Skandia Investment Management (SIML) has revealed the initial profile of its UK Strategic Best Ideas fund, which currently holds 82 out of a possible 100 positions.
Launched on September 19, the fund draws on the 10 best ideas from 10 different fund managers, of which five can be short positions.
Skandia says the fund is expected to attract £30m investment in the first month.
As it stands, 14 positions are held by more than one manager and the largest holding accounts for 3.7% of the fund.
The portfolio currently consists of 71% in long positions and 16% in shorts, equating to a 55% net market exposure. The remaining 13% is held as cash.
SIML chief investment officer James Millard says the fund allows the managers flexibility to invest in their very best ideas.
“The look of this initial portfolio shows that most of it is positioned to take advantage of rising stocks and it’ll be interesting to see over time how this split between longs and shorts changes,” he says.
Structured as an OEIC, the UK Strategic Best Ideas fund sits in the IMA UK All Companies sector, with a 5% initial charge, 1.5% annual management charge and an anticipated 2.45% total expense ratio.
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