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Morley fine tunes its themes

Morley Fund Management, a sister company of Norwich Union, has introduced the global theme fund, an Oeic that invests in a portfolio of up to 70 global stocks.

The fund will not be benchmarked against any index and will have no geographical weightings. It will invest across a range of sectors with stocks being selected on a top-down basis.

The fund manager, Michael Jennings, joined Morley in October 2001 after 12 years at Sarasin Investment Management. He will consider stocks in relation to four themes identified by Morley&#39s team of analysts.

Mis-allocation of capital is a theme that refers to areas such as power and transport, which have fallen out of favour. Companies within these sectors could benefit from the tide turning back to traditional old economy stocks after the disappointment with technology and related areas.

Proven competitive advantage is a theme that looks for companies that have the edge over rival businesses in terms of production costs, research, product design and management.

Restructuring takes advantage of changes that are happening within companies or within the economies of different countries and pricing power looks for companies that can maintain a strong presence in the market when rival firms are cutting prices which impact on profit margins.

The fund could be of interest to investors who want a global fund which views the world from a different angle and those who already have global funds but are looking to diversify further. However, by concentrating on the themes, the fund could neglect some attractive stocks that do not fit the criteria.

According to Standard & Poor&#39s, the Norwich global success fund is ranked 155 out of 155 funds based on £1,000 invested on a bid-to-bid basis with net income reinvested over one year to January 11, 2002.


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