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PFS Chelverton Equity fund tops Sanlam ‘White List’


The £364.2m PFS Chelverton Equity fund has taken the top position in the latest Sanlam White List.

The wealth manager’s private investments income study ranks the 14 best performing UK equity income funds.

The PFS fund, which is co-managed by David Horner and David Taylor and focuses on mid and smaller-cap companies, has outperfomed the wider market in the first half of 2015, yielding at 4.4 per cent.

The performance of all UK equity income funds is monitored against their absolute income and volatility over the past five years, as well as capital growth for each of the past five 12-month periods. All funds are in the IMA UK Equity Income sector.

Second placed in the list has been achieved by the £576m Unicorn UK Income fund, which has been co-led by Fraser Mackersie and Simon Moon since June 2014.

Thomas Moore’s Standard Life Investments UK Equity High Income Unconstrained fund has been one of the best performing funds and has moved up from the eighth position in 2014 to fourth this year.

The £68.5m RBS Equity Income fund is a new entrant on the White List.

Moving down from the White List to Sanlam’s Grey List, which has funds with an early warning signal of decline, is the £312m Evenlode Income fund, managed by Hugh Yarrow and Ben Peters, as well as the £1bn Fidelity Money Builder Dividend fund.

The £1.7bn Newton UK Income fund and the £1.9bn Jupiter Income Trust have moved to the Black List, which is home to consistent underperformers.

Sanlam Private Investments head of portfolio management Charles Brand says: “We believe investors should look at the implications of investing in equity income funds as volatility increases, after a relatively muted period.

“Dividend payments are a more stable source of returns than the often unreliable capital gains on shares, which should appeal to investors who have been unnerved by this year’s geopolitical events, many of which are likely to persist.”

He says the volatility of returns for the Investment Association’s UK Equity Income sector has been lower than that of both the UK All Companies sector and the FTSE 100 over the last ten years.

Brand says: “This is particularly important to investors making regular withdrawals, as they introduce the risk of hampering long-term portfolio growth by reducing the capital base after a period of negative performance.”



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