Mr Khalaf explained at an annual charge of 0.95 per cent the fund's fees were higher than most other funds' in the global sector.
"When we weigh up Smith’s experience, track record, buy and hold strategy, and the size of the fund, we think it’s too expensive compared to its peers," he said.
He added there were other global funds available with more experienced managers whose performance had also been excellent, and whose charges were lower.
In particular, he pointed to the Lindsell Train Global Equity fund which is available to Hargreaves' clients for an annual fund charge of 0.52 per cent.
The funds axed from the buylist are:
- Artemis Strategic Assets
- Jupiter European
- Old Mutual UK Mid Cap
- BlackRock Gold & General
- Legal & General All Stocks Index Linked Gilt
- Old Mutual UK Smaller Companies
- CF Odey Opus
- Legal & General Global Inflation Linked Bond
- Rathbone Income
- Fidelity Special Situations
- Legal & General UK 100
- Standard Life Investors Global Smaller Companies
- First State Global Infrastructure
- Liontrust Special Situations
- Standard Life Investments UK Equity Unconstrained
- Franklin UK Manager's Focus
- M&G Optimal Income
- Standard Life UK Smaller Companies
- Invesco Perpetual Corporate Bond
- M&G Strategic Corporate Bond
- Stewart Investors Asia Pacific Leaders
- JO Hambro Continental European
- M&G UK Inflation Linked Corporate Bond
- JO Hambro Japan
- Marlborough Special Situations
- Jo Hambro UK Equity Income
- Old Mutual UK Alpha