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Axa Framlington Monthly Income & Axa Framlington Equity Income- Downgrade

By MARCEL PORCHERON 03/07/2008

Axa Framlington Monthly Income & Axa Framlington Equity Income- Downgrade by Marcel Porcheron

Over the long term Luckraft has added value through his holdings in small and mid sized companies. However, these stocks are often illiquid and we are disappointed that the manager has failed to reposition his portfolio. He continues to hold a number of stocks which have experienced a deteriorating business environment. Luckraft’s exposure to small companies implies an inappropriate level of risk going forward, consequently we have downgraded his funds to hold.

Downgraded to 2 stars.

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