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View the article online at http://citywire.co.uk/wealth-manager/article/a733525

How Tineke Frikkee has overhauled S&W UK Equity Income fund

by Elsa Buchanan on Feb 12, 2014 at 07:00

Keeping on track

More recently, Frikkee took profits on Go Ahead. ‘Investors thought shares were attractive when the firm was at £16.50 but they are now at £19.87, so it’s done its thing.’

She has retained an exposure to bus company National Express, which she says has a more diversified business model than some might anticipate.

Indeed, two thirds of its revenues come from its UK bus and train operations, alongside the US where the firm provides a complete range of school transportation.

‘Because it is funded by the state, if the US economy overall does better, that tends to go into education, which will give the stock an upside.’

A further 33% of the business is in Spain, where the firm had to address labour costs to make them more competitive.

Since Frikkee took over the fund six months ago, the Smith & Williamson UK Equity Income Trust has returned 15.1%, compared to 12.1% by the IMA UK Equity Income sector. By comparison, the FTSE All Share index rose 11.4% over the same period.

Over six months the fund, which has a 4% yield, has seen its assets grow £4.6 million to £12.9 million.

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