By STEPHEN MARRIOTT 11/11/2010
Although Colin Morton is an experienced fund manager, his performance record has deteriorated in recent years, which has damaged his long term record. Like many managers in his peer group Morton has found it difficult to add value in the large cap area of the market. Additionally he failed to fully participate in the in the strong market rally that occurred in 2009. The fund is currently overweight defensive blue chip companies and Morton remains convinced that this area of the market represents excellent value. However, we have higher conviction in other fund managers to deliver consistent outperformance in the future.
The fund has been downgraded to two stars.