Newton plans focused special sits portfolio

Newton is to launch a special situations type vehicle, UK Opportunities Fund, in January 2002, pending FSA approval. The fund will have a focused portfolio of around 50 holdings and will be run with a relatively high tracking error. While a UK fund, the portfolio will have the flexibility to invest a proportion of the money overseas. UK Opportunities is to be managed by John Wood, who had been running Robert Shelton's Higher Income fund in his absence due to an injury. Shelton, who is now back at Newton, will also be an alternative on the UK Opportunities portfolio. In the three mo...