Bestinvest says
Simon Edwards the manager from launch in 2002 resigned on 30th June 2011 and the co-manager Simon Callow took over the management. This prompted us to downgrade this from 2 stars to 1 star.
The fund is initially structured using a top down approach and subsequently a sector overlay. The equity element of the portfolio is complemented by a smaller spread of investments in Fixed Income, Property, Structured Products, Commodities, Venture Capital and Hedge Funds, with the aim of reducing volatility, providing diversification and introducing an element of total return into the portfolio. The diversification is intended to help the portfolio to outperform in down markets, whilst in rising markets the management rely on astute asset and sector calls to at least maintain pace with market movements.
The fund is built around a core of direct holdings in FTSE 350 equities, gilts and investment grade debt securities. Exposure to other assets classes will normally be via open ended and closed collective investment products.