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Rathbone and Liontrust funds join black list

Rathbone and Liontrust have both seen their flagship income funds added to the black list of underperformers in Principal Investment Management’s latest income study.

Carl Stick’s £465m Rathbone income fund and Gary West and James Inglis-Jones’ £341m Liontrust income fund have joined Tony Nutt’s £2.3bn Jupiter income fund and George Luckraft’s £187m Axa Framlington equity inc-ome and £108m monthly income funds.

The new entrants mean that £5.5bn of funds sit on the black list, which identifies funds that have consistently underperformed over five years.

Principal IM investment manager Chris Ganney says Liontrust income’s inclusion is due to poor performance prior to the departure of Jeremy Lang in March 2009. He says there are broader concerns with both the Jupiter and Rathbone offerings.

He says: “People do need to start to look elsewhere when it comes to Jupiter income. Tony Nutt has been a good manager but it has been five years since the fund has performed.

“Rathbone was a white list member in the past but the good numbers have dropped off its track record. It is not a terrible fund but there are better funds out there.”

Liontrust’s income fund has been assigned a hold status while Jupiter and Rathbone’s income funds have been assigned a switch status.
Liontrust says the income fund has been first quartile since West and Inglis-Jones took on the fund in March 2009.

Hargreaves Lansdown investment manager Ben Yearsley says: “Performance has not been great on the Jupiter income trust for some time. Rathbone income has performed over the long term, so we are staying with that fund.”

Principal has removed Robin Geffen’s £1.1bn Neptune income fund from its white list of 14 funds.

Funds in the white list have, over five years, proved their ability to deliver a rising level of income alongside long-term capital growth.

Also leaving the list is the £64m Rathbone blue-chip inc-ome growth fund and the £207m CF Walker Crips equity income fund.

Joining the list are the £41m Neptune quarterly income fund, £33m Unicorn UK income and the £238m Threadneedle UK equity alpha income funds.


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