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Luckraft funds on black list

Principal Investment Management has blacklisted George Luckraft’s Axa Framlington equity income and monthly income funds in its latest income study.

The F&C Stewardship and Swip UK income funds have also been added to the black list which sees a number of changes. Henderson’s takeover of New Star means the group now has a total of four funds on the black list, with the Henderson UK equity income and UK growth & income funds joining the New Star equity income and higher-income funds.

Every six months, Principal’s white list rates the top performers in UK equity income funds with a five-year track record. Its black list identifies funds with consistently poor performance.

Liontrust first income is still on the black list but Principal says it has changed its view on the fund from a switch to a hold after the appointment of Gary West and James Inglis-Jones.

Investment manager Joe Wiggins says: “Luckraft has been hit on the back of his bias to small caps, which has been the area most affected in these market conditions. The same can be said of the F&C Stewardship fund, which looks to mid and smaller opportunities in the market to capitalise on the ethical stance.”

Principal has made only one change to the 12 funds on its white list, with Karen Robertson’s Standard Life UK equity income coming in for Richard Hughes’ M&G dividend fund.

Aviva Investors UK equity income stays on the white list despite the departure of Dan Roberts to Gartmore, with Chris Murphy taking the helm.

Wiggins says the firm is agnostic on the Investment Management Association UK equity income sector split. He says: “We will continue to look for an attractive level of income and long-term capital growth.”

Principal black list

  • Axa Framlington monthly income

  • Axa Framlington equity income

  • New Star equity income

  • Henderson UK equity income

  • Martin Currie UK equity income

  • Swip UK income

  • JPM Premier equity income

  • F&C Stewardship income

  • Liontrust first income

  • New Star higher income

  • Henderson UK growth and income

  • GLG UK income

    Principal white list

  • Invesco Perpetual income

  • Invesco Perpetual higher income

  • Artemis income

  • St. James’s Place UK high income

  • Aviva Investors UK equity income

  • Royal Bank of Scotland equity income

  • CF Walker Crips equity income

  • Threadneedle UK equity income

  • Neptune income

  • Threadneedle UK monthly income

  • Newton higher income

  • Standard Life UK equity high income
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