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Martin Currie fund dropped from Wealth 150
Hargreaves Lansdown has removed the Martin Currie Global Alpha fund from its Wealth 150 buy-list, as two holdings - including National Bank of Greece - affected recent performance.
Meera Patel, senior analyst at Hargreaves Lansdown, said the fund had originally been added to the list for its "superb long-term track record".
She said: "However, it has struggled since the start of the credit crunch. We had expected performance to improve as the market recovered, but although it delivered positive returns in 2009 it has continued to lag behind its peers."
Ms Patel said research had revealed that two of the fund's holdings - now disposed of - had had a detrimental impact on the fund since the onset of the credit crunch: US healthcare company CVS Caremark, and National Bank of Greece.
She added: "At this stage we are not suggesting investors sell the fund - Martin Currie's approach is well established and we expect it to do well over the longer term.
"The fund has recently been positioned to benefit from the improving prospects of the technology sector, and also has a bias towards the financial sector, including banks."
