Stefanie Eschenbacher

Bolton’s Fidelity China special sits reduces gearing

Anthony Bolton’s Fidelity China Special Situations investment trust has reduced its gearing from 125 per cent to 117 per cent, while stock markets around the world remain volatile. Gearing magnifies the performance of an investment trust. It is therefore typically upped when the manager is bullish on the investment universe, which is not without risks […]

Jupiter’s Gibbs and de Blonay ditch banks for cash

Philip Gibbs and Guy de Blonay, Jupiter’s financial fund managers, have both sold a large amount of their bank holdings and moved into cash. Within the £752m Jupiter Financial Opportunities fund, de Blonay and Gibbs have reduced their exposure to banks from 48 per cent at the end of April to 31 per cent at […]

Schroders postpones launch of commodities investment trust

Schroders has postponed plans to launch its Schroder Opus commodity investment trust, which was to be to run by its specialist absolute return multi-manager firm. While Schroders says this was owing to investor sentiment being uncertain about commodities, an expert has suggested the investment trust was too expensive. Schroders NewFinance Capital said the Guernsey-domiciled Schroder […]

Pru merges trio of funds into M&G range

M&G Investments is merging the £774.6m Prudential corporate bond trust into Richard Woolnough’s £4.1 billion M&G corporate bond fund, among other fund mergers. The move brings a legacy range of Prudential funds that are no longer marketed to direct investors in line with the M&G fund range. M&G has been Prudential’s fund management arm since […]

New Schroders trust to keep discount close to zero

The new Schroder opus commodity investment trust is to keep the discount at which its shares trade close to zero as controversy continues over how trusts should control their discounts. Robin Stoakley, the managing director of the UK intermediary business at Schroders, says the trust will have a “firm discount policy” to limit the opportunity […]

LVAM duo to run Euro fund at Artemis

Artemis Investment Management has aqppointed LV= Asset Management duo Mark Page and Laurent Millet to run a new European opportunities fund. Former LVAM head of European equities Page and his team member Millet left LV= earlier this year. They will both join Artemis in early September and manage money for retail and institutional clients. Artemis […]

HSBC launches Civets fund

HSBC Global Asset Management has launched an emerging markets fund investing in Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa, which it collectively terms the Civets. The HSBC GIF Civets fund will typically hold between 40 and 60 stocks targeting long-term returns from capital growth and income.  HSBC says those six nations are among the […]

Artemis hires LV= duo and readies Europe fund launch

Artemis Investment Management has hired Mark Page, the former head of European equities at LV= Asset Management, and Laurent Millet, his team member, to run a new Artemis European opportunities fund. This strategy will complement Artemis’ current European growth fund, which employs the firm’s SmartGarp quantitative tool.

 The fund has underperformed the index and the […]

Cyrun takes over SVM investment trust

Cyrun Finance is now likely to have taken “effective control” of the SVM UK active investment trust after the trust announced Cyrun had bought another large stake this morning. Cyrun, an American investment vehicle attempting a rare hostile takeover of the trust, now owns over 42 per cent of its shares.

 Together with the acceptances […]

Property giants looking at Paif status

Britain’s biggest property managers are brainstorming the possibility of converting their existing portfolios into property authorised investment funds, the Association of Real Estate Funds says. The industry association has set up a working group on Paifs formed of Britain’s largest property managers – Aviva, Henderson, Ignis, Legal & General, LV=, M&G, Scottish Widows Investment Partnership, […]

Trusts at odds over discount control

A fresh debate has broken out about how investment trusts control the discounts at which their shares trade in the stockmarket, as shareholders put pressure on Alliance Trust, the UK’s largest investment trust, to reduce its own discount. At the end of last week, the £2.5 billion fund was trading at a discount of 15.5 […]