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Axa adds reserve fund

Multi-Manager Reserve Fund

Type: Oeic fund of funds

Aim: Growth and income by investing in property, fixed income and cash

Minimum investment: Lump sum £1,000, monthly £50

Investment split: 33.33% property, 33.33% fixed income, 33.34% cash
Isa link: Yes

Pep transfers: Yes

Charges: Initial up to 4%, annual up to 1%

Commission: Initial 3%, renewal 0.5%

Tel: 0845 766 0184

This multi-manager fund aims for growth and income by investing in property, fixed income and cash.

Highclere Financial Services partner Alan Lakey says: “Multi-manager is a concept that polarises IFA opinion. Is it a useful tool which minimises the need for individual research or is it a cop out, removing the need for fund analysis?”

Lakey says Axa Framlington has a very wide range of funds and it is arguable whether additional multi-manager funds can add anything. “As with all outside fund links, future outperformance is in doubt, but the additional layer of charges is an ever present fact. The reality is that the fund has to outperform its competitors by about 1 per cent a year. In my eyes, the concept is unproven and ultimately unwanted.”

Identifying the main competitors Lakey says: “The proven concept of the Rathbone high income fund will appeal to many who prefer a diversified fund with property exposure.

He concludes: “To me, this is yet another multi-manager fund cluttering up the tables of choice and affecting the discrete performance averages.”

Suitability to market: Poor
Investment strategy: Average
Charges: Poor
Adviser remuneration: Average
Overall 4/10


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