Our fund
Our award-winning IFSL Hathaway Fund was started in 2002 to provide smaller investors
the chance to enjoy access to our value investing philosophy alongside larger clients and
institutions.
Graham A J Englefield
FSI
Head of Investments
Born in 1962 and educated at the Universities of Warwick and Salamanca in Spain, Graham is both a solicitor and
Fellow of the Chartered Institute of Securities & Investment. Graham has been managing investments
professionally for 35 years and has an enviable performance record for private clients, charities and smaller
institutions. He has been the lead manager on the IFSL Hathaway Fund since its launch.
Instrumental in establishing value investing as the driving philosophy behind Hathaway’s approach, Graham’s
remaining energy is spent running and he competes several times a year in long-distance events.
Graham R Shaw
FSI
CFA
Investment Analyst
Born in 1973, Graham obtained a first in engineering from Kings College, London before completing the highest
level investment qualifications in record time. He is now a Fellow of The Chartered Institute of Securities &
Investment, having won an award for outstanding results in the Diploma examinations. Previously an investment
banker in the City, Graham had his own investment advisory practice prior to joining Hathaway and brings multi-
disciplinary skills to the team.
Graham works on developing portfolios and investment research. He’s a high-flier out of the office too, licensed
to pilot three types of Boeing airliner.
About Hathaway
Hathaway began life as the Investment Management
Department of Shakespeares Solicitors providing managed
portfolio services to the firm’s private clients and trusts.
Hathaway commenced trading in May 2000 and the team
continue to strive to ensure that Hathaway remains true to its
original goals; to provide its clients with bespoke portfolios and a
personal service often absent in our industry.
We cherish our independence and are proud to have flourished in such a competitive industry for 20 years.
Following the success of our value-based approach to
investing for our clients, we launched the MFM Hathaway
Fund in November 2002, applying the same strategy.
The fund occupies the 1st quartile its sector over the ten years to
the end of March 2023; the fund’s total return of 87.0% in that
time, compares favourably with the benchmark’s 66.6%.
(Data taken from recent fund report.)
Make the most of your investment opportunities
Get in touch today to discuss your financial goals and join a growing list of clients enjoying
the benefits of value investing.
Hathaway Investment Management Limited is authorised
and regulated by the Financial Conduct Authority
Hathaway Investment Management Limited
Grosvenor House
14 Bennetts Hill
Birmingham
B2 5RS
Is value investing right for you?
If you are prepared to accept a medium level of risk in your
portfolio and want to enjoy the attractive growth potential of
shares, then our value investing policy is for you.
To protect our clients, we build a margin of safety in all our
portfolios by holding an appropriate level of bonds alongside
company shares. Risks are present, but they are quantified
and controlled to minimise any threat. Buying securities at
what we consider to be below their intrinsic value will also help
to bolster the margin of safety that investors often desire.
However, as with all our investments, we are interested in
substance not form and so we subject fixed income
investments to the same rigorous analysis as equities. We
therefore buy or hold them if they make sense and not on the
basis of a Pavlovian reaction.
How we invest your money
We don’t get distracted by trying to be a ‘jack-of-all-trades’; our focus is on the
construction and maintenance of a high-quality, equity-based portfolio which suits your
goals to offer you the best possible return on your investment.
The quest for value
As ‘value investors’, we seek to buy securities on the basis
of value and not popularity or fashion because sensible
investments will beat most markets over the longer term.
We have always sought to achieve returns ahead of our
benchmark (compared over all periods) and our fund reports
evidence our performance in pursuit of that objective;
ultimately though, we should be judged over longer rather
than shorter periods.
We look for companies which are making stable profit for
their shareholders and which have an enduring position of
dominance, or prominence, in their particular area. We
therefore invest in healthy businesses across a range of
market sectors including building supplies, engineering,
drinks, property and insurance.
Our services
Having comprehensively discussed your investment objectives and attitude to risk, our fully-
managed service combines extensive in-house research with our regular monitoring process to
ensure that we construct a portfolio that suits your individual needs whilst maintaining the
flexibility to react to new opportunities that fulfil your goals.
We encourage personal contact with your investment manager so that we can best adapt your
portfolio as your circumstances change. We’re happy to communicate via phone and email but
often an informal meeting is the best way for each party to keep the other abreast of any
important developments so we’re happy to come to you or welcome you at our offices in central
Birmingham. Should you wish, we’re also happy to deal directly with other related parties you
may appoint such as tax advisers, solicitors, care homes, attorneys, etc to help matters run
smoothly.
We provide tax-efficient Stocks & Shares Individual Savings Accounts alongside your
discretionary portfolio to take advantage of the annual allowances in Capital Gains Tax and ISA
subscriptions whilst clients with all their assets in an ISA are afforded the same bespoke
approach with which we manage discretionary portfolios.
Should you wish to transfer any existing ISAs to us, we’d be happy to help with that too; just get
in touch and we’ll arrange the necessary paperwork.
We manage our fund on the same value investing basis as our clients’ portfolios but with the
added bonus of being able to invest in securities on a scale that just isn’t always possible for
the private investor.
You don’t have to be a client of Hathaway to invest in our fund - you can invest directly; get in
touch with us here or call our fund administrators, IFSL Fund Services, on 0808 1789321.
Comprehensive information on our IFSL Hathaway Fund is shown below.
Discretionary Portfolio Service
The backbone of
our business,
we’ve provided
clients with
discretionary
portfolio services
for more than
20 years.
ISA Management
ISAs are a vital
cornerstone of
an individual’s
investment
portfolio.
IFSL Hathaway Fund
Enjoy our value
investing
philosophy
alongside larger
clients and
institutions.
Our clients
Private individuals
Your attitude to risk, financial goals, priorities and
concerns are all thoroughly considered before we
develop a portfolio to suit your circumstances.
SIPPs
Whilst we don’t provide advice on pensions, we manage
the investments within them to suit your investment
strategy for your retirement.
Trusts & Charities
The very nature of value investing means that we are
able to provide the long-term investment strategies often
required for our trust clients.
We only invest for clients where
we are willing - and do - place our
own money
We do not make predictions about
the stock market, interest rates or
the course of inflation; to do so is
pointless.
We invest in company shares only where
we expect to do better or considerably
better than the prevailing risk-free rate.
We conduct our own equity
research and are not afraid to
ignore market trends in search of
value.
Whilst being flexible in our
approach, we constantly try and
refine and discipline our efforts.
We hold a margin of safety due to
the price we pay for company
shares and we exhibit patience,
crucial to value investing.
+44 (0)121 632 3970
enquiries@hathawayinvestment.com
Companies
Our corporate clients are afforded the same high quality
service as our private clients with every effort made to
accommodate specific investment objectives.
With decades of experience in the investment management,
stockbroking, accounting and IT sectors, our dedicated team
strive to ensure our clients receive a service of the highest
standard.
Performance. Efficiency. Discretion.
PERFORMANCE
Fund YTD
2022
2021
2020
2019
2018
2012-22
IFSL Hathaway Fund
+2.2%
-17.0%
+10.5%
+2.0%
+21.6%
-9.2%
+94.2%
Benchmark
+1.5%
-10.1%
+11.1%
+5.3%
+15.9%
-6.5%
+60.2%
Experience tells us that performance is a fundamental factor when it comes to investors’
long-term objectives which is why we’re proud of our Fund’s record when measured
alongside the IA Mixed Investments 40-85% Shares sector, in which our Fund resides and
which we use as our benchmark for performance comparisons.
ISINs
INC GB0032395336
ACC GB0032395443
Latest Prices
Income Units 145.85p
Accumulation Units 209.35p
Dividends
Interim XD 30/03 PD 31/05
Final XD 30/09 PD 30/11
Risk
The figures refer to the past and that past performance is not a reliable indicator of
future results.
The value of investments and the income from them can go down as well as up and
you may not get back the amount originally invested.
Investors should carefully read the Key Investor Document and the Risk Warning
page of this website before making a decision to invest.
Reference
Performance, holdings and price data as of 29th November 2023.
The Fund year runs to 30th September.
All performance data is provided by trustnet.com and FE Analytics.
Fund performance figures based upon Accumulation units, net of charges.
IFSL Hathaway Fund was the winner of MoneyWise Magazine ‘Highly Commended’
Award in 2013 & 2015.
Discrete performance figures are for the respective calendar years.
Launch Date
November 2002
Our services
United Kingdom Treasury 2% 2025
Next
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Top 5 Holdings
17.1%
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5.6%
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8.3%
