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Defaqto on Rathbone’s Multi-Asset Portfolio: Enhanced Growth Fund

View of Defaqto insight analyst for funds Fraser Donaldson

Defaqto insight analyst for funds Fraser Donaldson says: “This fund is the third in a suite of portfolio funds recently launched by Rathbone, each with differing risk profiles. The fund seeks to achieve long term capital growth through investment in a range of asset classes. This exposure is gained via investment in other collective investment schemes. The fund targets a return on average, 2 per cent above a combined benchmark of 70 per cent MSCI World Equity index and 30 per cent MSCI Emerging Markets index.

The fund is managed by David Coombs, who has been with Rathbone since April 2007. He is head of multi-asset investments and is also the lead manager on the strategic growth portfolio and total return portfolio funds.

The fund will follow the same top-down investment process with macroeconomic analysis being used to determine the level of risk in the portfolio and asset allocation will be set by utilising three specific categories; liquidity – cash, sovereign debt and credit, beta – equities, corporate debt and Reits and alternatives.

The use of the composite benchmark shows that the emerging markets region is still an area of interest, and makes the fund truly global. The inclusion of emerging markets is an indication of the manager’s faith in these markets. These economies can be volatile but the fundamentals may be such that they may currently offer better prospects than developed economies that are still struggling to emerge from recession.

The demand for multi-manager funds continues to grow and for advisers that like to use multi-asset, multi-manager funds then this unfettered fund that operates a strict process driven asset allocation may well be worthy of consideration, particularly over a long time horizon.”



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