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SRCE: Money Marketing
HDLN: Aggressive US fund from Solus to be run by Phoenix
BYLN: James Daley
Solus Investment Funds is setting up an aggressive US fund run by Chris
Bertelsen of US fund management group Phoenix.
The Solus US select opportunities fund, which opens on October 1, will be
a multi-cap 'best ideas' fund holding a concentrated portfolio of between
55 and 60 stocks.
Bertelsen also manages the Aberdeen American opportunities fund.
Phoenix was previously responsible for Aberdeen's entire US fund range
until the company appointed Katherine Garratt-Cox last year.
Bertelsen's American opp-ortunities fund, which is the only fund still
managed by Phoenix for Aberdeen, has outperformed Garratt-Cox's North
America fund by almost 30 per cent over the past year and has been
consistently in the top quartile of its sector.
The new fund will have an initial charge of 3.5 per cent, which will be
waived during its three-week offer period, and an annual management fee of
1.5 per cent.
Initial commission is 3 per cent and trail commission is negotiable. The
minimum investment limit is £500 or £40 a month.
Solus manager of investment product groups Alaric Gordon says that
although markets are still volatile, he is confident that US markets are
set for an upturn.
He says: “With launching a fund, you tend to find that the best time to
market it is the worst time to invest in it. We would rather launch in what
might appear to be difficult times but at a time when most people are
beginning to ack-nowledge is a good time to look at the US.”