View more on these topics

Lawrence House emerges from cash shelter

Lawrence House has brought down the cash levels on all its funds to within the normal 2 to 3 per cent range from August highs of almost 10 per cent.

The company had allowed cash to build up to 9.8 per cent in the equity income portfolio, 8.5 per cent in its cautious portfolio and 5 per cent in the balanced portfolio in anticipation of a market correction.

It saw the fallout from the subsequent credit crunch as a buying opportunity and has spent the last month adding new holdings.

Fund manager Alan Stokes is making further reductions to the cash weighting in the cautious managed fund and is adding a number of fixed-interest funds this week, subject to fund manager interviews.

Stokes has also added the BlackRock Merrill Lynch UK income fund to the Lawrence House equity income portfolio. He bought the fund the day after it sold out of Northern Rock and Alliance & Leicester and says its barbell approach will complement his other equity income holdings.

William Calvert’s Axa Framlington emerging markets fund is the latest purchase Stokes has made for the Lawrence House balanced managed portfolio. Stokes has a 3 per cent holding in this fund which he has held in other portfolios since 2004.

Stokes says: “We needed to increase the risk within the balanced managed fund. William Calvert has a consistent track record and we have done very well with him over the years, more than any other emerging markets manager.

“In one portfolio, I top-sliced the fund when he made 120 per cent for me, then had to top-slice it again. He has a low-risk approach to running the fund and I always feel comfortable that he knows what he is doing. He does not want to be risk averse but risk aware.”

Recommended

A shaw thing

Sam Shaw is a reporter on Money MarketingThe night after the awards dinner of the other financial trade title with the initials MM should have left me with one night to pack before I headed to Money Portal’s conference in Alicante. As usual, I did it the morning of my flight. A comedy sequence of […]

Progress offers IFAs a virtual underwriter

Progress by Royal Liver is adding a virtual underwriter tool to its website which aims to efficiently answer any protection queries by advisers.The firm is also revamping its website, to go live on October 22, but the virtual und-erwriter element is being added to the current site this week.The website tool will allow advisers to […]

SIML lays out best ideas ambition

SIML has confirmed that it is looking at bolstering its range of best ideas funds to five through launch of both European and International offerings.

Driving forces for change

Norwich Union is to call on the FSA to abandon proposals for primary advice. It is also suggesting that the qualification bar for professional advisers be set at diploma in financial services level and it wants customer-agreed remuneration to apply across all channels, including bank-based advisers.The views will form the financial services giant’s final submission […]

Japan: mid-year review and outlook

By Chris Taylor, Manager of the Neptune Japan Opportunities Fund H1 2014 Economy: after a harsh winter that slowed activity in the economy, the main event of the first half of the year has been the debate over what impact the 1 April VAT hike from five to eight per cent would have; we are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment