EFM reduces fee on Monthly Income fund

Edinburgh Fund Managers is reducing the 5% initial charge on its Monthly Income fund to 4% from 30 June. The discount, which lasts until the end of September, has been put in place to mark the fund achieving a three-year track record. It has been run since its launch in May 2000 by John Cornes of Laing & Cruickshank. The portfolio, which sits in the Equity & Bond Income sector, can hold a maximum of 40% in equities. As of 9 June the fund had 37.6% in equities with the rest in fixed interest, this compares with a 25% exposure to equities in autumn 2002. Cornes is cautiously optimistic ...