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Framlington blocks Isa for biotech in bid to warn of risk

Framlington is not offering an Isa option on its new biotech fund in a move aimed at preventing investors who do not understand the fund&#39s risk from buying it.

The new fund, to be run by star manager Antony Milford, is the follow-up to the top-performing Framlington health fund, which was one of this year&#39s top Isa season sellers.

However, the new fund will invest almost exclusively in the biotech sector and will be higher-risk. The Framlington health fund invests just 38 per cent in the biotech sector.

As well as not offering the fund for Isas, Framlington has also printed an extra-large risk warning on the front of the fund&#39s prospectus.

The fund opened this week and will have a 1.5 per cent discount on its initial charge of 5.5 per cent until November 26. Minimum investment is £1,000 or £50 a month.

The annual charge on the fund is 1.75 per cent. Commission is 3 per cent initial, but there is no trail.

Marketing director Craig Walton says: “Although we think this is an outstanding investment opportunity, this fund will be more volatile than the health fund. We wanted to make sure we gave the right signals. We think that this should play a small part of a balanced portfolio.”


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