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Glasgow launches Mackintosh high income fund

Glasgow Investment Managers is launching the Mackintosh high income fund managed by Susan Anderson and aiming for a net yield of 5.5 per cent a year.

The fund will have a portfolio of between 35-40 UK equity holdings, with a structure similar to the Glasgow Income Trust, which invests additional finance raised through a derivative structure in corporate bonds, to enhance income. Initially the fund will invest 56 per cent in the Ftse 100, 35 per cent in mid 250 and 9 per cent in small cap companies.

Glasgow IM chief executieve Mike Balfour says: “The Mackintosh Fund is the first open-ended investment company to be managed by Glasgow, and heralds a new departure from the traditionally managed investment trusts Glasgow has become known for.”

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