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Adviser Fund Index

The Adviser Fund Index panellists made significant changes to the Aggressive index in this month’s rebalancing. The number of constituent funds rose from 109 to 124, with 21 funds ejected and 36 brought in.

Artemis European growth remains the most popular portfolio although the number of panellists who selected it fell to five from seven last November.

M&G global basics, First State Asia Pacific leaders, SG Japan core alpha and JPM natural resources also received five selections. M&G and Jupiter each gained three new funds in the index although the removal of Jupiter’s distribution and income portfolios led to a net increase of just one for the firm. First State, Franklin Templeton and Marlborough all made net gains of two funds.

Cazenove and Resolution both lost two portfolios. The Investment Management Association’s specialist sector saw the biggest increase, with five funds added by the panellists.

However, the removal of Invesco Perpetual Latin American caused a net gain of just four funds. Asia Pacific excluding Japan was the second most popular sector, with First State Asia Pacific, Martin Currie Asia Pacific, Marlborough Far East growth and Jupiter China all joining the index.

The balanced managed, Europe excluding UK, global bonds, Japan and money-market sectors all lost one portfolio but the overall number of sectors increased from 17 to 21.

At the lower end of the risk spectrum, the selection of Close UK escalator 100 and L&G all stocks gilt index gave exposure to the protected/guaranteed and UK gilts sectors respectively. UK all companies remains the most popular sector overall with 25 funds.

Asset allocation was largely unaffected. Exposure to the UK fell by two percentage points, with the weightings in continental European and international equities rising by the same amount. The allocations to Asia Pacific and North America fell by one percentage point each.

Exposure to bonds and cash remained constant at 4 and 3 per cent respectively. Property rose by one percentage point following the introduction of M&G property and Premier pan-European property, each chosen by one adviser. Other property funds in the index include portfolios from Fidelity, Standard Life and New Star.


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Punitive tax charges may make many Sipp and SSAS holders rethink the delaying tactics which were intended to see their pension funds become estate planning vehicles, says IPS Pensions managing director Rupert Curtis.

Regulator ends split-cap investigation

The FSA has announced an end to its split-cap investigation with a further number of individuals agreeing not to perform customer and significant influence functions for various time periods.David Bruce has agreed to resign as chief executive of BC Asset Management, to give up his existing controlled functions except for investment management and agreed not […]


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