Fund and manager changes

See the latest moves

With investment, your capital is at risk.

This page features fund launches that may be of interest to our clients plus updates to our view on funds that are in The Best™ Funds List*.

What is The Best™ Funds List?

The Best™ Funds List features our favourite funds from across the sectors.

Find out more

On average, fund managers change jobs every four years. There’s no point investing in a top-performing fund if the manager behind its success has moved on. This is why we track the manager, not the fund, and it’s why we let you know when fund managers move on and join a new fund.

2022

  • Fund manager: Fidelity Investment Services
  • Date: 03/05/2022
  • Analyst: Oliver Spence

Fidelity Index Japan has been removed from The Best™ Funds List*.

View factsheet

This fund replicates most of the stocks in the MSCI Japan Index and has an extremely attractive fee rate. However, its ability to track the performance of the Index has been inconsistent in recent times.

We believe that there are better opportunities elsewhere.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Kieran Doyle
  • Date: 03/05/2022
  • Analyst: Oliver Spence

The iShares Japan Equity Index (UK) fund has been added to The Best™ Funds List*.

View factsheet

The fund aims to generate a return for investors by tracking the performance of the FTSE Japan Index. Its holdings include corporate giants such as car maker Toyota, electronics group Sony and games console firm Nintendo. The average market cap is $8.7bn and the median is $3bn. Its main sector bias is to industrials, followed by consumer discretionary and technology.

This fund’s fee structure is extremely attractive, and the liquidity is best in class. In addition, its performance has tracked the index very closely.

This could be a good option for investors looking for exposure to Japanese stocks.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Phil White
  • Date: 26/04/2022
  • Analyst: Thomas Elliot

3i Infrastructure PLC has been added to The Best™ Funds List*.

View factsheet

The investment trust aims to provide shareholders with a total return of 8% to 10% per year over the medium term, with a progressive annual dividend per share.

The management team, headed up by Phil White, seeks to deliver this by maintaining a balanced portfolio of infrastructure investments delivering a mix of income yield and capital growth.

They look for asset-intensive infrastructure businesses - mainly in the UK and Europe - that provide essential services and which they can hold for the long term. Indeed, they seek to buy majority stakes in operating companies, with the intention of taking a Board seat.

Its portfolio includes Dutch group Attero, which operates plants converting waste materials like drink cartons into energy.

The fund benefits from White’s long experience and knowledge of infrastructure investing. His team’s track record of engaged asset management is sector leading. They have produced a consistently impressive record of deploying capital and executing business plans.

Overall, we believe this could be a good way for investors to get exposure to infrastructure assets and capital growth.


*The Best™ Funds List is a trademark of Bestinvest.

There can be no assurance that the fund will achieve its target return.  Any target return shown is neither guaranteed nor binding on the Manager.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Dan Carter and Mitesh Patel
  • Date: 15/03/2022
  • Analyst: Will Matthewman

The Jupiter Japan Income Fund has been added to The Best™ Funds List*.

View factsheet

Managers Dan Carter and Mitesh Patel aim to achieve long-term capital and income growth by investing mainly in Japanese companies. The fund seeks to provide a return higher than that of the TOPIX Index, which tracks domestic companies on the Tokyo Stock Exchange, over the long term.

The management duo take a bottom-up approach to investing in high yielding, growing businesses with powerful competitive advantages. They want companies with the ability and willingness to grow dividends.

The fund benefits from the reliability, knowledge, and experience of Carter, who has overseen the fund since 2013, and Patel who has been at Jupiter for the last six years.

The investment process is also very robust, focusing on finding quality companies with growth and yield potential. Japan is roughly 20 years behind the West in terms of the digitisation of its economy which creates opportunities to find growing small and mid-sized companies.

The team use Tokyo-based NIB Research to act as their feet on the ground, arranging meetings and increasing its bandwidth across the country.

We believe this could be a great option for income-focused investors looking for exposure to Japanese equities.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Tim Service
  • Date: 15/03/2022
  • Analyst: Augustus Edwards

The Jupiter UK Specialist Equity Fund has been removed from The Best™ Funds List*.

View factsheet

Manager Tim Service aims to achieve capital growth by taking long and short positions in mainly UK equities outside of the FTSE 100 index, whilst seeking to deliver absolute returns in all market conditions.

We have decided to downgrade the fund because we believe there are better alternatives elsewhere in the sector.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Nick Train
  • Date: 15/03/2022
  • Analyst: George Haggas

The Finsbury Growth & Income Trust has been added to The Best™ Funds List*.

View factsheet

It aims to achieve capital and income growth by investing in UK companies as well as providing a total return ahead of the FTSE All-Share Index.

Highly experienced manager Nick Train mainly invests in large-cap UK listed equities but a maximum of 20% of the portfolio can be in companies listed overseas. He takes a bottom-up investing approach, looking for quality stocks which can grow over the long-term regardless of the economic cycle.

The holdings should also have a high return on equity, low capital intensity and a high cash flow generation that can support sustained dividend growth. The current portfolio includes publishing group RELX, fashion firm Burberry and historic spirits maker Remy Cointreau.

Train has a strict buy and hold strategy which can best be summed up as – ‘Buying great companies and holding them forever’.

The fund benefits from Train’s very clear, consistent, and distinct investment philosophy as well as his focus on buying some of the best brands available in the UK and overseas markets.

Overall, we believe this could be a good way for investors to get exposure to a high-quality portfolio of businesses managed by a high-quality manager.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Ainslie McLennan and Marcus Langlands Pearse
  • Date: 10/03/2022
  • Analyst: Henry Elston

Dealing in the Janus Henderson UK Property Fund, which seeks to offer regular income and diversification from a high-quality portfolio of UK commercial property, has been suspended. This means that investors can no longer buy or sell units in the fund.

Janus Henderson made the move after uncertainty in the UK over the future of open-ended funds invested in physical property had led to “persistent net redemptions”.

It warned that if this trend continued or increased then it would lead to the disposal of the most in demand and liquid properties within the portfolio. This would result in weaker performance, reduced levels of rental income and an increase in fund-price volatility for investors.

Janus Henderson believes the best solution is therefore to suspend the fund, helping speed up the sale of all its property assets to a single buyer. It hopes to complete the sale towards the end of March or early April this year.

Once the sale has been completed proceeds will be returned to investors – this is likely to happen at the end of April.

We removed the Janus Henderson UK Property Fund from The Best™ Funds List* in 2019. Following a review, we decided open-ended physical property funds were no longer appropriate for client portfolios.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Claudio Ferrarese and Timothy Foster
  • Date: 08/03/2022
  • Analyst: Chloe Hill

The Fidelity Strategic Bond Fund has been removed from The Best™ Funds List*.

View factsheet

It aims to deliver an income with the possibility of capital growth by investing in global bonds. Managers Claudio Ferrarese and Tim Foster invest across the fixed income universe including UK Gilts, inflation linked bonds, investment grade corporate bonds, government bonds, emerging market debt and high yield bonds.

We have decided to downgrade the fund given a lack of conviction in the process. We prefer other funds under our coverage.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Chris Hiorns and David Osfield
  • Date: 01/03/2022
  • Analyst: Jordan Crane

The EdenTree Responsible and Sustainable European Equity Fund has been removed from The Best™ Funds List*.

View factsheet

Fund managers Chris Hiorns and David Osfield seek to achieve long-term capital growth with a reasonable level of income by investing in a diversified range of mainly large-cap European (ex-UK) companies.

Through its Socially Responsible Investment Team the fund targets companies making a positive contribution to society and/or the environment through sustainable and socially responsible practices. In addition, the managers want their holdings to be undervalued, of good quality and paying a regular and high dividend.

We have decided to downgrade the fund following a review of our ESG-focused European equity options. From an ESG standpoint, the fund has strong credentials, but we are apprehensive about the management team’s lack of involvement in this part of the process.

We will be looking for other options in this space.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Nick Purves and Ian Lance
  • Date: 01/03/2022
  • Analyst: James Burns and Jodie Gordon

The Temple Bar Investment Trust has been added to The Best™ Funds List*.

View factsheet

Managers Nick Purves and Ian Lance seek to deliver both income and capital growth by investing in mainly UK equities from the FTSE 350. They aim to achieve a long-term total return greater than the benchmark FTSE All-Share Index.

The management duo believes that investing in good quality, yet undervalued companies with strong cash flows and robust balance sheets offers the best potential for attractive long-term returns. Their top ten holdings include oil giant BP and iconic retailer Marks and Spencer.

Purves and Lance, who have been working together for 15 years, have a very strong long term track record in value investing. They also manage sister fund Redwheel UK Equity Income.

The team have a sound philosophy based around intrinsic rather than deep value or recovery investing and focussed on soundly financed sustainable businesses. In addition, they believe strong engagement with portfolio companies is key to keeping them on the right track.

We believe this could be a good option for investors looking for exposure to value investing.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Lead manager Guido Dacie-Lombardo and Co-manager Charles Montanaro
  • Date: 15/02/2022
  • Analyst: Alex Waddington

The Montanaro UK Income Fund has been added to The Best™ Funds List*.

View factsheet

This is because of their historic long-term outperformance and higher dividend growth compared with large-cap peers 1.

The fund aims to deliver both income and capital growth by investing in small and medium sized companies that can produce an attractive and growing dividend no matter the economic cycle.

Lead manager Guido Dacie-Lombardo and co-manager Charles Montanaro mainly target high quality UK stocks with strong balance sheets, but can also invest up to 20% in companies in the European Union, Iceland, Norway, and Switzerland.

The portfolio consists of 50 names, including landscaping group Marshalls, and has a median market capitalisation of £1.68billion. It is well diversified in both geography and sector with its biggest biases being to Financials, Industrials and Technology.

The management duo believe that every portfolio should have some exposure to small and mid-cap companies.

We believe this fund could be a core option for investors seeking exposure to small and mid-cap income paying equities.

Source:

1. Montanaro UK Income Fund – Presentation to clients Q3 2021


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Guy Anderson and Anthony Lynch
  • Date: 15/02/2022
  • Analyst: James Burns/Helena Pomfret

The Mercantile Investment Trust has been added to The Best™ Funds List*.

View factsheet

The fund, managed by JP Morgan Asset Management, aims to achieve capital growth through investing in a diversified portfolio of UK mid and small-cap companies outside the FTSE 100. It also targets long-term dividend growth at least in line with inflation.

It is one of the largest UK equity investment trusts with a £2billion plus market cap and has a remarkably long history being launched in 1884. That’s the same year that construction of the Statue of Liberty was completed in France, and it was presented to the US.

Managers Guy Anderson and Anthony Lynch, who have led the fund for only the last ten of those years, focus on quality companies with strong cash flows, attractive valuations, and an improving outlook. They view these companies as having the potential to be ‘tomorrow’s UK market leaders’.

The portfolio generally holds between 80 and 90 stocks with the majority valued between £1billion and £10billion. Its holdings include Watches of Switzerland and ‘Horse & Hound’ publisher Future.

We have been following the trust for some time and it has a strong record of dividend growth ahead of inflation with distributions made on a quarterly basis. It also has a strong track record of outperforming the FTSE 250 and its most direct mid-cap peers over the last five years.1

All in all, we believe this could be an attractive fund for investors seeking well managed and low-cost exposure to UK mid and small cap companies.

Source:

1. The Mercantile Investment Trust plc Factsheet – 31 December 2021


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: George Ensor
  • Fund group: River & Mercantile UK Smaller Companies Fund
  • Date: 14/02/2022

Dan Hanbury has resigned as both Partner of River & Mercantile (R&M) and Portfolio Manager of River & Mercantile’s UK Smaller Companies Fund following the group’s near £100million acquisition by AssetCo.

View factsheet

Hanbury, who helped set up R&M in 2006, will be replaced on the fund by George Ensor, the Portfolio Manager of the R&M UK Micro Cap Investment Company.

Ensor joined R&M as an equity analyst in 2014 after spending five years as an analyst and Private Client Investment Manager at Smith & Williamson.

Whilst there is always an element of risk when there is a change of Portfolio Manager, we note that the R&M UK Smaller Companies Fund is more process driven than its peers.

Its “MoneyPenny” model determining the “PVT” – Potential, Value and Timing – of an investment differs from the pure stock-picking approach carried out elsewhere.

In addition, Ensor has overseen solid performance numbers at the R&M UK Micro Cap Investment Company and so a shift to the UK Smaller Companies Fund will not be a sea change for him.

As a result, we are retaining our position on the fund which was recently upgraded to the The Best™ Funds List*.

Our analysts will be meeting with the fund manager on 1 March to discuss the change in further detail. We will issue a further update following its conclusion.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Lloyd Harris and Simon Prior
  • Date: 08/02/2022
  • Analyst: Rebecca Shepherd

The Premier Miton Corporate Bond Monthly Income Fund has been added to The Best™ Funds List*.

View factsheet

The fund aims to provide a monthly income for investors through interest distributions. It also seeks to outperform the IA Sterling Corporate Bond sector.

Managers Lloyd Harris and Simon Prior invest a minimum of 80% of the fund’s assets into sterling denominated investment grade rated corporate bonds. They can also invest in non-investment grade bonds, convertible bonds that can convert into company shares and other investments similar to bonds. Its holdings include bonds issued by Bank of America, Virgin Money UK, and Volkswagen Financial Services.

Harris and Prior are among the best managers in the GBP Corporates sector and have helped the fund outperform the sector since they took over in 2020. Over the last three years it has underperformed the sector 1.

The fund is differentiated from its peers by its defensive nature and as such really comes into its own protecting investors’ capital during weak market conditions for credit.

Source:

1. Premier Miton Corporate Bond Monthly Income Fund Performance data, as at 31.1.22


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

The Baillie Gifford Responsible Global Equity Income Fund has been added to The Best™ Funds List*.

View factsheet

The fund aims to grow both income and capital over rolling five-year periods and achieve a yield higher than that of the MSCI AC World Index.

Its managers James Dow and Toby Ross seek to do this by investing in those ‘rare’ global companies which can deliver both a dependable income stream and real growth in income and capital.

The team also want the companies to be managed and behave responsibly when it comes to the environment and society. Dow and Ross take a ‘thoughtful’ bottom-up approach, looking for companies which meet the 10 principles of the United Nations Global Compact encompassing human rights, labour, environment, and anti-corruption.

We believe its focus on long term income rather than short term yield make it a core holding for responsible portfolios. In addition, its strategy results in a high quality, well diversified global portfolio of companies with little or no exposure to controversial industries such as tobacco. It also walks the walk with the group actively engaging with investee companies to improve their practices.

We believe the fund, launched in 2018, is a strong pick for investors looking for yield and relatively ethical global exposure.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

  • Fund manager: Dan Hanbury
  • Date: 20/01/2022
  • Analyst: Nicholas Scarborough

The River & Mercantile UK Equity Smaller Companies Fund has been added to The Best™ Funds List*.

View factsheet

The fund aims to grow investor’s capital through investing in the bottom 10% of companies by size listed on the UK stock market. It seeks to outperform the Numis Smaller Companies + AIM Index over a rolling 5-year period.

Its manager Daniel Hanbury believes this is an under-researched but historically attractive section of the market comprising innovators, disruptors, and fast-growing businesses.

Indeed, he says that over a 60-year period smaller companies have outperformed larger cap equities in terms of compound annual growth.

Hanbury, aided by a twelve-person strong equity team, uses R&M’s distinct PVT investment process when making his stock selection. This looks at the Potential of a company to create shareholder value, whether it has an attractive Valuation and if the Timing is right to buy.

In contrast to the growth strategies that dominate the UK Smaller Company sector, R&M’s versatile investment strategy and PVT process provides a diversified option with a combination of growth, value, and momentum stocks. A relatively small fund size of £670m alleviates liquidity concerns seen elsewhere whilst short & long-term performance compares favourably with both competitors and the index.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

The ASI UK Ethical Equity Fund has been removed from The Best™ Funds List*.

View factsheet

Fund managers Lesley Duncan and Rebecca Maclean seek to generate long-term growth by investing in UK equities which meet their ethical criteria.

The fund uses negative and positive screening to avoid investing in companies that operate in sectors such as animal testing and finding those which help improve the environment or the quality of human life. Its Top Ten holdings include sausage roll maker Greggs and housebuilder Bellway.

We have decided to downgrade the fund because there are stronger UK ethical options elsewhere in the market.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

2021

Jupiter Income Trust has been removed from The Best™ Funds List*.

View factsheet

The fund manager Ben Whitmore seeks to produce a high income that increases at least in line with inflation. He does this by focusing on primarily UK companies which he believes have been undervalued by the market.

The stocks, which include holdings such as corporate giants BP and Aviva, need to be able to demonstrate high return on operating assets, a strong balance sheet and profitability. They are expected to increase and grow dividends over time.

The fund’s performance has been strong through 2021 but its large cap value style bias has led to significant underperformance relative to its peers and benchmark over the last five years.

In addition, we are unconvinced by the fund’s buying process.

As such, we believe that there are higher conviction options available in the sector.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.


*The Best™ Funds List is a trademark of Bestinvest.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

View factsheet

We have removed Liontrust Special Situations from our list of favourite funds. While the fund has an outstanding long-term track record, this success has led to a substantial increase in its size – currently around £6.5 billion – which we believe may have an impact on future performance given its high level of smaller companies exposure.


This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.

View factsheet

Francis Brooke, who has run the Trojan Income fund since its launch in 2004, recently announced that he is stepping back from his fund management responsibilities at the end of 2021. Blake Hutchins is taking over as lead manager on the fund. Hutchins joined Troy from Investec in October 2019 and has been co-manager on the fund for 18 months.


This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. Please also read the important information below.


*The Best™ Funds List is a trademark of Bestinvest.

 

Newsletter signup

To subscribe to the newsletter please fill in your details below:

By clicking the following button you are agreeing to our website conditions.

Need more help?

If you can't find the answer to your question, get in touch or we'll be happy to call you.

Call usCall us on 020 7189 9999