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Seven up

The underlying funds held within the three Adviser Fund indices were subject to significant change at the AFI rebal-ancing on November 1.

Across the three indices, 41 of new funds not present in the AFI panellists’ portfolio recommendations were added from the rebalancing point. The new AFI constituents also include funds from seven asset management groups that were not represented in the prior six-month period.

Close Fund Management, Insight Investment, Lindsell Train Investment Management, Midas Capital Partners, Miton Optimal Asset Management, Sarasin Investment Funds and Skandia Investment Management added their names to the list of groups included within the AFI series. However, F&C Asset Management and T Bailey Asset Management were dropped by the panellists, with the F&C UK opportunities and T Bailey growth funds among 35 former AFI constituents to be dumped.

Overall, the ins and outs led to an increase in the total number of funds represented across the three indices to 169 different constituents from 55 fund management groups. Schroders had the most funds added to the AFI series, with five new constituents, while First State, JP Morgan and New Star all had three funds dumped by the panellists. However, both JP Morgan and New Star had a new fund added, too.

The aggressive AFI now comprises 109 funds (28 funds added, 27 dropped), the balanced index increased in size significantly to 112 funds (27 added, 18 dropped) while the new cautious AFI totals 104 funds (25 added, 24 dropped).

Of the aggressive index constituents from the previous AFI season, more than 25 per cent were dumped at the rebalancing point. Turnover in the other two AFIs was also high, with 24 per cent of the balanced index funds new to the index and 23 per cent of the revised cautious AFI constituents not present over the previous AFI season.

The most popular fund across all three AFIs was the £1.4bn Artemis European growth fund managed by Philip Wolstencroft. Seven panellists chose the Artemis portfolio for their AFI recommendations for both the aggressive and balanced indices while two advisers chose it for their cautious portfolios.

Wolstencroft’s fund was the most popular choice in the riskier AFIs and the £3.5bn Jupiter income trust, managed by Anthony Nutt, was favoured by the panel for the cautious index – seven chose the fund for the lowest-risk AFI.

The three best-represented groups across the AFI series are Artemis, Invesco Perpetual and Jupiter, unchanged from the previous AFI season.

Neptune, Rensburg and Schroders are among groups which have increased in popul- arity the most while First State and Black Rock Merrill Lynch Investment Managers have seen their overall representations across the indices drop


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