Red flag numbers remain consistent

This article is part of
Summer Investment Monitor - June 2015

The Margetts Greystone Conservative fund, previously known as the Margetts Roger Harris & Co Sagacious, was originally a contrarian vehicle with no benchmark. In 2012 it was reorganised into its current conservative mandate and moved into the Investment Association (IA) Mixed Investment 0-35% Shares sector. This resulted in some investors exiting the fund.

James Menzies, lead manager on the fund, notes: “This is an example of a fund that has been restructured and is recovering and delivering strong performance since.”

A recent addition is the TM Progressive UK Smaller Companies fund, although Andrew McDonald, investment director at Progressive Focus Management, notes that a more accurate peer group for the vehicle would be the IA UK All Companies sector, rather than its current IA UK Smaller Companies sector. If the fund was in the former, it would have avoided the list with a second-quartile performance.

The UBS UK Equity Income fund appears for the third year running but a spokesman says: “The… fund was reviewed in 2013 and a change in portfolio manager to Steve Magill was enacted. The fund subsequently enjoyed a year of strong performance, although his style has not been rewarded over the last 12 months.”

Nyree Stewart is features editor at Investment Adviser