Baillie Gifford is renaming its £105m British 350 fund as UK equity alpha and bringing in its head of UK equities Gerald Callahan as manager, replacing Iain McCombie.
The manager is to run a concentrated portfolio of 25 to 35 stocks, targeting a total return in excess of the FTSE all share. Under McCombie the fund has been benchmarked to the FTSE actuaries 350 index of mid-cap UK stocks.
The revamp comes after shareholders accepted the proposals on September 1.
According to Baillie Gifford the fifteen-year old fund delivered growth of 25.4 per cent in the year to end-July, ranking it top-quartile in the IMA UK all companies sector.