IMA altering Equity Income fund definition

UK Equity Income portfolios will have to conform to a sector definition based on gross yields if the IMA's proposals are accepted by members. The IMA Performance Category Review Committee (PCRC) is recommending an amendment to the definition for the sector, which will refer to the gross yield on the underlying portfolio. The present definition makes no mention of what yield basis is being used. It simply states that UK Equity Income funds must have at least 80% of assets in UK equities and aim to have a yield in excess of 110% of the yield of the FTSE All-Share. Dorian Carrell, head o...