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BlackRock UK Dynamic and UK Absolute Alpha - Rating suspended
BlackRock has announced that Mark Lyttleton, portfolio manager on the BlackRock UK Dynamic Fund and the BlackRock UK Absolute Alpha Fund, will be leaving the company at the end of April. He will hand over fund management responsibilities on 28 March.
In his place Nigel Ridge has been appointed co-manager on the BlackRock UK Absolute Alpha Fund, alongside Nick Osborne co-manager since 2008. Ridge has an eight-year track record managing the BlackRock UK Equity Hedge Fund, a long / short UK equity strategy. He has 25 years’ experience managing UK equities.
The UK Dynamic fund will be taken over by Nick Little, manager of the BlackRock UK Fund since September 2011. BlackRock is also proposing to merge the UK Dynamic Fund with the BlackRock UK Fund. The investment objective of the UK Fund is not too dissimilar to the UK Dynamic Fund, with a focus on achieving long-term capital growth by investing primarily in the shares of larger LSE-listed companies.
Over the last three years to the end of January 2013 Nigel Ridge’s UK equity hedge fund has delivered a positive return of 11.4%. Since September 2011 to date, Nick Little’s UK fund has returned 27.3%, versus the IMA All Companies peer group return of 29.6%.
Mark Lyttleton had failed to turn around the performance of his two funds in recent years, so his departure will come as no surprise. We have suspended our one-star rating on both funds to reflect these changes. Investors may wish to consider Threadneedle UK Absolute Alpha and BlackRock UK Special Situations as alternative investments.
The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.
Fund manager
Nigel Ridge
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