Stephen Message

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Glossary

  • Fund

    A way for individual investors to pool their money together, allowing them to invest in assets that would otherwise be unobtainable

  • Fund manager

    The person who decides where the fund's money should be invested. As such, finding a talented manager (such as those with a Citywire rating) is of paramount importance

  • Sector

    Funds are grouped together into sectors, allowing fund managers to be judged against their benchmarks and peer group. Each sector has rules about what assets funds are allowed to invest in

  • Assets

    A generic term meaning 'what you own'. If you can buy it, it's an asset. In the world of investments the most common assets are shares, bonds, property and cash.

  • Asset class

    A group of assets with similar properties. For example, while shares will rise or fall in price individually, economic factors can affect all shares similarly. The same economic factors might affect bonds very differently – so shares and bonds are separate asset classes.

  • Asset allocation

    The process of deciding which asset classes to invest in. Successful asset allocation is often more important than selecting individual assets (for example deciding whether to invest mainly in shares, rather than which shares to invest in). Since most fund managers are tied to their sector rules, you need to either do your own asset allocation or buy a managed fund.

  • Benchmark

    A measure of how different areas of the markets are performing, against which funds can be compared. For example, a fund in the UK All Companies sector might be compared against the FTSE All-Share index of every company traded on the London Stock Exchange. A good fund manager will be able to beat the benchmark most of the time, but very few can.

  • Securities

    A contract representing something of financial value. Shares and bonds are the most common types of securities.

  • Managed funds

    Unlike most funds, which are restricted to investing in particular markets by the rules of their sector, managed funds can invest in just about anything. While they can have subtly different objectives, they are split into 'Active Managed', where the manager is given free reign; 'Balanced Managed', where the manager can invest a maximum of 85% in shares to reduce risk; and 'Cautious Managed' with a 60% maximum in shares.

  • Shares

    A share in a company represents part ownership of its assets (e.g. its buildings, intellectual property and so on) and its future income (paid out as dividends). The value of a share depends largely on other investors' expectations of the company's future growth and income.

  • Bonds

    Companies can issue bonds as a way of raising money. When you buy a bond, the company is agreeing to pay you a fixed income (hence the alternative name 'fixed income securities') for a certain time period, after which your money is repaid. If investors suspect a company may be unable to repay, they will demand a higher income or 'yield' - hence 'high yield bonds'.

  • Risk

    The possibility that your investment objectives won't be met. The most obvious variety is 'capital risk' – the possibility that you won't get your money back – but there are many other forms such as currency risk, income risk, inflation risk (that your investments won't keep pace with the cost of living) and so on. To get better returns, you must accept more risk – this is a law of physics in investing, no matter what the people who advertise funds like to claim. Understanding your own risk tolerance is crucial.

  • Return

    A measure of how your investments have performed, relative to your initial investment. For example if you invest £1,000 in a fund, and a year later your investment is worth £1,100, you've made a 10% return.

  • Maximum loss

    Otherwise known as maximum 'drawdown', this is a measure of how much you would lose if you bought an investment at its most expensive and sold at its cheapest (which, owing to the frailties of human psychology, often happens). For example if a fund was worth £1 a unit at one point but then fell to 50p – regardless of what happened in the meantime – the fund's loss would be 50%. Comparing the maximum loss for different managers over a given period is a good way of seeing who's doing the best job of safeguarding investors' money.

Please see terms and conditions for restrictions on use of Citywire's Fund Manager database.

Stephen Message

Stephen Message

  • Currently running 1 fund
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  • Current rating:
    Citywire A

Stephen Message is a fund manager at Old Mutual Asset Management and manages the Old Mutual Equity Income fund. He describes his investment style as bottom up focused and identifies those companies whose valuation can rise relative to the broader market or where the profit growth outlook is under-appreciated. Prior to joining Old Mutual he was a fund manager at Bessemer Trust. Stephen is a Chartered Financial Analyst and studied Aeronautical Engineering at Imperial College London.

Fund Group

Old Mutual Global Investors

Total returns in each sector over

Fund Manager's Citywire Ratings History

  • Not rated in Jun 2012Jun 2012
  • Not rated in Jul 2012
  • Not rated in Aug 2012
  • Not rated in Sep 2012
  • Rated A in Oct 2012
  • Rated A in Nov 2012
  • Rated A in Dec 2012
  • Rated A in Jan 20132013
  • Rated A in Feb 2013
  • Rated AA in Mar 2013
  • Rated A in Apr 2013
  • Rated A in May 2013
  • Rated A in Jun 2013
  • Rated A in Jul 2013
  • Rated A in Aug 2013
  • Rated AA in Sep 2013
  • Rated A in Oct 2013
  • Rated AA in Nov 2013
  • Rated AA in Dec 2013
  • Rated A in Jan 20142014
  • Rated A in Feb 2014
  • Rated AA in Mar 2014
  • Rated A in Apr 2014
Learn how Citywire Ratings are calculated

News about: Stephen Message

How has Stephen Message performed over

Fund Manager's Citywire Ratings History

  • Not rated in Jun 2012Jun 2012
  • Not rated in Jul 2012
  • Not rated in Aug 2012
  • Not rated in Sep 2012
  • Rated A in Oct 2012
  • Rated A in Nov 2012
  • Rated A in Dec 2012
  • Rated A in Jan 20132013
  • Rated A in Feb 2013
  • Rated AA in Mar 2013
  • Rated A in Apr 2013
  • Rated A in May 2013
  • Rated A in Jun 2013
  • Rated A in Jul 2013
  • Rated A in Aug 2013
  • Rated AA in Sep 2013
  • Rated A in Oct 2013
  • Rated AA in Nov 2013
  • Rated AA in Dec 2013
  • Rated A in Jan 20142014
  • Rated A in Feb 2014
  • Rated AA in Mar 2014
  • Rated A in Apr 2014
Learn how Citywire Ratings are calculated

How has this fund manager performed comparedto rivals over

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