Norwich UK Growth under Murphy’s law
Former Axa Framlington man Chris Murphy has taken on the management of the Norwich UK Growth fund. He replaces David Lis, who had run the fund since 1997. Murphy joined Morley in 2006 and already runs the Norwich UK Equity fund. Morley say that under Murphy the fund will have lower exposure to traditional growth sectors such as biotechnology. Instead the fund will have a mid-cap bias and focus on cash flow and value creation.
Recommendation
In accordance with standard policy we have suspended the two star rating on this fund following the change of manager. In a near ten year record on the UK All Companies sector, new manager Chris Murphy has an MRI of 85.8% but monthly outperformance of just 0.01%, making it unlikely the fund will be rated under his stewardship. Investors should switch into one of our recommended UK funds, such as Jupiter UK Growth, Liontrust First Growth or Artemis Capital.
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Source: Financial Express