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Categories:Investments

Standard Life's Robertson heads four new entries into Principal black list

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The £705m Standard Life UK equity high income fund heads a list of four new entries to the black list of underperformers in Principal Investment Management’s latest income study.

The fund, which is managed by Karen Robertson, joins the likes of the £2.1bn Jupiter income fund, managed by Tony Nutt and George Luckraft’s £150m Axa Framlington equity income and £87m monthly income funds.

Chris Fontenla’s £736m Scottish Widows equity income fund and James Illsley and Thomas Buckingham’s £279.9m JPM UK higher income fund also remain on the 14-strong list.
 
The list, published twice a year by Principal and judging the members of the IMA UK equity income sector using seven criteria, has also seen new entries from Ignis, Old Mutual and Henderson.
 
Martin Brown’s £86.1m Ignis UK equity income, Stephen Message’s £46.4m Old Mutual equity income and Andrew Jones’s £79.14m Henderson global care UK income funds have all been added to the latest list.

The addition of the Standard Life UK equity high income fund marks a fall from grace for the offering, which sat in the Principal white list only 12 months ago. Principal says that Robertson “has found conditions tougher than most this year as economic sensitivity played a prominent role in the portfolio”.
 
Three funds have escaped the black list since July 2011. Tim Rees’ £173.3m Insight Investment equity high income, Carl Stick’s £468m Rathbone income and Gary West and James Inglis-Jones’ £299.4m Liontrust income funds have been promoted to Principal’s grey list.
 
The Gartmore UK equity income fund - a previous black list member - has since been merged into Graham Kitchen and Andrew Jones’ £556.8m Henderson higher income, which remains on the list.
 
Jan Luthman’s £219m CF Walker Crips equity income, £987m St James’s Place UK High Income run by Neil Woodford and Michael Clark’s £430m Fidelity MoneyBuilder dividend fund, meanwhile, have been added to Principal’s white list in recognition of delivering superior total returns.
 
However, James Lowen and Clive Beagles’ £918m JOHCM UK equity income, Robin Geffen’s £37.5m Neptune quarterly income and John McClure’s £38.5m Unicorn UK income fund have been removed from the updated White List.

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