Edinburgh Portfolio (EP) is planning to reduce its funds of funds range, by merging its Managed...
Edinburgh Portfolio (EP) is planning to reduce its funds of funds range, by merging its Managed Recovery and UK Growth portfolios.
EP launched the Managed Recovery fund in January 2001 but the product did not appeal to investors as much as EP had hoped. With around £700,000 currently under management it has now become too small, said Paul Talbot, managing director of EP. The group has sold out of the index tracker funds held by the UK Growth fund, L&G UK Index and Norwich UK Index, as the company believes that markets are unlikely to perform strongly over the next few months. All index fund holdings have now been removed from the portfolio and it has put the proceeds into more active funds such as Merrill Lynch UK Dynamic and BWD Aggressive Growth.
The Edinburgh UK Growth Portfolio, with assets of £10.3m is ranked 29 out of 257 in the UK All Companies sector over three years to 1 May 2002. The fund is up 1.06% compared with an offer-to-bid sector average return of -11.33%. Over the same period the FTSE All-Share fell by 10.83%.
The Edinburgh Managed Recovery Portfolio, which is in the UK Equity Income sector, has returned '3.34% over one year to 1 May, against an offer to bid sector return of -7.99% and an All-Share return of '10.09%.
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