Close Fund Management is the latest manager to enter the special situations fray with the launch of a concentrated UK smaller companies portfolio.Close special situations will be managed by Justin Jordan and invest in between 35 and 45 Aim-quoted and fully listed small-cap firms. The move follows announcements by Norwich Union and Dalton Strategic Partnership that they are to introduce similar vehicles next month. Interest in special situations funds has spiralled since Fidelity revealed it is to split its flagship 6.5bn special situations fund in 2007. The Close fund will be benchmarked against the Hoare Govett smaller companies index. It has an initial charge of 5 per cent and a 1.5 per cent annual management fee. Minimum investment is 1,000 or 100 a month. Jordan says: “We believe UK smaller companies are an under-researched universe offering stronger growth than large companies. We expect to see another year of robust GDP growth, stable interest rates and reasonable valuations, all of which provide a positive outlook for UK equities.”
The recent outperformance by small and medium-cap stocks has not just applied in the UK. In the US, large-cap stocks have risen by 12.2 per cent over 12 months, well below the 27.8 per cent from small caps.
Societe Generale is offering a warrant giving exposure to nine companies it expects to profit from the World Cup. It has chosen stocks that performed well in the run-up to at least four of the last five major football events since 1996. Stocks held within the warrant include Puma, Heineken, Adidas-Salomon and Danone, which delivered […]
Actuarial and pension specialists Wolanski & Co and CheckleyFisher have merged to create Wolanski CheckleyFisher.
I have often referred to the thankless task of being an investment manager.
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