VT Momentum Diversified Income

The objective of the VT Momentum Diversified Income fund is to produce a high level of regular income, with the prospect of preserving the real value of capital in the long term. The managers have a value-focused style and will invest across all asset classes including UK and overseas equities, fixed income, property and specialist investments held through third-party funds. Save for the regulatory requirements, this is a go-anywhere portfolio without any constraints.

Previously VT Seneca Diversified Income

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Our Opinion
Fund Managers
Key Facts
Fund Performance
Risk
Company Description
Investment process
ESG

Our Opinion

This is a well-diversified, global, multi-asset income-focused fund, with a common sense investment process that focuses on value investing and income generation. The four-strong investment team behind the fund execute their ideas via a mix of funds and direct securities. Using both alternative and traditional asset classes enables the team to achieve true diversification. As this fund distributes a monthly income, it should appeal to income-seeking investors with a balanced risk profile.

Fund Managers

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Fund Managers

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Richard Parfect, Lead Manager Richard applies a value-driven approach with a specific focus on specialist assets. He is a Fellow of the CISI and co-founded Seneca Investment Managers Limited (Seneca) in 2002. Before Seneca, Richard worked as a UK equity analyst at Merseyside Pension Fund and began his career at Neilson Cobbold.

Manager photo

Tom Delic, Deputy Manager Tom is responsible for emerging markets equity and fixed income research. He began his investment career in 2009, after graduating with a first-class degree in Mathematics with Finance from the University of Liverpool. Tom started as an investment analyst at Royal Liver Asset Managers and joined his current team in October 2011.

Manager photo

Mark Wright, Deputy Manager Mark is responsible for UK equity research across the investment mandates. He began his career at Seneca after graduating from the University of York with a BSc in Economics. Mark is a CFA Charterholder and an accredited member of the CFA Institute.

Manager photo

Gary Moglione, Deputy Manager Gary specializes in developed market overseas equity and fixed income research at Seneca, where he joined in April 2018. Before this, he held similar fund management roles in Multi-Asset and Fund of Funds at Royal Liver Asset Managers and Amundi Investment Management.

Richard Parfect, Lead Manager Richard applies a value-driven approach with a specific focus on specialist assets. He is a Fellow of the CISI and co-founded Seneca Investment Managers Limited (Seneca) in 2002. Before Seneca, Richard worked as a UK equity analyst at Merseyside Pension Fund and began his career at Neilson Cobbold.

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Tom Delic, Deputy Manager Tom is responsible for emerging markets equity and fixed income research. He began his investment career in 2009, after graduating with a first-class degree in Mathematics with Finance from the University of Liverpool. Tom started as an investment analyst at Royal Liver Asset Managers and joined his current team in October 2011.

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Mark Wright, Deputy Manager Mark is responsible for UK equity research across the investment mandates. He began his career at Seneca after graduating from the University of York with a BSc in Economics. Mark is a CFA Charterholder and an accredited member of the CFA Institute.

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Gary Moglione, Deputy Manager Gary specializes in developed market overseas equity and fixed income research at Seneca, where he joined in April 2018. Before this, he held similar fund management roles in Multi-Asset and Fund of Funds at Royal Liver Asset Managers and Amundi Investment Management.

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Key Facts

Asset type Multi-Asset

Annual Income (Historic) -

Sector Mixed Investment 20-60% Shares

Gearing-

Fund Size-

Fund Manager Start Date 06 April 2021

Ongoing Charges Figure (OCF) -

Payment Date(s) Monthly

Annual Management Charge (AMC) -

Fund Performance

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Risk

The main risks for investors in VT Momentum Diversified Income are stock selection and asset allocation. However, these risks are mitigated by the very disciplined investment approach that encourages team discussion and appraisal. The true multi-asset approach also helps to further reduce the overall risk of the portfolio. It is also encouraging that the managers consider risk as the possibility of permanent loss of capital, and not just purely the fluctuation in the value of their investments.

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Risk: 4

Company Description

Momentum Global Investment Management Limited (MGIM), the UK-based subsidiary of Momentum Metropolitan Holdings Limited, acquired Seneca Investment Management in 2020, creating a business with assets under management of almost £5bn. The focus of the business remains unchanged, with investors ranging from institutions, such as pension funds and charities, through to financial advisers, discretionary private client managers and personal investors. The Seneca managers will remain and will continue to focus on multi-asset value investing.

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Fund Performance

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Risk

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The main risks for investors in VT Momentum Diversified Income are stock selection and asset allocation. However, these risks are mitigated by the very disciplined investment approach that encourages team discussion and appraisal. The true multi-asset approach also helps to further reduce the overall risk of the portfolio. It is also encouraging that the managers consider risk as the possibility of permanent loss of capital, and not just purely the fluctuation in the value of their investments.

Company Description

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Momentum Global Investment Management Limited (MGIM), the UK-based subsidiary of Momentum Metropolitan Holdings Limited, acquired Seneca Investment Management in 2020, creating a business with assets under management of almost £5bn. The focus of the business remains unchanged, with investors ranging from institutions, such as pension funds and charities, through to financial advisers, discretionary private client managers and personal investors. The Seneca managers will remain and will continue to focus on multi-asset value investing.

Quote from the Fund Manager

We like to keep things simple and understandable, with a clarity of process creating a quality of outcome.

Richard Parfect

Lead Manager

Investment process

The VT Momentum Diversified Income fund has a very clearly defined and well-disciplined process. The process is very much team-based, and this multi-asset income fund makes use of all the different asset classes available, including private equity and specialist finance where suitable, in meeting the fund’s objective. The team carries out in-house research looking for value investments, with each team member responsible for specific areas. The result is a globally diversified, multi-asset income portfolio. The value style tends to result in the managers buying out-of-favour investments and they then have to bide their time in order for the investment to pay off. This could be quite a lengthy process, but hopefully a rewarding one.

Risk

The main risks for investors in VT Momentum Diversified Income are stock selection and asset allocation. However, these risks are mitigated by the very disciplined investment approach that encourages team discussion and appraisal. The true multi-asset approach also helps to further reduce the overall risk of the portfolio. It is also encouraging that the managers consider risk as the possibility of permanent loss of capital, and not just purely the fluctuation in the value of their investments.

ESG

ESG - Limited
The fund has a value-driven approach, meaning the managers will primarily look for investments that are out of favour, and thus trading on attractive valuations. However, if they believe this is justified by poor conduct, which will have a material impact on the investment case, they will factor this into their investment decision. The multi-asset approach means that specific factors related to ESG are not directly applied, though there is a focus on governance, especially when it comes to considering investment trusts and boards.

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