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Bonham Carter fund axed from Wealth 150

Hargreaves Lansdown has kicked a number of high-profile managers off its Wealth 150 list of favourite funds, including Jupiter’s Edward Bonham Carter and Schroders’ Andy Brough.

Brough’s £2.3bn UK mid-250 fund has fallen by 16.9 per cent in the last 12 months, being ranked 289th out of 317 funds in the Investment Management Association’s UK all companies sector, despite first-quartile performance over three years.

Bonham Carter is in the fourth quartile over the past 12 months with his undervalued assets fund.

Gartmore cautious managed run by Chris Burvill and Investec cautious managed run by Alastair Mundy have also been removed from the list, along with BlackRock UK smaller companies and Rensburg UK equity income.

A number of funds have been placed under review, including Bill Miller’s US equity fund and Axa Framlington UK smaller companies following the departure of Roger Whiteoak in February.

Hargreaves Lansdown head of research Mark Dampier says performance plays a key part in the changes but is not the sole criterion.

He says: “If you look at Schroder UK mid 250, you would have to say that Andy Brough has not performed well while he arguably manages too much money. There are a number of better options out there. As for Bonham Carter, it is just a case of poor performance but I strongly believe in his ability as a manager.”

Dampier says the removal of the cautious managed funds highlights his belief that the sector is too restrictive. He says: “Not only have these funds not performed well but many Ucits III funds have overtaken them, highlighting the need to move from just equities and gilts.”

Funds added to the Wealth 150 list include Neil Woodford’s Invesco Perpetual high-income fund, Sarasin AgriSar and Henderson strategic bond.


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