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Issued by 1OAK Capital Limited, authorised and regulated by the Financial Conduct Authority.  1OAK Capital Ltd (1OAK) (Registered in England & Wales Number: 06890293; FCA registration number 501453) provides fund management services for its customers. 1OAK Capital Limited is authorised and regulated by the Financial Conduct Authority. Registered Office of 50 Sloane Avenue London SW3 3DD.

The 1OAK MA80 Fund was launched on the 28th of January 2021. The GBP B class shares were the first to receive a subscription. Through the course of the month, some of the other share classes opened as subscriptions were received. 

All of the share classes reflect the performance of the same pool of underlying assets. Each share class is priced at 100 ($, £, €, or SGD when they are initiated. The price of each class will reflect the performance of the assets of the fund and the fees and charges associated with the share class from the launch of that share class. 

The closing values of the share classes on the 5th of March 2021 varied by more than 3.5% from the GBP D2 which closed at 95.25 to the GBP B class which closed at 98.81. 

Chart 1 below illustrates the path of each of the shares that have been issued to date

CHART 1, SHARE CLASS PRICES

MA80 Share price levels chart1
Source: 1OAK Capital, Northern Trust

The chart illustrates the general pattern of returns over the month. The GBP B and D2 classes and the USD B and D2 classes were all issued around the middle of the month after the asset value had increased. It’s clear that the path of all the share classes is the same. 

The similarity between the performance of the classes is perhaps better illustrated by rebasing the price so that in each case the last value is 1.00. Chart 2 below shows the rebased values and shows the nearly identical performance of all the classes that have been issued.

CHART 2. REBASED SHARE CLASS PRICES

MA80 Share price levels chart1
Source: 1OAK Capital, Northern Trust

CONCLUSIONS

Over time the performance of the different classes will be closely correlated. The value of each class is based on the performance of the same assets. However, there will be small differences that emerge because of different charging structures and the effect of income payments.