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New look Cheviot maks fund debut

Cheviot Asset Management has made its fund debut with a multi-asset fund of funds.

The company was relaunched last summer with new management and a new investment team. Its first fund, the CF Cheviot balanced fund, aims to provide income and growth by investing globally in a range of open and closed-ended funds across a range of asset classes.

The fund will invest mainly in equities, fixed-interest, property and cash in line with its benchmark index, the FTSE Apcims Balanced Index. The fund will also include funds of hedge funds, private equity and structured products at a later date, when these asset classes are included in the index. The portfolio will comprise up to 85 per cent equities and a minimum of 15 per cent in fixed interest, property and cash.

The fund will be managed by investment adviser William Buckhurst and chief investment officer Alan McIntosh. McIntosh will be responsible for asset allocation, while Buckhurst will select the underlying managers. Head of alternative assets David Miller, who recently joined Cheviot from Royal Bank of Canada, will also contribute ideas.

Some of the underlying managers will be institutional managers that retail investors cannot usually access due to high minimum investment levels. As Cheviot does not run any other funds, it believes this allows it to be genuinely independent when selecting the investments.

Multi-asset investing has become this year’s bandwagon but Cheviot complains that too many fund managers are not truly multi-asset investors because they are not looking at alternative asset classes.

This fund has the flexibility to access asset classes in different ways and this could be helpful when closed-ended funds are trading at a discount to open-ended funds investing in the same spaces. However, Cheviot is not the only management group to provide a multi-asset fund investing in closed and open-ended funds and it could face competition from companies such as Iimia and Miton.

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