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Lower cap focus helps funds top White List

John McClure and Chris Hutchinson’s £202.9m Unicorn UK Income fund has moved to the top of Sanlam Private Investment’s White List as portfolios targeting opportunities further down the cap spectrum are highlighted for their strong performances.

Unicorn UK Income, which was second in SPI’s January ranking of UK equity income funds, is first quartile over one, three and five years to the end of June. It also delivered a first-quartile return of 193 per cent since launch in May 2004.

James Lowen and Clive Beagles’ £1.9bn JOHCM UK Equity Income fund is ranked second in the list. It has exposure to areas such as transport and telecoms, which fall outside the typical equity investors’ focus.

The firm also highlights Martin Cholwill’s £463.6m Royal London UK Equity Income fund and the £90.2m PFS Chelverton UK Equity Income fund as those on the list that are looking outside the usual dividend stocks.

SPI head of managed funds Paul Surguy says: “Our last study showed we expected David Horner and David Taylor’s PFS Chelverton UK Equity Income fund to move to a buy. Like Unicorn, they mine the smaller companies, searching for a definitive high starting yield.” 

Ashby’s £94m Ignis UK Equity Income, Phil Doel’s £216.5m F&C UK Equity Income and Adam Avigdori’s £623m BlackRock UK Income funds have fallen onto the Black List of underperformers. The £64m Swip UK Income fund remains at the bottom of the list.

Hargreaves Lansdown fund analyst Kate Marshall says: “Smaller funds aredoing well but in many cases their track records are shorter than larger peers.”

Loney-Phil-Royal London-2013


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