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HSBC set for third OpenFunds offering

HSBC Investments is to launch a third vehicle within its OpenFunds multi-manager range.

Managing director Andy Clark says the fund, to be run by James Hughes, is due to launch in the next couple of months. Although Clark is keeping the details close to his chest, he says the portfolio will invest in a single asset class on a global scale.

He says: “We have been looking at a number of alternatives for a third portfolio in the past few months, including a satellite option to the global distribution and global return funds.

“This new offering should be the ideal diversifier to our existing range and what we are still looking at is the right asset class offering for the long-term benefit of investors.”

Hargreaves Lansdown senior adviser Ben Yearsley says: “This looks like an attempt by the firm to offer something different and innovative and although you would expect it to be an equity product if it invests in one asset class, I would not rule out property as it seems to be the in-vogue offering in the market.”

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Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.

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