North America

Introduction to North America

North American funds focus on companies that are domiciled in the United States and Canada. These could be companies that generate the majority of their revenues domestically or those that have extensive revenues from outside North America. The US market is the largest and broadest in the world and therefore fund managers have a large selection of stocks and sectors from which to choose.

The benchmark indices are the S&P 500, the Dow Jones industrial average and the technology-focused Nasdaq. Among the major constituents of the S&P 500 are the technology giants of Apple and Microsoft, oil majors Exxon Mobil and Chevron, plus consumer goods groups Johnson & Johnson and Proctor & Gamble, but many fund managers prefer to focus on smaller or mid cap stocks.

The North American market is usually seen as more 'defensive' than other markets - it tends to hold its value even when times are tough. However, because it is large and liquid and there are a lot of market participants, it is also seen as extremely efficient. There don't tend to be as many mispricing opportunities for active managers to exploit. North America managers follow a variety of styles, some prioritising high growth companies, others preferring more 'value' names trading at cheaper prices.

The tax treatment of investments is subject to tax law and HMRC practice which are subject to change. The value of investments may be affected by exchange rate movements where the underlying investments are not denominated in Pounds Sterling.

OEICs and Unit Trusts

Name1 Year (%)3 Years (%)5 Years (%)Fund Size (M)Yield (%)
AXA Framlington American Growth Z Acc35.8458.94105.12567.49-Buy
AXA Rosenberg American Z Acc38.5575.29128.42207.341.23Buy
Aberdeen Global North American Equity R2 GBP35.7256.4789.70144.910.40Buy
Aberdeen North American Equity I Acc GBP36.2458.3095.90172.350.70Buy
Allianz US Equity C Acc39.9875.52107.0431.010.52Buy
Artemis US Equity I Acc GBP35.88--25.240.29Buy
Artemis US Extended Alpha I Hedged Acc GBP---606.56-Buy
Artemis US Extended Alpha I Acc GBP39.44--606.56-Buy
Artemis US Select I Hedged Acc GBP---561.880.20Buy
Artemis US Select I Acc GBP35.34--561.880.17Buy
Artemis US Smaller Companies I Acc GBP51.07--146.41-Buy
Aviva Inv US Equity Income II 2 Acc GBP39.2576.28-335.221.98Buy
Aviva Inv US Equity Income 2 Acc40.4377.93127.97287.192.11Buy
Baillie Gifford American B Acc44.5382.01127.91544.02-Buy
BlackRock North American Equity Tracker D Acc40.8376.02129.204,559.331.39Buy
BlackRock US Dynamic D Acc43.7176.46123.2581.800.32Buy
BlackRock US Equity Tracker D Acc40.4778.84-1,057.291.36Buy
BlackRock US Opportunities D Acc42.9862.29121.0783.510.12Buy
CF Canlife North American C Acc GBP42.5081.20122.23215.621.25Buy
CF Miton US Opportunities B Acc43.3379.97-263.320.19Buy

OEICs and Unit Trusts

Name1 Year (%)3 Years (%)5 Years (%)Fund Size (M)Yield (%)
AXA Framlington American Growth Z Inc35.8058.91105.12567.49-Buy
Artemis US Select I Inc GBP35.31--561.880.14Buy
Aviva Inv US Equity Income II 2 Inc GBP39.2476.27-335.222.02Buy
Aviva Inv US Equity Income 2 Inc40.4177.91128.00287.192.12Buy
Baillie Gifford American B Inc44.5482.05127.96544.02-Buy
BlackRock US Dynamic D Inc43.6976.42123.2581.800.32Buy
BlackRock US Opportunities D Inc42.9462.27121.0883.510.12Buy
Capital Group Investment Company of America (LUX) ZD GBP---416.25-Buy
Cavendish North American B Inc35.2961.4489.43116.770.40Buy
Cullen North American High Dividend Value Equity P GBP37.8576.93110.05588.80-Buy
Cullen North American High Dividend Value Equity F Hedged GBP20.3328.6968.40588.80-Buy
Cullen US Enhanced Equity Income P GBP38.7175.68-0.00-Buy
Dodge & Cox US Stock D GBP57.9483.74160.03538.30-Buy
F&C US Smaller Companies C Inc46.5770.89127.7879.25-Buy
Fidelity Index US W Inc39.8380.02-853.001.50Buy
GAM North American Growth Inst Inc50.2563.42118.79290.53-Buy
GAM Star Gamco US Equity Inst Inc GBP51.6162.92-48.79-Buy
GS US Equity Portfolio R GBP39.5760.84115.46920.94-Buy
GS US Small Cap CORE Equity Portfolio R Snap GBP54.7173.04128.30101.82-Buy
HSBC American Index C Inc39.7079.71137.582,562.041.22Buy

Investment Trusts

Name1 Year (%)3 Years (%)5 Years (%)DiscountNAV
Blackrock North American Income Trust Plc ORD 1P47.7775.37--4.10174.14Buy
Canadian General Investments GBP49.3041.6237.83-31.891,791.19Buy
Gabelli Value Plus Trust PLC53.72---3.10140.87Buy
JP Morgan American IT plc40.5267.15115.55-5.79399.02Buy
JP Morgan US Smaller Companies IT PLC Ord 2.5P76.3183.91179.56-0.14286.03Buy
JZ Capital Partners 6%CULS 20215.53----Buy
JZ Capital Partners Ord42.1638.5084.81-32.92802.00Buy
JZ Capital Partners ZDP 20229.34----Buy
Jupiter US Smaller Companies PLC Ord 25P57.5945.1582.33-9.22972.12Buy
Middlefield Canadian Income Trust I51.6119.4727.34-13.64120.14Buy
North Atlantic Smaller Companies IT10.5253.73147.60-14.843,023.61Buy
The North American Income Trust plc Ord 25p54.8977.78116.12-8.241,367.71Buy


Name6 Months (%)1 Year (%)3 Years (%)5 Years (%)CurrencySector
DB X-Trackers MSCI USA Index UCITS ETF 1C GBP14.2240.7677.63134.15GBXEquity - USABuy
DB X-Trackers S&P 500 Inverse Daily UCITS ETF GBP-3.74-11.54-9.15-42.15GBXEquity - USABuy
DB X-Trackers S&P 500 UCITS ETF 1C GBP14.3140.4279.40136.43GBXEquity - USABuy
ETFS Russell 2000 US Small Cap GO UCITS ETF GBP19.6158.7066.52124.42GBPEquity - USABuy
First Trust US Large Cap Core AlphaDEX UCITS ETF A Acc GBP15.3542.4270.01-GBXEquity - USABuy
HSBC MSCI USA GBP13.9940.0876.15128.53GBXEquity - USABuy
LYXOR UCITS ETF CANADA (S&P TSX 60) D GBP13.1845.1430.8025.34GBXEquity - North AmericaBuy
Lyxor UCITS ETF Dow Jones Industrial Average D USD12.8728.8135.30-USDEquity - USABuy
PS Dynamic US Market UCITS ETF GBP18.0942.2064.22135.12GBXEquity - USABuy
PS EQQQ Nasdaq 100 UCITS ETF GBP16.5144.4796.53167.50GBXEquity - USABuy
PS FTSE RAFI US 1000 UCITS ETF GBP16.1344.0874.96137.94GBXEquity - USABuy
SPDR S&P 500 UCITS ETF GBP13.9839.7978.22-GBPEquity - USABuy
SPDR Russell 2000 US Small Cap UCITS ETF GBP17.3255.44--GBPEquity - Small Cap USABuy
SPDR Russell 3000 US Total Market UCITS ETF GBP14.3841.59--GBPEquity - USABuy
SPDR S&P 500 Low Volatility UCITS ETF GBP8.3929.5382.13-GBPEquity - USABuy
SPDR S&P US Dividend Aristocrats UCITS ETF GBP10.0638.2783.09134.62GBPEquity - USABuy
Source MSCI USA USD8.8325.3033.6385.28USDEquity - USABuy
Source Russell 2000 USD12.9640.1524.0377.53USDEquity - USABuy
UBS (Irl) ETF plc - MSCI USA UCITS ETF (USD) A Dis GBP14.0539.2172.83-GBXEquity - USABuy


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