View more on these topics

Carl Stick removed from Wealth 150

Hargreaves Lansdown has removed Carl Stick’s underperforming Rathbone Income fund from its list of favourite vehicles.

The adviser firm has removed the fund from the Wealth 150 because Mark Dampier, the head of research, says the manager has failed to add value through stock selection despite attempts to reinvigorate the portfolio.

On the Hargreaves Lansdown website Dampier says: “Recent performance has been disappointing and the fund has lagged behind its peers. It has been an extremely challenging market for everybody but our analysis indicates that the manager has not been adding value through stock selection. A relatively high exposure to smaller companies has also been a hindrance, since this area of the market is especially sensitive to the economy.”

Recently Stick has shown “signs of encouragement” but performance has failed to pick up. Over the year to April 6, the fund posted a loss of 32.5% compared with the UK Equity Income sector average fall of 27.9%, according to Financial Express.

Dampier adds that whilst performance is a concern, Hargreaves Lansdown is not advising current investors to sell, but to continue to hold because of Stick’s longer-term track record.

“The fund has been one of the top performers in the sector since he took over in 2000, however in the short term we feel the recent underperformance means that new money shouldn’t be committed to the fund until we assess its future prospects.”


Related Articles:
Skandia swaps Stick for Cartesian on UK Best Ideas
Manager goes in Rathbone shake-up

Recommended

Arch cru suspension to be extended

The suspension of the Arch cru fund range is likely to be extended to at least the end of May, Capita wrote in a letter to its investors.However, during a press briefing, Marc Ainscough, the managing director of cru Investment Management, said: “It will take a lot longer to sort it out.” He pointed at […]

Write of passage

One of the dubious benefits of having been a personal finance journalist for more than a couple of years is that, eventually, people pretend they want to know your opinion about issues related to money.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com