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Assets plunge for BlackRock UK absolute alpha fund

The BlackRock UK absolute alpha fund has seen its assets almost halve to £1bn over the year to the end of April.

The fund, managed by Nick Osborne and Mark Lyttleton, had £1.8bn in assets at the end of April 2011, according to FE.

The fund was down by 2.7 per cent for the year to May 25, against the absolute return sector average of -2.1 per cent. The fund is up by 0.7 per cent over three years to May 25 against a sector average of 9.4 per cent.

At the Cofunds absolute return round table in London last week, Osborne said the team was too optimistic last year and was attracted by cheap equity valuations. He said the fund is now less than 10 per cent exposed to the market, down from more than 20 per cent at the start of 2011, and the portfolio has 96 stocks, down from 120 in the middle of last year.

A BlackRock spokesman says: “The fund has delivered excellent returns for investors over the medium and long term. From January to May, the fund has shown a 2.7 per cent return.”

Bestinvest senior investment adviser Adrian Lowcock says: “The drop in assets reflects disappointing performance.”


IMA makes three proposals for absolute return sector overhaul

The Investment Management Association has outlined three options for the absolute return sector as part of its consultation. The asset manager trade body is considering redefining and dividing the sector and group the funds alongside traditional asset-based sectors. One option being explored is to sub-divide the existing absolute return sector indicating which funds are targeting […]

Rebecca Taylor appointed IFP vice president

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Chris Davies: VAT and the RDR

Recent Tisa presentations on VAT and adviser charging clarified one thing; there is still plenty of obfuscation and differing views in the market as to how the implementation of VAT will play out. Yet the HMRC guidance simply states that nothing has changed, the law is the law and any consideration (fee) should be justified […]


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