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Framlington removes the barriers


Managed Balanced Fund

Type: Oeic

Aim: Growth by investing globally in equities and bonds

Minimum investment: Lump sum 1,000, monthly 50

Investment split: 58% UK, 13% Europe ex UK, 6% bonds and gilts, emerging markets 4.9%, 4.4% Japan, 4% US, 9.7% cash

Isa link: Yes

Pep transfers: Yes

Charges: Initial 5.25%, annual 1.25%

Commission: Initial 3%, renewal 0.5%

Tel: 0845 766 0184

The Framlington managed balanced fund has been available to investors in Framlingtons own pension fund for the past 12 years but has just been opened to retail investors.

Bright Financial Services sales director Paul Breaks says: “As a group, Framlington has improved its general performance over recent years with the income and special opportunities funds deserving very high praise.”

He points out that Framlingtons managed balanced fund was established in 1992 and for the last 10 years has been managed by Richard Peirson. He says: ” Given the rise in Framlingtons profile, I’ve no doubt it will attract IFA attention. However, apart from the last 12 months when the return has been a respectable 16.1 per cent over longer periods, there is nothing to shout about.”

Moving to a discussion about the potential drawbacks of the fund, Breaks says: “The fund claims to be a managed balanced fund. However, there is no commercial property content and only 6 per cent exposure to fixed interest. While equities are currently in the ascendancy, I would hesitate to recommend this fund to balanced managed investors as it lends itself more to the international sector.”

Breaks mentions that the current portfolio split is 85 per cent equities, including 4.4 per cent Japan, 3.7 per cent Pacific, 0.6 per cent Africa and 0.6 per cent Latin America. He says: “Given the stated aim is to avoid unnecessary volatility as a priority, this portfolio split does not lend itself well to such an aim. As it is purporting to be a managed balanced fund, but isn’t, I can only rate it as poor.”

He feels the main competition will come from the international sector and funds of funds.


Suitability to market: Poor
Investment strategy: Poor
Charges: Average
Adviser remuneration: Average

Overall 5/10


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