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 Acc14.3351.05104.75560.25-Buy
AXA Rosenberg American Z Acc29.4665.20133.91198.181.42Buy
Aberdeen Global North American Equity R2 GBP27.8547.7293.05138.230.50Buy
Aberdeen North American Equity I Acc GBP28.5149.5099.77175.640.70Buy
Allianz US Equity C Acc28.6664.68108.6129.420.56Buy
Artemis US Equity I Acc GBP25.45--23.090.30Buy
Artemis US Extended Alpha I Hedged Acc GBP---552.49-Buy
Artemis US Extended Alpha I Acc GBP29.82--552.49-Buy
Artemis US Select I Hedged Acc GBP---544.860.20Buy
Artemis US Select I Acc GBP24.95--544.860.18Buy
Artemis US Smaller Companies I Acc GBP37.91--100.18-Buy
Aviva Inv US Equity Income II 2 Acc GBP39.9765.45-294.362.08Buy
Aviva Inv US Equity Income 2 Acc40.8368.57126.52281.862.21Buy
Baillie Gifford American B Acc25.8468.01124.43491.05-Buy
BlackRock North American Equity Tracker D Acc30.5465.65129.834,372.631.50Buy
BlackRock US Dynamic D Acc28.6766.40129.1474.220.35Buy
BlackRock US Equity Tracker D Acc29.8668.31-1,015.111.46Buy
BlackRock US Opportunities D Acc26.0660.33126.3981.330.13Buy
CF Canlife North American C Acc GBP44.6769.63132.36210.27-Buy
CF Miton US Opportunities B Acc36.5373.07-221.930.20Buy

OEICs and Unit Trusts

Name1 Year (%)3 Years (%)5 Years (%)Fund Size (M)Yield (%)
AXA Framlington American Growth Z Inc14.4051.09105.05560.25-Buy
Artemis US Select I Inc GBP24.92--544.860.15Buy
Aviva Inv US Equity Income II 2 Inc GBP39.9465.42-294.362.12Buy
Aviva Inv US Equity Income 2 Inc40.8068.54126.51281.862.23Buy
Baillie Gifford American B Inc25.7967.96124.31491.05-Buy
BlackRock US Dynamic D Inc28.6766.41129.2174.220.35Buy
BlackRock US Opportunities D Inc26.0760.34126.4381.330.13Buy
Brown Advisory US Equity Value B GBP32.0942.08103.02115.00-Buy
Brown Advisory US Equity Value B Hedge GBP10.8810.1362.99115.00-Buy
Cavendish North American B Inc22.9653.4693.88110.040.40Buy
Dodge & Cox US Stock D GBP45.1574.55177.52402.60-Buy
F&C US Smaller Companies C Inc38.0965.83138.0076.69-Buy
Fidelity Index US W Inc30.8369.15-790.001.61Buy
GAM North American Growth Inst Inc36.4851.15122.16281.28-Buy
HSBC American Index C Inc29.9169.66138.412,381.771.31Buy
JPM America Equity C Inc27.91--19.600.08Buy
JPM US C Inc26.0663.60133.84506.760.57Buy
JPM US Equity Income B Inc32.2966.03129.193,485.012.16Buy
JPM US Equity Income C Inc32.6367.32132.103,485.012.15Buy
JPM US Equity Income C Hedged Inc11.9029.7588.173,485.012.25Buy

Investment Trusts

Name1 Year (%)3 Years (%)5 Years (%)DiscountNAV
Blackrock North American Income Trust Plc ORD 1P47.4357.81--4.37162.60Buy
Canadian General Investments GBX23.5725.0043.45--Buy
Gabelli Value Plus Trust PLC27.93---5.68133.59Buy
JP Morgan American IT plc29.7755.26127.28-3.31365.09Buy
JP Morgan US Smaller Companies IT PLC Ord 2.5P43.7765.13196.08-5.06266.23Buy
JZ Capital Partners 6%CULS 20215.13----Buy
JZ Capital Partners Ord37.4231.5592.99-40.54852.65Buy
JZ Capital Partners ZDP 202212.43----Buy
Jupiter US Smaller Companies PLC Ord 25P40.7327.2599.40-10.30925.27Buy
Middlefield Canadian Income Trust I47.5419.7831.39-11.73113.29Buy
North Atlantic Smaller Companies IT15.3566.99175.62-15.403,002.20Buy
The North American Income Trust plc Ord 25p50.5455.65124.60-9.131,273.30Buy


Name6 Months (%)1 Year (%)3 Years (%)5 Years (%)CurrencySector
DB X-Trackers MSCI USA Index UCITS ETF 1C GBP23.9631.8069.89142.55GBXEquity - USABuy
DB X-Trackers S&P 500 Inverse Daily UCITS ETF GBP7.055.12-9.06-45.08GBXEquity - USABuy
DB X-Trackers S&P 500 UCITS ETF 1C GBP23.9732.0771.08143.97GBXEquity - USABuy
ETFS Russell 2000 US Small Cap GO UCITS ETF GBP33.1741.4061.27146.22GBPEquity - USABuy
First Trust US Large Cap Core AlphaDEX UCITS ETF A Acc GBP27.0436.2366.11-GBXEquity - USABuy
HSBC MSCI USA GBP23.5931.1268.43136.52GBXEquity - USABuy
LYXOR UCITS ETF CANADA (S&P TSX 60) D GBP17.4043.3225.3429.48GBXEquity - North AmericaBuy
Lyxor UCITS ETF Dow Jones Industrial Average D USD10.0513.3529.15-USDEquity - USABuy
PS Dynamic US Market UCITS ETF GBP30.8833.0563.43160.48GBXEquity - USABuy
PS EQQQ Nasdaq 100 UCITS ETF GBP25.1524.7385.08173.36GBXEquity - USABuy
PS FTSE RAFI US 1000 UCITS ETF GBP28.1239.3570.15151.89GBXEquity - USABuy
SPDR S&P 500 UCITS ETF GBP23.9432.0270.59-GBPEquity - USABuy
SPDR Russell 2000 US Small Cap UCITS ETF GBP35.8343.73--GBPEquity - Small Cap USABuy
SPDR Russell 3000 US Total Market UCITS ETF GBP25.2433.15--GBPEquity - USABuy
SPDR S&P 500 Low Volatility UCITS ETF GBP16.7029.0072.26-GBPEquity - USABuy
SPDR S&P US Dividend Aristocrats UCITS ETF GBP22.7643.2976.68139.90GBPEquity - USABuy
Source MSCI USA USD6.5110.0329.2394.40USDEquity - USABuy
Source Russell 2000 USD15.3618.9824.0798.06USDEquity - USABuy
UBS ETFs plc - MSCI USA SF UCITS ETF (USD) A Acc GBP23.8331.4568.90-GBXEquity - USABuy
UBS (Irl) ETF plc - MSCI USA UCITS ETF (USD) A Dis GBP22.8229.8465.46-GBXEquity - USABuy


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