Chelsea FS drops Jupiter income from leaders list
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Chelsea Financial Services has dropped the £2.8bn Jupiter income fund from its leaders range of funds for the first time.
The range comprises the top 40 funds that drive the majority of the firm’s new business. Tony Nutt’s income fund has been on the list since its inception in 2001.
CFS managing director Darius McDermott says: “Not only do we already have decent exposure to the fund with the majority of our clients but the fund has also underperformed over the last three years and it has shown no signs of improving recently.”
Nutt took on the fund in 2000 from William Littlewood. The fund has struggled in the IMA UK equity income sector over three years, having fallen by 14.2 per cent compared with an average fall of 9.8 per cent. The fund remains in Chelsea’s premier league list which comprises 100 funds.
A Jupiter spokeswoman says: “We are confident that the income fund’s focus on quality companies will deliver for investors in the years of weak economic growth that are ahead of us.”
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