Morningstar Fund Report  | 07/04/2025Print

Ninety One UK Alpha I GBP Inc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Ninety One UK Alpha I GBP Inc
Fund6.9-6.111.66.5-0.4
+/-Cat-11.0-4.13.4-2.0-3.7
+/-B’mrk--4.0-3.3-5.5
 
Category: UK Large-Cap Equity
Category Benchmark: Morningstar UK All Cap TME ...
Key Stats
NAV
04/04/2025		 GBX 358.45
Day Change -3.12%
Morningstar Category™ UK Large-Cap Equity
IA (formerly IMA) Sector UK All Companies
ISIN GB0032558966
Fund Size (Mil)
04/04/2025		 GBP 249.16
Share Class Size (Mil)
04/04/2025		 GBP 10.38
Max Initial Charge -
Ongoing Charge
14/02/2025		  0.84%
Morningstar Research
Analyst Report14/03/2025
Michael Born, Analyst
Morningstar, Inc

Following the impending departure of lead manager Simon Brazier, the People and Process ratings have been downgraded to Average from Above Average. The clean I acc share’s Morningstar Analyst Rating will therefore move to Neutral from Silver,...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent24
Process23
Performance
Price
Investment Objective: Ninety One UK Alpha I GBP Inc
The Fund aims to provide capital growth and income over at least 5 years. The Fund invests primarily (at least two-thirds) in the shares of UK companies (those incorporated in, domiciled in, or that have significant economic exposure to, the UK). The term “alpha” in the Fund’s name means above average opportunities for capital growth and income. Investment opportunities are identified using in-depth analysis and research on individual companies.
Returns
Trailing Returns (GBP)04/04/2025
YTD-3.86
3 Years Annualised3.31
5 Years Annualised7.29
10 Years Annualised3.98
12 Month Yield 2.50
Dividend Paying Frequency Annually
Management
Manager Name
Start Date
Ben Needham
03/04/2023
Anna Farmbrough
01/07/2022
Inception Date
22/04/2003

Category Benchmark
Fund BenchmarkMorningstar Benchmark
FTSE AllSh TR GBPMorningstar UK All Cap TME NR GBP
Portfolio Profile for  Ninety One UK Alpha I GBP Inc28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock100.020.00100.02
Bond0.010.000.01
Property0.000.000.00
Cash0.410.44-0.03
Other0.000.000.00
Top 5 Regions%
United Kingdom91.41
Eurozone5.04
United States3.55
Canada0.00
Latin America0.00
Top 5 Sectors%
Consumer Defensive24.21
Financial Services13.73
Technology12.97
Healthcare11.42
Industrials9.72
Top 5 HoldingsSector%
Diageo PLCConsumer DefensiveConsumer Defensive6.89
Reckitt Benckiser Group PLCConsumer DefensiveConsumer Defensive5.78
Lloyds Banking Group PLCFinancial ServicesFinancial Services5.72
BP PLCEnergyEnergy5.06
Unilever PLCConsumer DefensiveConsumer Defensive4.72
Increase Decrease New since last portfolio
Ninety One UK Alpha I GBP Inc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Ninety One UK Alpha I GBP Inc
Category:  UK Large-Cap Equity
Category Index:  Morningstar UK All Cap TME NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-9.3321.23-4.866.94-6.1311.656.48-0.37
+/- Category0.481.894.24-11.02-4.063.44-2.01-3.69
+/- Category Index-----4.02-3.34-5.53
% Rank in Category482614997898392
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-3.12   0.641.81
1 Week-4.86   1.112.08
1 Month-7.68   -0.47-0.28
3 Months-4.39   -1.80-2.72
6 Months-2.61   -0.35-0.92
YTD-3.86   -1.96-2.69
1 Year1.85   -1.21-2.82
3 Years Annualised3.31   -0.79-1.82
5 Years Annualised7.29   -3.57-4.46
10 Years Annualised3.98   -0.79-1.33
 
Category: UK Large-Cap Equity
Category Index: Morningstar UK All Cap TME NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-0.37---
20241.221.823.37-0.05
20236.09-1.702.244.71
2022-2.73-6.35-3.757.06
20212.565.02-1.080.37
2020-20.5211.13-3.0411.10
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageAverage2 star
5-YearLowAverage2 star
10-YearBelow AverageLow2 star
OverallBelow AverageBelow Average2 star
 
Category :  UK Large-Cap EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev11.67 %
3-Yr Mean Return5.25 %
 
3-Yr Sharpe Ratio0.10
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK All Cap TME NR GBP  FTSE AllSh TR GBP
3-Yr Beta0.950.97
3-Yr Alpha-2.60-2.36
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 12731-
Market Capitalisation% of Equity
Giant16.84
Large33.04
Medium34.68
Small14.15
Micro1.29
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings15.601.21
Price/Book2.321.28
Price/Sales1.221.02
Price/Cash Flow9.051.05
Dividend-Yield Factor2.940.83
 
Long-Term Projected Earnings Growth8.520.96
Historical Earnings Growth-9.19-45.77
Sales Growth1.340.26
Cash-Flow Growth-2.95-6.26
Book-Value Growth1.580.38
 
Category: UK Large-Cap Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock100.020.00100.02
Bond0.010.000.01
Property0.000.000.00
Cash0.410.44-0.03
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States3.552.28
Canada0.000.00
Latin America0.000.00
United Kingdom91.410.96
Eurozone5.044.14
Europe - ex Euro0.000.00
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: UK Large-Cap Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials8.801.58
Consumer CyclicalConsumer Cyclical6.810.79
Financial ServicesFinancial Services13.730.61
Consumer DefensiveConsumer Defensive24.211.75
HealthcareHealthcare11.420.95
Communication ServicesCommunication Services4.221.02
EnergyEnergy8.130.88
IndustrialsIndustrials9.720.62
TechnologyTechnology12.975.24
 
Category: UK Large-Cap Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings37
Total Number of Bond Holdings0
Assets in Top 10 Holdings47.26
NameSectorCountry% of Assets
Diageo PLC205United Kingdom6.89
Reckitt Benckiser Group PLC205United Kingdom5.78
Lloyds Banking Group PLC103United Kingdom5.72
BP PLC309United Kingdom5.06
Unilever PLC205United Kingdom4.72
BT Group PLC308United Kingdom4.22
Wetherspoon (J D) PLC102United Kingdom3.99
Haleon PLC206United Kingdom3.89
Wise PLC Class A311United Kingdom3.64
ConvaTec Group PLC206United Kingdom3.35
 
Increase Decrease New since last portfolio
Category: UK Large-Cap Equity
 
Management
Name of CompanyNinety One Fund Managers UK Limited
Phone+44-2039382000
Websitewww.ninetyone.com
Address55 Gresham Street, London EC2V 7EL
 London   EC2V 7EL
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date22/04/2003
Fund Advisor(s)
Ninety One UK Limited
Fund ManagerBen Needham
Manager Start Date03/04/2023
 
Biography
Ben is a portfolio manager in Ninety One’s Quality investment team, based in London. He is co-portfolio manager of the UK Equity Income and UK Alpha strategies. In addition, he is responsible for UK equity idea generation and research. Prior to joining the firm, Ben was a Pan European analyst at Threadneedle and, prior to that, a UK analyst at Aviva Investors. Ben graduated from the University of Bath with a BSc Honours first class degree in Business Administration. In addition, Ben has passed Level III of the CFA® Programme.
Fund ManagerAnna Farmbrough
Manager Start Date01/07/2022
 
Biography
Anna is a portfolio manager in Ninety One’s Quality investment team, based in London. She is co-portfolio manager of the UK Alpha and UK Equity Income strategies. In addition, she is responsible for UK equity idea generation and research. Prior to joining the firm, Anna was a UK equity analyst at Threadneedle and, prior to that, a UK equity analyst at Schroders. Anna graduated from the University of Durham with a BA degree in History (with Honours). Anna has passed Level III of the CFA® Programme.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge0.84%
Purchase Details
Minimum Investments
Initial1000000  GBP
Additional250000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes