Hasley Investment Management partner and fund manager Richard Philbin has revamped the Elite multi-strategy fund to give it greater diversification.
He has radically changed the asset allocation of the £21m fund since taking it on in September.
The fund previously held a 30 per cent weighting to equities and fixed interest, 40 per cent to other/alternative asset classes and 30 per cent cash. Philbin has introduced a 45 per cent equities position, 40 per cent in fixed interest and 15 in alternatives.
Philbin says: “I’ve looked to place an income/dividend paying bias into the portfolio. So a couple of equity funds that I have bought may have a low dividend yield but I’ve asked to take the income stream.”
On the equities side, Philbin has introduced a 6 per cent position in the Jupiter Growth and Income fund, 5 per cent in the Henderson European Special Situations fund and 4 per cent in the Fundsmith equities fund.
Fixed income additions include a 6 per cent holding in the Jupiter Strategic Bond fund and 4 per cent in the Invesco Perpetual Global Financials fund.
Philbin has also changed much of the other/alternative holdings quota of the portfolio, introducing the Threadneedle Credit Return Opportunities fund and the JP Morgan Income Opportunity fund.