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Mott makes May debut in cautious index

The Adviser Fund Index panellists brought 20 new funds into the Cautious AFI during last month’s rebalancing.

Resolution Asset Management and F&C both made net gains of two portfolios, more than any other group.

M&G’s optimal income and UK select funds were added but the ejection of M&G gilt & fixed interest income led to a net gain of just one portfolio for the firm.

The panellists removed 17 funds in total, including five portfolios only added last November. Henderson preference & bond, CF Miton extra income, JP Morgan Europe dynamic (ex-UK), Newton phoenix and Old Mutual Japanese select left the index after six months.

Turnover was significantly lower than at the last rebalancing point, when 23 of the 103 constituents were ejected. There was also no repeat of last year’s dramatic allocation shifts, when panellists cut their British equity and fixed-income weightings by five percentage points, increasing their exposure to property by the same amount.

Fixed-income and European equities each grew by one percentage point in May to 35 and 4 per cent respectively. There was a one percentage point fall in the structured products allocation.

The most popular new funds were Newton global higher income and PSigma income, each chosen by three advisers. They were followed by Resolution Argonaut European income and Schroders global property securities with two selections.

Jupiter income lost its place at the head of the popularity table, selected by four advisers compared with seven last November.

Artemis income and Invesco Perpetual income took joint first place, with seven selections. Despite this, UK equity income is no longer the most popular sector overall, falling from 15 funds to 13. Cautious managed also made a net loss of two funds.

UK all companies was the most common sector choice, up from 12 portfolios to 14. Asia Pacific excluding Japan also made a gain of two funds, with the addition of First State Asia Pacific leaders and Resolution Pacific growth.

UK zeros was the only sector added to the index after Investec capital accumulator was chosen by one adviser.


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