New CS Constellation managers bin five funds

Aidan Kearney and Graham Duce, co-heads of multi-manager at Credit Suisse, believe the fund, which invests in boutique names, had become over-diversified. They told IFAs they planned to cut the number of holdings from 29 to around 21, although the current risk profile of the fund will remain the same. They also want to ensure all the underlying managers have a high conviction approach to investing. “Constellation is very important to us and we are very cognisant that we need to improve the performance of the portfolio. We have been looking at our portfolio construction and at the mana...