It's no secret, most of us would like to stay in our own home as we age. Yet, sometimes our loved ones just need a little extra help to remain comfortable at home. That's where Always Best Care can help....we are dedicated to exceeding expectations....always
They say that your golden years are the best years of your life. For most older Americans, that's how it should be - a time to relax, reflect, and live life in a familiar place. After all, senior citizens in the U.S. have worked tirelessly to build a better economy, serve their communities, and raise families.
However, as seniors grow older, completing daily tasks like showering and enjoying activities such as visiting the historic Dan Gable Wrestling Museum gets harder without someone by their side. Unfortunately, many older Americans aren't able to rely on their adult children for help. The reality in today's world is that family members do not have the skills or time to dedicate to caring for their parents. That's where Always Best Care Senior Services comes in.
Our in-home care services are for people who prefer to stay at home as they grow older but need ongoing care that family or friends cannot provide. More and more older adults prefer to live far away from long-term, institutionalized facilities and closer to the place where they feel most comfortable - their home. Home care in Colwell, IA is a safe, effective way to give your loved ones the care they need when they need it the most.
Home Care Services
Service AreasSince 1996, Always Best Care has provided non-medical in-home care for seniors to help them maintain a healthy lifestyle as they get older. We are proud to have helped more than 25,000 seniors maintain higher levels of dignity and respect. We focus on providing seniors with the highest level of in-home care available so that they may live happily and independently.
Unlike some senior care companies, we genuinely want to be included in our clients' lives. We believe that personalized care is always the better option over a "one size fits all" approach. To make sure our senior clients receive the best care possible, we pair them with compassionate caregivers who understand their unique needs. That way, they may provide care accordingly without compromising their wellbeing.
The Always Best Care difference lies in life's little moments - where compassionate care and trustworthy experience come together to help seniors live a fruitful, healthy life. Whether you are an aging adult that can't quite keep up with life's daily tasks or the child of a senior who needs regular in-home services, Always Best Care is here to help.
“Always Best is OK but doesn’t seem to make up hours very well. When the”
“I knew a lady who works for Always Best Health Care that's why I chose”
“Always Best is OK but doesn’t seem to make up hours very well. When the caregiver is sick, nobody comes. I would think that they need a little more back up than they have right now. They give me a schedule, and billing is paid by Medicaid.”
“I knew a lady who works for Always Best Health Care that's why I chose it. The caregiver is very good with a very good attitude. They were able to provide the caregiver for myself immediately. She accompanies me to shopping.”
Home is where the heart is. While that saying can sound a tad cliche, it is especially true for many seniors living in America. When given a choice, older adults most often prefer to grow older at home. An AARP study found that three out of four adults over the age of 50 want to stay in their homes and communities as they age.
When you begin to think about why, it makes sense. Home offers a sense of security, comfort, and familiarity.
The truth is, as we age, we begin to rely on others for help. When a family is too busy or lives too far away to fulfill this role, in-home senior care is often the best solution. Home care services allow seniors to enjoy personal independence while also receiving trustworthy assistance from a trained caregiver.
At Always Best Care, we offer a comprehensive range of home care services to help seniors stay healthy while they get the help they need to remain independent. As your senior loved one gets older, giving them the gift of senior care is one of the best ways to show your love, even if you live far away.
To give our senior clients the best care possible, we offer a full spectrum of in-home care services:
If your senior loved one has specific care needs, our personal care services are a great choice to consider. Personal care includes the standard caregiving duties associated with companion care and includes help with tasks such as dressing and grooming. Personal care can also help individuals with chronic conditions like diabetes.
Common personal care services include assistance with:
Sometimes, seniors need helpful reminders to maintain a high quality of life at home. If you or your senior has trouble with everyday tasks like cooking, our home helper services will be very beneficial.
Common home helper care services include assistance with:
Using this kind of care is a fantastic way to make life easier for you or your senior loved one. At Always Best Care, our talented caregivers often fill the role of a companion for seniors. That way, older adults can enjoy their favorite local activities, such as visiting Colwell County Park with friends while also receiving the care they need daily or weekly.
Common companionship services include:
According to AARP, more than 53 million adults living in the U.S. provide care to someone over 50 years old. Unfortunately, these caregivers experience stress, exhaustion, and even depression. Our respite care services help family caregivers address urgent obligations, spend time with their children, and enjoy nearby activities. Perhaps more importantly, respite care gives family members time to recharge and regroup. Taking personal time to de-stress reduces the risk of caregiver burnout. So, if you've always wanted to eat at the local GG's place LLC or visit Colwell, don't feel bad. Doing so is great for both you and your loved one.
At the end of the day, our goal is to become a valuable part of your senior's daily routine. That way, we may help give them the highest quality of life possible. We know that staying at home is important for your loved one, and we are here to help make sure that is possible.
If you have been on the fence about non-medical home care, there has never been a better time than now to give your senior the care, assistance, and companionship they deserve.
Always Best Care in-home services are for older adults who prefer to stay at home but need ongoing care that friends and family cannot provide. In-home care is a safe, effective way for seniors to age gracefully in a familiar place and live independent, non-institutionalized lives. The benefits of non-medical home care are numerous. Here are just a few reasons to consider senior care services from Always Best Care:
According to AARP, 9 out of 10 seniors prefer to age in place within the comfort of their own home. With in-home care, seniors have a way to stay at home, receive the care they need, and maintain a sense of independence, improving overall wellness.
If you or a member of your family have assumed the role of caregiver for your senior loved one, you know how stressful the job can be. Between caregiver burnout and constant worry, being a family caregiver is hard. In-home care relieves your burden and gives you peace of mind knowing that your older family member is in expert hands.
Unlike nursing homes, where the staff and residents rotate frequently, seniors can foster new friendships and build bonds with their caregiver. Seniors who socialize on a regular basis are often happier, which fosters positivity and leads to increased wellbeing.
No two seniors need the same kind of in-home care assistance. That is why each of our Care Plans is tailored to meet our client's individual needs. We offer plans that cover everything from light housekeeping to more involved duties like transportation to doctor's appointments. Our Care Coordinators will work closely with you to develop a personalized plan to ensure your senior's needs are exceeded.
Always Best Care offers a full array of care options for patients at all levels of health. With our trusted elderly care services, your loved one will receive the level of care necessary for them to enjoy the highest possible quality of life.
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While it's true that some seniors have complicated medical needs that prevent them from staying at home, aging in place is often the best arrangement for seniors and their families. With a trusted caregiver, seniors have the opportunity to live with a sense of dignity and do so as they see fit - something that is unavailable to many older people today.
In-home care makes it possible for millions of seniors to age in place every year. Rather than moving to a strange nursing home, seniors have the chance to stay at home where they feel the happiest and most comfortable.
How much does a senior's home truly mean to them?
A study published by the American Society on Aging found that more than half of seniors say their home's emotional value means more than how much their home is worth in monetary value. It stands to reason, then, that a senior's home is where they want to grow old.
With the help of elderly care in Colwell, IA, seniors don't have to age in a sterilized care facility. Instead, they can age gracefully in the place they want to be most: their home. In contrast, seniors who move to a long-term care facility must adapt to new environments, new people, and new systems that the facility implements. At this stage in life, this kind of drastic change can be more harmful than helpful.
Institutional care facilities like nursing homes often put large groups of people together to live in one location. On any given day, dozens of staff members and caregivers run in and out of these facilities. Being around so many new people in a relatively small living environment can be dangerous for a seniors' health and wellbeing. When you consider that thousands of seniors passed away in nursing homes during the COVID-19 pandemic, opting for in-home care is often a safer, healthier choice for seniors.
Aging in place has been shown to improve seniors' quality of life, which helps boost physical health and also helps insulate them from viral and bacterial risks found in elderly living facilities.
For many seniors, the ability to live independently with assistance from a caregiver is a priceless option. With in-home care, seniors experience a higher level of independence and freedom - much more so than in other settings like a nursing home. When a senior has the chance to age in place, they get to live life on their own terms, inside the house that they helped make into a home. More independence means more control over their personal lives, too, which leads to increased levels of fulfillment, happiness, and personal gratification. Over time, these positive feelings can manifest into a healthier, longer life.
More independence, a healthier life, and increased comfort are only a few benefits of aging in place. You have to take into consideration the role of cost and convenience. Simply put, it's usually easier and more affordable to help seniors age in place than it is to move them into an institutional care facility. According to the US Department of Housing and Urban Development, seniors who age in the comfort of their homes can save thousands of dollars per month.
In-home care services from Always Best Care, for instance, are often less expensive than long-term solutions, which can cost upwards of six figures per year. To make matters worse, many residential care facilities are reluctant to accept long-term care insurance and other types of payment assistance.
With Always Best Care's home care services, seniors and their families have a greater level of control over their care plans. In-home care gives seniors the chance to form a bond with a trusted caregiver and also receive unmatched care that is catered to their needs. In long-term care facilities, seniors and their loved ones have much less control over their care plan and have less of a say in who provides their care.
In-home care is a valuable resource that empowers seniors to age in place on their own terms. However, a big concern for many families and their loved ones is how much in-home care costs. If you're worried that in-home care is too expensive, you may be pleasantly surprised to learn that it is one of the most affordable senior care arrangements available.
Typically, hiring an Always Best Care in-home caregiver for a few hours a week is more affordable than sending your loved one to a long-term care facility. This is true even for seniors with more complex care needs.
At Always Best Care, we will work closely with you and your family to develop a Care Plan that not only meets your care needs, but your budget requirements, too. Once we discover the level of care that you or your senior need, we develop an in-home care plan that you can afford.
In addition to our flexible care options, families should also consider the following resources to help offset potential home care costs:
When you or your senior loved one needs assistance managing daily tasks at home, finding a qualified caregiver can be challenging. It takes a special kind of person to provide reliable care for your senior loved one. However, a caregiver's role involves more than meal preparation and medication reminders. Many seniors rely on their caregivers for companionship, too.
Our companion care services give seniors the chance to socialize in a safe environment and engage in activities at home. These important efforts boost morale and provide much-needed relief from repetitive daily routines. A one-on-one, engaging conversation can sharpen seniors' minds and give them something in which to be excited.
At Always Best Care, we only hire care providers that we would trust to care for our own loved ones. Our senior caregivers in Colwell, IA understand how important it is to listen and communicate with their seniors. A seemingly small interaction, like a short hug goodbye, can make a major difference in a senior's day. Instead of battling against feelings of isolation, seniors begin to look forward to seeing their caregiver each week.
Understanding the nuances of senior care is just one of the reasons why our care providers are so great at their job.
Unlike some senior care companies, our caregivers must undergo extensive training before they work for Always Best Care. In addition, our caregivers receive ongoing training throughout the year. This training ensures that their standard of care matches up to the high standards we've come to expect. During this training, they will brush up on their communication skills, safety awareness, and symptom spotting. That way, your loved one receives the highest level of non-medical home care from day one.
While it's true that many seniors prefer to age at home, sometimes in-home care isn't the best fit. For those seniors and their families, choosing an assisted living facility makes more sense. Unfortunately, finding the optimal care facility is easier said than done in today's day and age. That's when Always Best Care's assisted living referral services begin to make a lot of sense.
Assisted living is a form of housing intended for seniors who require varying degrees of medical and personal attention. Accommodations may include single rooms, apartments, or shared living arrangements. Assisted living communities are typically designed to resemble a home-like environment and are physically constructed to encourage the independence of residents.
At assisted living communities, seniors receive help with daily activities such as bathing, dressing, and eating. They may also benefit from coordination of services with outside healthcare providers, and monitoring of resident activities to ensure their health, safety, and well-being. Caregivers who work at assisted living communities can also provide medication administration and personal care services for older adults.
Other services offered within assisted living communities can include some or all of the following:
At Always Best Care, our representatives can match your senior's emotional, physical, and financial needs with viable assisted living communities nearby. Results are based on comparative data, so you can select the best choice for you or your loved one.
Always Best Care works closely with local senior living communities to gain valuable knowledge that we then use to help seniors and their loved ones make informed decisions. This information can include basic care and rent, resident availability, and services provided. Because Always Best Care is compensated by these communities, we provide senior living referral services at no extra cost to you.
Some of the most popular assisted living communities to consider in our area include the following:
For many seniors, moving into a senior living community revolves around how and when they want to make a transition to more involved care. Some seniors are more proactive about transitioning to independent living. Others choose to remain home until their care needs or other requirements are satisfied. Remember - our staff is here to help. Contact our office today to learn more about assisted living communities and how we can find a facility that exceeds your expectations.
The first step in getting quality in-home care starts with a personal consultation with an experienced Always Best Care Care Coordinator. This initial consultation is crucial for our team to learn more about you or your elderly loved one to discover the level of care required. Topics of this consultation typically include:
A discussion of your needs and how our trained caregivers can offer assistance in the most effective way
A draft of your care plan, which includes highly detailed notes and a framework for the care that you or your senior will receive
Discuss payment options and help coordinate billing with your insurance provider
Our caregivers are trained to spot changes that clients exhibit, like mental and physical decline. As your trusted senior care company, we will constantly assess and update your Care Plan to meet any new emotional, intellectual, physical, and emotional needs.
If you have never considered in-home care before, we understand that you and your family may have concerns about your Care Plan and its Care Coordinator. To help give you peace of mind, know that every team member and caregiver must undergo comprehensive training before being assigned to a Care Plan.
At the end of the day, we only hire the best of the best at Always Best Care. Whether you need home care in Colwell, IA 24-hours a day or only need a respite for a couple of hours, we are here to serve you.
When you're ready, we encourage you to contact your local Always Best Care representative to set up a Care Consultation. Our Care Coordinators would be happy to meet with you in person to get to know you better, discuss your needs, and help put together a personalized Care Plan specific to your needs.
Columbia Threadneedle’s head of UK equities, Richard Colwell (pictured), will retire in November after over 30 years in industry.He will be succeeded by Catherine Stanley, managing director of a specialist equities team, and head of equity research Jeremy Smith, who become co-heads of UK equities.William Davies, global CIO, said: “Richard has had a long and successful career and leaves a strong franchise and track record of delivering for our clients. He has taken a long-term approach to investing, demonstrating cle...
Columbia Threadneedle’s head of UK equities, Richard Colwell (pictured), will retire in November after over 30 years in industry.
He will be succeeded by Catherine Stanley, managing director of a specialist equities team, and head of equity research Jeremy Smith, who become co-heads of UK equities.
William Davies, global CIO, said: “Richard has had a long and successful career and leaves a strong franchise and track record of delivering for our clients. He has taken a long-term approach to investing, demonstrating clear stewardship over many years.
“As a major shareholder, he has helped guide a number of notable UK companies to deliver good outcomes for all stakeholders. We thank him for his contribution to our clients and our business and wish him well for his retirement.”
Colwell has led the CT UK Equity Income Fund since 2010, which has been continually featured on Bestinvest’s buy list.
Jason Hollands, managing director of Bestinvest, said: “Richard is without doubt one of the biggest beasts in the UK equity income space and his flagship CT UK Equity Income, which he has managed consistently since inception […], is one of the longest standing funds to have held a coveted place on Bestinvest’s Best Funds List. At £3.78bn, it is by some distance the largest fund in the IA UK equity income sector.”
Prior to joining Columbia Threadneedle, Colwell had stints at Schroders, Credit Suisse and Aviva Investors.
Richard Watts, Columbia Threadneedle CIO, EMEA, said: “We place significant emphasis on succession planning and I’m pleased that Catherine and Jeremy will be leading this expanded team, which brings together the existing UK equities and specialist equities teams.
“Together these two teams create one of the largest UK equities desks comprising 21 experienced investment professionals responsible for more than £20bn.
“We believe strongly in the sharing of research, debate and challenge, and the expanded team will bring broader perspectives for the benefit of investment decision making.”
Colwell is lead manager on four funds: CT UK Equity Income, CT UK Equity Alpha Income; CT UK Equity Growth and Income and Threadneedle (Lux) UK Equity Income and co-manager on CT Monthly Extra Income Fund alongside Alasdair Ross.
Jonathan Barber is deputy manager across all five strategies.
From the end of November, Smith will assume lead manager responsibility on the four funds solo-managed by Colwell, while Barber will step up to co-manage the CT Monthly Extra Income Fund alongside Ross, with Smith assuming the deputy role.
Iowa must consider the appeals of a Council Bluffs dentist who says a Medicaid company is improperly denying payment for the services he provides to poor and elderly residents, the Iowa Supreme Court ruled Friday.The government program is managed by private corporations and provides dental services to more than 155,000 Iowans.If dentists can't appeal payment...
Iowa must consider the appeals of a Council Bluffs dentist who says a Medicaid company is improperly denying payment for the services he provides to poor and elderly residents, the Iowa Supreme Court ruled Friday.
The government program is managed by private corporations and provides dental services to more than 155,000 Iowans.
If dentists can't appeal payment denials, fewer dentists will offer care under the Medicaid program, and more low-income Iowans won't get the care they need, the dentist's attorney argued.
Dentist Robert Colwell contends Delta Dental has for years denied him payment for tens of thousands of dollars in services he provided under the program.
And he says the Iowa Department of Human Services has failed in its responsibility to provide oversight of the for-profit company by refusing him a chance to appeal Delta Dental’s denials.
With no possibility of appeal to DHS, it's more difficult for doctors to challenge wrongful denials and maintain the financial solvency that allows them to provide services to the state’s poor, said Rebecca Brommel, Colwell’s attorney.
Friday’s ruling is a win for accountability, Brommel said.
“Doctors start to say, ‘I don’t want to deal with Medicaid or Delta Dental, so I’m not going to provide services to those patients at all,’” Brommel said. “That then creates an access-to-care problem.”
Segments of Iowa’s $60 million annual dental care program have been managed by two private companies — MCNA Insurance Co. and Delta Dental of Iowa — since 2014. Private management in the dental program expanded in 2017 and now covers almost all adult participants.
The expansion followed a larger shift by Iowa Gov. Terry Branstad in 2015 to privatize the overarching statewide $5 billion Medicaid program, which provides services to 600,000 people.
Hundreds of Iowans in the larger Medicaid program have been denied services since the privatization in situations that were not routinely denied when the state managed the program, doctors and patient advocates say. But in hundreds of those cases, patients were allowed to pursue an appeal through the DHS, and their cases were heard before an administrative law judge.
In Colwell’s case, DHS contended the issue was a contractual dispute between the dentist and the private company. DHS determined Colwell was not entitled to an administrative review, as is the case with individual patients.
Friday’s Supreme Court ruling affirms a Polk County District Court ruling that said Colwell is entitled to a hearing, as outlined in the state’s administrative rules. The ruling, however, reversed the district court’s judgment that awarded Colwell attorney fees.
Spokespeople for Delta Dental and DHS did not immediately respond Friday to requests for comment.
11 November 2022Remaining level-headed during the good times and the bad will lead to a successful investing journey, according to the veteran fund manager.Editor, TrustnetRichard Colwell (pictured) is one of the most well-known figures in the UK asset management industry, having run the popular CT UK Equity Income fund for more than a decade.The veteran stock picker is to retire at the end of the year, but before he leaves Trustnet sat down with him to find out how he has successfully na...
11 November 2022
Remaining level-headed during the good times and the bad will lead to a successful investing journey, according to the veteran fund manager.
Editor, Trustnet
Richard Colwell (pictured) is one of the most well-known figures in the UK asset management industry, having run the popular CT UK Equity Income fund for more than a decade.
The veteran stock picker is to retire at the end of the year, but before he leaves Trustnet sat down with him to find out how he has successfully navigated markets throughout his career and what investors can learn from his mistakes.
One key takeaway from his time at the helm of the second largest UK equity income fund is to not worry about getting things completely wrong.
Indeed, the manager pointed to his own mistake in not backing mining companies despite this being the best sector for returns among FTSE 100 companies in six of the past seven years.
“A lot of income managers profited, having bought very well when commodity prices fell aggressively at the end of 2015,” said Colwell.
However, he was convinced that he “had more time” and that the great commodity supercycle would underwhelm as Chinese growth stalled.
“I thought it would take time to work out,” said the CT UK Equity Income manager. “As it transpired there was another massive stimulus from the government in China and metal prices did extremely well.”
However, it is important that investors look at the entire picture, rather than just the binary call made on whether to buy or not.
Colwell said: “If you look at a decision in isolation it might look very poor or good, but it is how did you recycle the funds elsewhere, how did you reshape the portfolio. And also over what timeframe are considering the result?”
Indeed, some decisions can look foolhardy in the short term, but on a three-year view it could look like the right decision. In the case of commodities, the manager said he remains “convinced that my thesis is not unreasonable and could well play out” but concedes that he was at least six years too early. “So be it,” he added.
The other factor is what the opportunity cost of the investment was. For example, despite not owning commodities, since the start of 2016, the fund has performed broadly in line with the FTSE All Share index and beaten its average IA UK Equity Income peer by more than 14 percentage points, as the below chart shows.
Total return of fund vs sector and benchmark since start of 2016
Source: FE Analytics
“Do I beat myself up? No. The performance of the fund has been pretty reasonable despite that, which proves that it is about what you do own and having conviction on the companies where you think you have an edge rather than worrying about what you don’t own,” he said.
The behavioural aspect of investing is “as important if not more so than the intellectual debate”, he argued, and investors should not “obsess” over what they have done in the past as the decision has already been made.
“You want to celebrate the successes but don’t overdo it. But don’t catastrophise or beat yourself up too much when you go through a bad time of it,” the CT UK Equity Income manager said.
This can be used for all sorts of examples. While the above mining anecdote hinged on a macroeconomic factor, when it comes to picking stocks issues such as profit warnings or markets souring on a company also affect returns.
Unfortunately, these are part and parcel for investors, but there is a danger that they can internalise this as an individual error, rather than an unfortunate event.
“It is easy with hindsight and experience, but the key is not to confuse the result with the process. Sometimes you can have done good work, but events conspire. It doesn’t mean that the recommendation didn’t prevail outside of external issues that you didn’t foresee,” he said.
“The important lesson of that is to remain with your conviction and on the front foot. The worst thing you can do is become more timid in your investment views and your style as a fund manager.”
Colwell argued that by overdiversifying a portfolio, managers can inadvertently become like the index, something they are guaranteed to underperform once trading costs are taken into account.
“In the world we are in now where there is more money in passives and quant-driven ETF baskets, you have to stand for something different. It is an important role that an active manager has,” he said.
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Columbia Threadneedle’s Richard Colwell is to retire later this year after a three-decade-long career in financial services.Colwell, head of UK equities and manager of the £3.7bn CT UK Equity Income fund, will step down in November 2022. He has worked in the City for 32 years, including 25 years running UK equity funds.CT UK Equity Income has made a top-decile total return of 161.5% since Colwell took...
Columbia Threadneedle’s Richard Colwell is to retire later this year after a three-decade-long career in financial services.
Colwell, head of UK equities and manager of the £3.7bn CT UK Equity Income fund, will step down in November 2022. He has worked in the City for 32 years, including 25 years running UK equity funds.
CT UK Equity Income has made a top-decile total return of 161.5% since Colwell took over in September 2010, ranking it fourth out of the 56 IA UK Equity Income funds with sufficient track records.
William Davies, global chief investment officer at Columbia Threadneedle, said: “Richard has had a long and successful career and leaves a strong franchise and track record of delivering for our clients. He has taken a long-term approach to investing, demonstrating clear stewardship over many years.”
Performance of CT UK Equity Income vs sector and index under Colwell
Source: FE Analytics
Management of the fund will transition to Jeremy Smith, currently head of UK equity research at Columbia Threadneedle. Jonathan Barber will remain as deputy manager, a position he has held since 2010.
The firm said Smith and Barber have significant UK large-cap and income expertise, as well as an in-depth knowledge of the strategy and holdings of CT UK Equity Income. The management of other funds currently led by Richard Colwell will also transfer to Smith and Barber.
In addition, Smith and Catherine Stanley will succeed Colwell to become co-heads of UK equities.
Stanley joined Columbia Threadneedle in 2021 following the acquisition of BMO GAM (EMEA) and currently leads a specialist equities team, which will now become part of the group’s expanded UK equities team.
Richard Watts, chief investment officer, EMEA, said: “We place significant emphasis on succession planning and I’m pleased that Catherine and Jeremy will be leading this expanded team, which brings together the existing UK equities and specialist equities teams. Together these two teams create one of the largest UK equities desks, comprising 21 experienced investment professionals responsible for more than £20bn.
“We believe strongly in the sharing of research, debate and challenge, and the expanded team will bring broader perspectives for the benefit of investment decision making.”
Columbia Threadneedle is also recruiting for a senior equity income portfolio manager to work on its equity income strategies.
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17 January 2023It is possible for a fund to beat its sector on a more consistent basis than any of its peers, but still struggle from a total return perspective – as this study shows.Editor, Trustnet MagazinePremier Miton Optimum Income is the most consistent IA UK Equity Income fund of the past decade, beating the FTSE All Share, the most common benchmark in the sector, in seven o...
17 January 2023
It is possible for a fund to beat its sector on a more consistent basis than any of its peers, but still struggle from a total return perspective – as this study shows.
Editor, Trustnet Magazine
Premier Miton Optimum Income is the most consistent IA UK Equity Income fund of the past decade, beating the FTSE All Share, the most common benchmark in the sector, in seven of the past 10 years and its peer group average in eight.
However, it underperformed both measures on a cumulative basis over this time.
Of the 65 funds with a track record long enough to be included in the study, another three – Quilter Investors UK Equity Income, Merian UK Equity Income and CT UK Equity Income – beat both measures in seven of the past 10 years.
Performance of funds vs sector and index
Source: FE Analytics
Premier Miton Optimum Income aims to provide a yield of 7% per annum together with the prospect of capital growth over periods of at least five years. To deliver on this pledge, it sells covered call options.
Emma Mogford, who runs the fund alongside Geoff Kirk, said this characteristic helped the fund hold up in the volatility of the past few years – it beat its sector and benchmark in 2020, 2021 and 2022 – as the option premium delivered a positive return when markets fell.
She added that since she joined the fund two years ago, performance has benefited from overweights in sectors that are relatively immune to inflation such as tobacco and defence.
These cancelled out the fund’s underweight position in energy, the best-performing area of the FTSE All Share in the past two years, where Mogford said she had concerns about the impact of slowing oil demand over the fund’s five-year investment horizon.
Over the whole decade in question, however, Premier Miton Optimum Income made 74%, compared with gains of 88.2% from the FTSE All Share and 85.5% from its peer group composite.
Performance of fund vs sector and index over 10yrs
Source: FE Analytics
Again, this can be attributed to its sale of covered call options, which give the holder the right but not the obligation to buy securities at a pre-determined price – effectively meaning the seller, in this case Premier Miton Optimum Income, gives up any gains made by its holdings above a certain level, restricting returns in a rally.
The £95m fund is yielding 7.1% and has ongoing charges of 0.98%.
The other three funds mentioned above all made higher total returns than Premier Miton Optimum Income over the 10-year period.
Top of the list was Quilter Investors UK Equity Income, with gains of 118.6%, followed by Merian UK Equity Income, with gains of 117.5%.
Merian UK Equity Income aims to deliver an income greater than the yield of the FTSE All Share and a total return greater than that of the IA UK Equity Income sector over rolling three-year periods.
Again, it has done better in the recent past, which can be partly attributed to its overweight position in energy – it had 13.9% of its portfolio in this area at the end of November, compared with 11.2% from the FTSE All Share.
Quilter Investors UK Equity Income is run by Merian, which helps to explain why it has a perfect correlation with Merian UK Equity Income over the 10-year period. The Quilter fund’s slight outperformance can be attributed to lower ongoing charges: 0.65% compared with 0.9%.
The £117m Quilter Investors UK Equity Income fund is yielding 4.3%. Merian UK Equity Income has £60.6m in assets under management and is yielding 4.9%.
Performance of funds vs sector and index over 10yrs
Source: FE Analytics
CT UK Equity Income made 116.6% over the period in question. All of these gains came under the tenure of former manager Richard Colwell, who recently retired. While this led some fund buyers to suspend or drop the fund from their best-buy lists, incoming manager Jeremy Smith claimed he is the “continuity ticket”. He worked with Colwell for close to two decades and has pledged to run the fund with the same contrarian approach to picking dividend-paying companies.
“The fund has been constructed by a large team of people, all of whom are still in place, and the technical input is continuing with the same personnel,” he previously told Trustnet.
“I have worked with Richard for 17 of the past 27 years. It is not as though I have come in from the outside and there is a style reset.
“The fund will however evolve over time and it is an important period to be on the front foot as the market leadership changes.”
The £3.9bn CT UK Equity Income fund is yielding 3.6% and has ongoing charges of 0.82%.
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