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 Acc31.3467.45111.42514.91-Buy
AXA Rosenberg American Z Acc30.7764.96131.62191.361.18Buy
Aberdeen Global North American Equity R2 GBP27.6447.5395.67143.390.40Buy
Aberdeen North American Equity I Acc GBP27.8249.61102.06150.340.70Buy
Allianz US Equity C Acc27.9865.52113.4028.970.41Buy
Artemis US Equity I Acc GBP33.85--25.650.44Buy
Artemis US Extended Alpha I Hedged Acc GBP20.13--622.37-Buy
Artemis US Extended Alpha I Acc GBP36.84--622.37-Buy
Artemis US Select I Hedged Acc GBP18.36--581.060.23Buy
Artemis US Select I Acc GBP34.24--581.060.33Buy
Artemis US Smaller Companies I Acc GBP40.97--178.210.05Buy
Aviva Inv US Equity Income II 2 Acc GBP26.9960.32-329.502.22Buy
Aviva Inv US Equity Income 2 Acc27.5461.41115.71251.972.32Buy
Baillie Gifford American B Acc41.7184.67139.61542.34-Buy
BlackRock North American Equity Tracker D Acc32.2066.70131.004,623.631.57Buy
BlackRock US Dynamic D Acc37.3371.65135.13100.900.63Buy
BlackRock US Equity Tracker D Acc32.6570.32-1,049.161.51Buy
BlackRock US Opportunities D Acc29.6559.75128.09101.070.27Buy
CF Canlife North American C Acc GBP32.7968.95124.44214.600.74Buy
CF Miton US Opportunities B Acc27.9171.71-274.040.20Buy

Investment Trusts

Name1 Year (%)3 Years (%)5 Years (%)DiscountNAV
Blackrock North American Income Trust Plc ORD 1P25.5454.38--8.04163.39Buy
Canadian General Investments GBP34.5136.3162.23-26.801,669.97Buy
Gabelli Value Plus Trust PLC42.03--0.59129.61Buy
JP Morgan American IT plc31.3563.55122.24-4.66385.76Buy
JP Morgan US Smaller Companies IT PLC Ord 2.5P49.3775.52165.51-6.40271.91Buy
JZ Capital Partners Ord47.9645.7194.43-29.43802.00Buy
JZ Capital Partners ZDP 20228.07----Buy
Jupiter US Smaller Companies PLC Ord 25P22.5922.2571.99-11.64871.99Buy
Middlefield Canadian Income Trust I34.787.0737.42-6.98108.17Buy
North Atlantic Smaller Companies IT17.9157.42191.44-14.523,187.75Buy
The North American Income Trust plc Ord 25p36.8957.51106.29-7.511,254.71Buy


Name6 Months (%)1 Year (%)3 Years (%)5 Years (%)CurrencySector
ETFS Russell 2000 US Small Cap GO UCITS ETF GBP-1.6040.8362.97132.81GBPEquity - USABuy
First Trust US Large Cap Core AlphaDEX UCITS ETF A Acc GBP2.4034.4762.95-GBXEquity - USABuy
HSBC MSCI USA GBP3.9433.5469.80133.62GBXEquity - USABuy
Lyxor UCITS ETF Dow Jones Industrial Average D USD11.1022.0232.65-USDEquity - USABuy
PS Dynamic US Market UCITS ETF GBP1.5436.7357.40145.21GBXEquity - USABuy
PS EQQQ Nasdaq 100 UCITS ETF GBP11.6248.68107.08185.67GBXEquity - USABuy
PS FTSE RAFI US 1000 UCITS ETF GBP0.6032.4961.83140.32GBXEquity - USABuy
SPDR S&P 500 UCITS ETF GBP3.8833.5371.68139.71GBPEquity - USABuy
SPDR Russell 2000 US Small Cap UCITS ETF GBP-1.1241.96--GBPEquity - Small Cap USABuy
SPDR Russell 3000 US Total Market UCITS ETF GBP3.2034.05--GBPEquity - USABuy
SPDR S&P 500 Low Volatility UCITS ETF GBP3.5425.1973.56-GBPEquity - USABuy
SPDR S&P US Dividend Aristocrats UCITS ETF GBP0.0627.1069.85133.31GBPEquity - USABuy
Source MSCI USA USD8.8117.4330.1695.07USDEquity - USABuy
Source Russell 2000 USD3.5325.0625.2190.27USDEquity - Small Cap USABuy
UBS (Irl) ETF plc - MSCI USA UCITS ETF (USD) A Dis GBP3.9433.7368.45-GBXEquity - USABuy
UBS (Irl) ETF plc - MSCI USA Value UCITS ETF (USD) A Dis GBP0.7431.3259.59-GBXEquity - USABuy
UBS (Irl) ETF plc - S&P 500 UCITS ETF (USD) A Dis GBP4.0133.6669.57-GBXEquity - USABuy
Vanguard FTSE North America UCITS ETF GBP3.7933.32--GBPEquity - North AmericaBuy
Vanguard S&P 500 UCITS ETF GBP4.4134.2772.66-GBPEquity - USABuy


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