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Multi-theme equity fund from Exeter

Exeter Fund Managers is launching its first pure equities fund with a multi-thematic approach using individual stockpicking.

The Hidden Value Portfolio is a sub-fund of the Exeter Oeic and will be managed by head of UK equities Geoff Miller and UK equities investment manager Andrew Hobson.

The fund&#39s objective is to provide both growth and income using a multi-thematic approach emphasising individual stock selection.

Exeter believes a stockpicking fund has the ability to perform regardless of market movement.

It will look to invest in smaller companies which have predictable revenues and cash flows in times of economic uncertainty.

The investment themes include smaller financials, property, outsourcing, specialist energy and intellectual property. Some of the top 10 holdings will be Britannic Group, Aberdeen Asset Management and Anglo-Irish Bank.

Until October 31 there will be no initial charges and the minimum investment required is reduced to £10,000 from £50,000. The annual charge will be 0.9 per cent and the initial charge 1 per cent.

Exeter has around 15 per cent of its £1bn under management in direct equities.

Managing director Ian Jol-iffe says: “The name Hidden Value describes Exeter&#39s stock-picking philosophy around which the team will explore a variety of themes. The key to the success of the fund will be in exploiting the investment value hidden in the 30 to 40 stocks in this concentrated portfolio.”


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