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Citywire Selection Review: which funds are, which funds are out
We have added six funds and removed nine in our latest review of our Citywire Selection investment recommendations.
Markets
4) A further change in the Income sector has seen the Edinburgh Investment Trust , run by Neil Woodford, removed due to its high premium. We first added it to Citywire Selection in 2010 when the shares traded at a near 10% discount. This narrowed and then disappeared and the trust has traded at a premium of an average of 5.5% over the last year. We now prefer direct access to Neil Woodford’s Invesco Perpetual High Income fund , which is still in Citywire Selection.
5) The Schroder US Smaller Companies fund is off our list as it is no longer generally available for new investment.
6) The iShares S&P Global Clean Energy fund has been replaced with the active Pictet fund mentioned earlier.
7) Neptune's US Opportunities fund is near the top of its sector over the last five years, but a number of sector rotations have not been rewarded and performance has deteriorated. Sustained outperformance in US equities is proving difficult for many active managers.
8) The IM Hexam Global Emerging Markets fund run by Bryan Collings and Grant Shooter is a concentrated portfolio that has struggled to keep up with the market. The aggressive nature of the fund means it could motor during a rally, but we believe the ability for long-term outperformance is more challenging.
9) The Threadneedle Absolute Return Bond fund has struggled to find its feet since a strong showing in 2007 and 2008. Following the departure of two team members, fund manager Qunetin Fitzsimmons has bolstered the team and performance could be resilient in difficult conditions through its bond and currency positions. But we feel that a return to consistent positive returns might prove more challenging to come by.
Jonathan Miller is head of research at Citywire
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Look up the funds
- Cazenove UK Smaller Companies B Acc
- CF Walker Crips Equity Income Acc
- Henderson Cautious Managed Ret Acc
- Investec Enhanced Natural Resources A Acc Net GBP
- Pictet-Clean Energy-P dy GBP
- Henderson UK Absolute Return GBP R Acc
- Newton Income GBP Inc
- Newton Higher Income GBP Inc
- Schroder US Smaller Companies A Inc
- Threadneedle Absolute Return Bond Ret Gross Acc
- Neptune US Opportunities A Acc GBP
- iShares S&P Global Clean Energy USD
- IM HEXAM Global Emerging Markets A Acc
- CIS Sustainable Leaders Trust
- Invesco Perpetual High Income Inc
Look up the investment trusts
Look up the fund managers
- Paul Marriage
- Stephen Bailey
- Jan Luthman
- Ben Wallace
- Bryan Collings
- Bradley George
- George Cheveley
- Felix Wintle
- Tineke Frikkee
- Simon Nichols
- Richard Wilmot
- Ben Russon
- Luciano Diana
- Xavier Chollet
- Jenny Beth Jones
- Quentin Fitzsimmons
- Luke Newman
- Christopher Burvill
- Grant Shotter
- Neil Woodford
- Christopher Metcalfe
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