'Market conditions', 'style' encourage multimanger switches on European, UK funds

Nottingham-based T.Bailey has focused its switches on European funds, reducing exposure to Fidelity manger Tim McCarron’s European fund in favour of a greater investment in Odey manager Hugh Hendry’s Continental European fund. T.Bailey says the switch is being done to take advantage of a different management style expressed by Hendry, who added absolute value to the fund in both 2002 and 2003. Multimanager Richard Philbin at ISIS has meanwhile decided to reduce exposure to the Old Mutual UK Smaller Companies fund in favour of the First State British Smaller Companies fund. Philbin ...