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Banking on a boost for income

John Duffield says equity income is one of the most important asset classes for New Star and he has given fund manager Toby Thompson a vote of confidence despite recent underperformance.

Thompson runs higher income, which is 48th of 72 funds over three years, returning 56.8 per cent compared with an average of 61 per cent.

Duffield says: “Equity income is the most important single sector to the man on the street because it offers a bit of income and a bit of capital gain. At Jupiter, I had William Littlewood who ran an excellent equity income fund and now they have Tony Nutt who has also done an excellent job. Invesco Perpetual have the best of all with Neil Woodford.”

“Toby Thompson did well at Newton where he was mainly first-decile. He has not been disastrous but typically second-quartile here, which is not as good as it should be.”

Duffield says Thompson’s disciplined approach sees him favour blue chips paying dividends equivalent to over 130 per cent of the FTSE’s yield. He says: “In the last three years that has meant being very overweight in the big banks, which have been disappointing. He believes it will come right and I do too, because I also think the big banks are cheap, but it has not worked yet.”


Simon Baker retires from Jupiter after 12 years

Simon Baker has retired from Jupiter after 12 years at the Group and in particular as a fund manager and part-time consultant in socially responsible investment capabilities.Following Baker’s retirement and after witnessing growth within the SRI team, certain additions are also being made.As of August 1 2006, Chris Watt, who works on Jupiter’s UK equity […]

Fidelity special sits shareholders vote yes to split

Fidelity has received resounding backing from special situations shareholders to split the fund in two.The special shareholder meeting saw an unprecedented 88,000 take part in the voting process with 97 per cent voting in favour of splitting the 6.5n fund in two, one with the current mandate and the other a new global mandate. Fidelity […]

Boleat to take on chasers

Ex-ABI chief will work part-time and says claim firms and advisers that dodge regulation will be prosecuted

Purnell rejects PPI’s means-testing claim

The Pensions Policy Institute’s projections for higher levels of means-testing will only come true if the White Paper fails and private savings collapse, says pensions reform minister James Purnell. Speaking at the launch of the PPI’s evaluation of the White Paper, the MP for Stalybridge and Hyde said the institute’s suggestion that up to two-thirds […]

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here


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