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Isis goes ahead with zero fund despite volatility

Friends Ivory & Sime&#39s retail arm Isis is pressing ahead with a new fund of zeros despite volatility in the sector.

The Isis progressive growth fund, launched this week, is the fourth fund in the Isis Oeic. Managed by global equity directors Peter Hewitt and Julie Dent, it will invest in a small portfolio of 20 to 30 zeros. The fund will aim to produce a conservative gross redemption yield of 7.5 per cent by investing in the safest and highest-quality zeros. Initial charge is 4.75 per cent and annual fee is 1 per cent. Commission is 3 per cent initial and 0.5 per cent renewal. Minimum investment is £1,000 or £50 a month.

Isis believes that despite recent concerns over the stability of the split-cap sector, there are still a number of good-quality zeros which when combined will produce a very low-risk investment. It says it will differ from other funds in its sector by not constantly chasing high yields.

Hewitt says: “We want to position this as a very conservative, steady growth fund. It is starting after a market fall and it will focus only on the highest quality zeros.”

Alan Steel Asset Management consultant Alan Adam says: “Zeros have got a good story to tell right now. For people looking for something pretty low risk with a reasonable return, this will be quite a good bet.”

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