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Principal demotes Luckraft funds to blacklist

Principal Investment Management has blacklisted George Luckraft’s Axa Framlington equity income and monthly income funds as part of its latest income study.

The equity income and monthly income funds are part of a number of changes to the blacklist with the F&C stewardship and Swip UK income funds also being added.

The deal between Henderson and New Star earlier this year means the group now has a total of four funds on the black list, with the Henderson UK equity income and the UK growth & income funds joining the New Star equity income fund and New Star higher income fund.

Principal’s white list rates UK equity income funds with a five year track record, every six months. Its black list identifies funds that have failed their unit holders and have cost investors real money with consistently poor performance.

Liontrust first income also retains its blacklisting, however Principal says it has changed its view on the fund from a switch to a hold following the appointment of Gary West and James Inglis-Jones.

Principal has made only one change to the 12 strong white list, with Karen Robertson’s Standard Life UK equity income fund coming in for Richard Hughes’ M&G dividend fund.

Aviva Investors UK equity income remains on the list despite the departure of Dan Roberts to Gartmore, with Chris Murphy taking the helm.

Prinicpal White List July 2009

Invesco Perpetual income
Invesco Perpetual higher income
Artemis income
St. James’s Place UK high income
Aviva Investors UK equity income
Royal Bank of Scotland equity income
CF Walker Crips equity income
Threadneedle UK equity income
Neptune income
Threadneedle UK monthly income
Newton higher income
Standard Life UK equity high income

Black List
AXA Framlington monthly income
AXA Framlington equity income
New Star equity income
Henderson UK equity income
Martin Currie UK equity income
Swip UK income
JPM Premier equity income
F&C stewardship income
Liontrust first income
New Star higher income
Henderson UK growth and income
GLG UK income


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