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Gartmore deal with Britannic Pacific growth

Gartmore head of multi-manager Bambos Hambi has awarded a multi-million-pound mandate to the Britannic Pacific growth fund.

Hambi has bought into the Britannic fund, which is managed by co-ordinator Diamond Lee, to complement holdings in the Invesco offshore Asia equity fund.

He believes this will reduce some of the volatility of having a fund that relies on stockpicking smaller companies.
The Britannic fund has a top-down, team-led approach and has a mid-cap bias but does have exposure to bigger-cap companies. One of the attractions for Hambi is the fund’s ability to have exposure to Australia, which many Pacific funds do not have.

Although the Britannic fund’s performance was disappointing in 2002 and early 2003 because of being underweight in Korea and overweight in Hong Kong it has returned 8.6 per cent in the last three months.

Hambi believes that Asian markets are increasingly diverse at present, with extreme differences between country performance, which is why he holds the Invesco fund that focuses on stockpicking that is not country specific.

Hambi would not reveal the exact size of the mandate but says it is several million pounds. He says: “Smaller companies funds that rely on stockpicking can be volatile so we were looking for a fund that had a very strong top-down approach. This fund is consistent with the general Britannic approach.

“The fact that the fund is able to invest in Australia was of definite appeal because some many funds in the region are not able to do that. It gives it a slightly more defensive approach.”


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