By MARCEL PORCHERON 18/05/2006
After a number of years of poor performance we have made the decision to downgrade Albert Morillo’s Investec European Fund. Morillo typically targets larger stocks and whilst we favour these we feel that there are better alternatives for investors to gain access to this part of the market.
Over one year the fund has returned 40.5% against 41.8% for the FTSE Europe ex UK Index. Over three years the fund returned 77.4% against 92.7% and over five years 11.1% against 27% for the index.