F&C is to add an income share class to its Paras Anand-led European fund, whilst also adopting the use of derivatives as permitted under UCITS III.
As of 1 October, the fund will be renamed European Growth & Income, with its investment objective amended to include the generation of a high level of income as well as medium to long term growth. The previous objective was exclusively capital growth. As approved at an EGM today, the new income share class will distribute quarterly - existing investors will be offered a free switch. The fund will also be allowed to invest in non-European equities within the limits imposed by the IMA European ex-UK sector rules. The fund has been third quartile in the sector over one year, having lost 7....
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