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F&C sells Thames Japan fund in Morant move

F&C’s multi-manager team has sold its holding in the Thames River Japan fund in its multi-manager balanced fund while increasing its exposure to the CF Morant Wright Japan fund.

The team has also reduced exposure to Thames River Japan within the F&C Multi-Manager growth fund in favour of CF Morant Wright Japan.

The latest Thames River Japan factsheet shows the fund fell by 0.14 per cent in euro terms in July, while the Topix index rose by 0.7 per cent. Thames River attributes this underperformance to the fund’s overweight position in electricals.

F&C fund of funds analyst and deputy manager Tom Caddick says: “The Thames River fund is a great fund which has performed well for us over the long term. But as it is a mid-cap fund, we had hoped for slightly better performance.

“At the moment, we would rather go with a fund man-ager who looks for deep-value stocks, digging out compan-ies that are mispriced in the market. We have held CF Morant Wright Japan for over a year and its track record is excellent.”

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