Skandia reveals initial best ideas fund profile

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 ve...