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Odey Wealth makes top fund Ucits compliant
by Robert St George on Apr 10, 2014 at 10:23
Odey Wealth has switched its £266 million CF Odey Portfolio fund to a Ucits structure.
It was formerly a non-Ucits retail scheme (Nurs), meaning it could not be promoted across the European Union.
The old structure did, though, enable the multi-asset fund to invest in a broader range of instruments, including unquoted securities.
But in exchange for giving up this flexibility, which the fund was not in any case using, Odey expects the move to make Portfolio more accessible to investors and also cheaper to run.
‘We would like to point out that we will make no investment changes to the fund and expect a reduction in the ongoing charges of the fund as it will become part of a larger Ucits umbrella structure, sitting alongside the other Odey UK long-only Ucits sub-funds,’ explained manager Peter Martin (pictured).
Martin, AA-rated by Citywire, has generated a return of 39.3% for the fund over the past three years. This compares with 24.9% from the FTSE Apcims Balanced Portfolio index, 13.7% from the ARC Balanced Asset index, and 20.4% from the IMA Mixed Investment 40-85% Shares sector for the same period.
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