Bestinvest says
Historically this fund had been a popular choice amongst investors as a core UK equity fund. Up until the "credit crunch" period its investment style worked well, but more recently performance has failed to match our expectations and the fund has been placed on our sell list. Alternative funds to consider in the UK All Companies peer group include AXA Framlington UK Select Opportunities and JO Hambro CM UK Opportunities.
A flexible style is adopted, the intention being to add value through stock selection in all market conditions. The portfolio is concentrated with at least 50% derived from the UK Equity Team's model list. The process begins by identifying good quality companies, based on an assessment of management, financial and industry fundamentals. The manager will subsequently seek to analyse a stock on the basis of management strategy and committed to shareholders; a developing story, a favourable industry background displaying growth, pricing power, barriers to entry, no disappointment in the short term numbers and a favourable valuation.