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Adviser Fund Index

The rebalancing of the Aggressive Adviser Fund Index, which took place on November 1, provided a chance for the 18 AFI panellists to take some risk out of the benchmark. They reduced their exposure to Asia Pacific equities, choosing instead to invest in more defensive American stocks, and increased their weightings in cash, property and structured products.

The latest changes are in contrast to those made at the last rebalancing point. The panellists were evidently in more bullish mood in May, reducing their North American exposure and increasing their weightings to the Asia Pacific region. However, this upbeat stance on equities was punished during the correction in global stockmarkets over the summer.

The Aggressive AFI fell by 6.25 per cent between May 1 and June 30, according to Financial Express, compared with a fall of just below 3 per cent for the Apcims growth portfolio.

The panellists used the rebalancing opportunity to reduce the overall equity allocation by 1.6 percentage points, bringing it closer to the 85 per cent weighting of the Apcims benchmark.

As a result of the allocation changes, 27 funds have left the Aggressive AFI and 28 have been added, bringing the total number of holdings to 109.

The most significant loss, in terms of index weighting, is CF Opus, run by Odey Asset Management.

Aberdeen Asia Pacific is the highest weighted new arrival, selected by five advisers. This is followed by CF Midas balanced growth and Schroder S&P strategic balanced, each chosen by one panellist.

Artemis European growth remains the most popular fund although its weighting has been reduced.

The IMA balanced managed and cautious managed sectors are now represented in the Aggressive index and the 5.6 per cent allocation to balanced managed is the most significant shift in terms of sector allocation.

The most popular sector remains UK all companies, with just over 30 per cent of the index.

This is followed by Europe excluding UK while North America jumps one place to third with a weighting of 8.7 per cent.

The European smaller companies, technology & telecommunications and UK gilt sectors are no longer included in the index.


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