Legg Mason Investments is changing the mandate of its European Growth fund to enable it to follow mo...
Legg Mason Investments is changing the mandate of its European Growth fund to enable it to follow more of a high risk/high reward strategy. Fund manager Keiran Gallagher said the move follows chief executive Deepak Chowdhury's strategic review and will bring the mandate into line with the group's less rigidly run sister funds. The £13.4m European Growth fund, run as a concentrated portfolio of 30-40 stocks, currently restricts stock bets to 5% either side of its MSCI Europe ex-UK benchmark and sector bets to 10%, while targeting a tracking error of 6%. Other funds in the stable, includi...
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