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Swip says cautious funds should look to Ucits III

Scottish Widows Investment Partnership multi-manager sales director Bernard Henshall has criticised poorly-performing cautious managed funds for failing to take advantage of Ucits III.

Henshall says it is hard enough in the present market to produce strong returns without having your hands tied behind your back by restricting exposure to equities and bonds although he says not all cautious managed funds have delivered poor results.

Morningstar figures show that only six out of 129 cautious managed funds have produced a positive return in the first three months of this year.

Henshall says: “Managers can make use of Ucits III  to go into a raft of other assets to diversify and protect investors.”

Rowan & Co Capital Management head of research Tim Cockerill says: ” If I were a manager not using those powers, I would want to take a close look at them.”


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