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Top-down approach for Morley fund

Morley Fund Management is offering a global theme fund using top-down stock selection for a global portfolio of up to 70 high-quality stocks.

The fund will be constructed according to major themes rather than built around a global benchmark.

Michael Jennings will manage the fund. He joined Mor-ley last October from Sarasin Investment Management, where he also managed a global themed fund.

He says national indices are now dominated by multinational companies, meaning it is no longer relevant to be constrained by a geographical allocation of stocks.

He believes global investment management should be about selecting the key characteristics or themes which are expected to lead to corporate outperformance over the longer term.

One such theme is areas of misallocation of capital, where core industries such as power, roads and transport have been underfunded, leaving room for power generation, utilities and building companies to benefit.

Jennings says he will be looking for companies with a proven competitive advantage, those undergoing res-tructuring and companies well placed to exert pricing power through strong brands and exploiting niche markets.

The fund&#39s annual management charge is 1.5 per cent and initial charge is 5 per cent. Minimum investment is £5,000. Initial commission is 3 per cent and renewal is 0.5 per cent.

Jennings says: “Many glo-bal theme managers still begin with weightings, trying to mirror a world index benchmark, before applying themed criteria. This puts the cart before the horse. We use a top-down investment app-roach that identifies major economic trends first. Only then do we begin to assess individual stocks for their suitability and potential for gro-wth over the long term.”


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