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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.
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Twice a year we review our investment recommendations in Citywire Selection. This time we have added six funds and removed nine funds to leave us with 134 recommendations.
The funds in Citywire Selection are a combination of unit trusts, investment trusts and exchange traded funds investing across all main markets and asset classes.
Citywire Selection was launched in January 2010. As of 31 August 2011, our track record for choosing actively managed funds (as opposed to those that passively track an index) was quite good. Over five years 81% of our recommendations had beaten their relevant stock market index, over three years 73% had done so and 56% during the last 12 months.
New funds added
1) The Cazenove UK Smaller Companies fund , under the guidance of Citywire AAA rated manager Paul Marriage, makes the grade for his consistent outperformance. Marriage does not hold oil and gas stocks, which can often boost returns in this market, as he prefers to invest in companies based in the UK.
2) Walker Crips duo Jan Luthman and Stephen Bailey now have their equity income fund, as well as UK growth fund, in Citywire Selection. The CF Walker Crips Equity Income fund has beaten the FTSE 350 Higher Yield index in each of the last seven calendar years.
3 + 4) We welcome back two ex-Gartmore funds with the managers making the transition to Henderson, which bought Gartmore. These are: Henderson Cautious Managed run by Chris Burvill and Henderson UK Absolute Return managed by Ben Wallace and Luke Newman.
5) In commodities Investec Enhanced Natural Resources has lived up to its billing of limiting the downside in this volatile area. Managers Bradley George and George Cheveley are prepared to short stocks (ie, sell shares they do not own) they think will fall and this can help smooth the fund's returns.
6) Pictet Clean Energy under the stewardship of Luciano Diana and Xavier Chollet also makes the grade. The asset class has had a difficult time but we now back this active fund to replace our previous passive option.
Removed
1) The Newton Income fund was taken over by Richard Wilmot in April as Chris Metcalfe stepped aside. In such a competitive area we prefer to focus on managers that have experience of a decade or more.
2) The ethically run CIS Sustainable Leaders Trust has seen performance tail off. Although commodity sectors, which led the recovery, are outside the fund's universe, poor stock selection has affected performance.
3) The Newton Higher Income fund had a difficult time during the financial crisis and its aftermath as share prices plunged and many companies cut their dividends. We feel the rigid process the fund employs has prioritised yield to much over capital growth. We are comforted by the recent decision to rebase the dividend distribution and we will monitor the situation to see if this aids a sustained turnaround, given the wider pool of stocks the fund will have to choose from.
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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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