97
NameSectorCountry% of Assets
iShares Physical Gold ETCIreland5.31
United States Treasury Bills 0%United States4.93
United States Treasury Bills 0%United States4.84
Fulcrum Climate Change Fund Z USD AccLuxembourg4.67
United States Treasury Bills 0%United States4.67
United States Treasury Bills 0%United States4.61
United States Treasury Bills 0%United States4.59
United States Treasury Bills 0%United States3.96
United States Treasury Bills 0%United States3.81
United States Treasury Bills 0%United States3.57
 
Increase Decrease New since last portfolio
Category: Macro Trading GBP
 
Management
Name of CompanyFulcrum Asset Management LLP
Phone+44 20 70166450
Websitewww.fulcrumasset.com
AddressMarble Arch House
 London   W1H 5BT
 United Kingdom
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date12/03/2018
Fund Advisor(s)
Fulcrum Asset Management LLP
Fund ManagerSuhail Shaikh
Manager Start Date01/02/2017
Career Start Year2000
Education
2000, London School of Economics & Political Sciences
 
Biography
Suhail is Fulcrum’s Chief Investment Officer and a member of the Fulcrum Investment Team. Prior to joining the firm in 2005, Suhail spent five years in the Investment Management Division of Goldman Sachs. Suhail has a MSc in Management from the London School of Economics & Political Sciences (2000) and he has been a CFA charterholder since 2003.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.80%
Ongoing Charge0.90%
Purchase Details
Minimum Investments
Initial-
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes