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Hargreaves Lansdown adds Gartmore fund to Wealth 150

Hargreaves Lansdown has added Gartmore’s absolute return fund to its Wealth 150 range.

The fund, which was initially set to be launched late last year, is managed by the team of Roger Guy and Guillaume Rambourg and is based on a hedge launched by the pair by the group in 1999.

The fund invests in mid and large-cap European shares, while also having the ability to short to reduce volatility.

However, the group has raised question over the performance fee on the fund.

Senior analyst Meera Patel says: “One of the problems with performance fees is the benchmark used to calculate the fee. In this case, Gartmore charges an annual management charge of 1.5 per cent plus a performance fee of 20 per cent on any positive return made by the fund. We can argue that any active fund manager should be able to deliver positive retuns in the longer term so we do feel Gartmore’s performance fee makes this fund expensive.”

“However, if we take into account Roger Guy’s experience in the European markets and his established track record of managing a hedge fund, we believe there should be scope for superior returns over and above the performance fee, but a long term horizon is necessary.”


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