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Adviser Fund Index

Turnover of the underlying Adviser Fund Index constituents was high at the rebalancing point on November 1 but the best-represented fund management groups saw little change.

The table here shows the best-represented groups across all three AFIs, with Artemis, Jupiter and Invesco Perpetual still topping the rankings. Companies are ranked according to a weighted factor reflecting both the number of instances of funds from a particular group across the three AFIs and the total weighting that the group’s funds make up of all three indices.

Of the 20 companies shown, 17 were in the corresponding table for the previous AFI season. Panellists increased their allocation to funds managed by Neptune, Baillie Gifford and Scottish Widows Investment Partnership, bringing them into the top 20 groups, while Aberdeen, First State and Legal & General have dropped down the rankings.

Of the new funds coming into the AFIs, panellists allocated modest weightings to several funds of funds. The Schroder S&P multi-manager portfolios figure strongly with the strategic balanced fund in the Aggressive AFI and cautious managed distribution in the Balanced index. Cazenove multi-manager diversity is well represented in both the Balanced and Cautious AFIs, while Insight diversified target return is strongly backed in the Cautious index.

Several strongly represented constituents during the previous AFI season have seen their weightings drop by more than half. These include Jupiter income and Schroder UK mid 250 in the Aggressive index; Merrill Lynch UK special situations and Axa Framlington UK select opportunities in the Balanced AFI; and Newton higher income and Artemis European growth in the Cautious index. But, as reported in last week’s AFI column, Artemis European growth is still the best-backed fund in both the Aggressive and Balanced AFIs.

Compared with the previous AFI season, the panellists made some modest changes to the underlying asset allocations of the three indices. In the Aggressive AFI, exposure to North American equities increased while panellists dropped their weightings in the Asia Pacific region. The Balanced index saw its UK equity allocation drop markedly, while exposure to bonds fell in the Cautious AFI. Commercial property weightings increased across the board.


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