F&C strips £10m stake from Schroders in MM Distribution

Cheeseman has shifted the entire position, accounting for around 2.5% of the £405m fund, into the Veritas Global Income vehicle. The fund is managed by Veritas Asset Management chairman and CEO Charles Richardson and portfolio manager Andy Headley. Cheeseman says the Veritas fund stacked up well in F&C’s ‘traffic light analysis’ screening process. “The Schroder fund had been purchased at launch to provide international equity income exposure while also supporting the income objective of our portfolio," he says. “However, the total return on the fund has been disappointing in contra...