S&F fund consolidation

Singer & Friedlander has restructured the portfolios of its UK Smaller Companies unit trust and the offshore Emerging Leaders Fund (Elf), cutting the weightings in both down to between 30 and 40 stocks. Since taking over the operation of the two funds at the end of June this year, Simon Steele has rebuilt the portfolios, turning over 70% of their previous holdings. The funds once held around 80 companies each. Since the restructuring each fund has a 90% portfolio weighting to their top 30 holdings. Steele, who joined Singer & Friedlander from the investment team of Fuji-Lord Abbett's po...