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UBS establishes global optimal fund

UBS Global Asset Management has introduced the global optimal fund as part of its foray into the UK retail market.

The fund aims for capital growth by investing globally across 13 sectors and will be benchmarked against the MSCI world index. The portfolio is likely to be tilted towards financials, healthcare and consumer goods and industrials, with smaller amounts going into utilities and telecommunications.

In terms of the fund&#39s initial geographical breakdown, Canada and the US will dominate the portfolio at 60 per cent, with 29 per cent invested in Europe excluding the UK. Smaller amounts will go in the Japanese and Asia Pacific regions.

Wilson Philips, who has 20 years&#39 experience with UBS Global Asset Management, will run the fund. He will draw on research collated by a team of 86 analysts located in 10 countries.

The analysts will research the global market by using bottom-up and top-down approaches. They begin by looking closely at industrial sectors rather than geographical sectors, then their list of stocks is narrowed down by looking at the countries they are in. Their recommendations are fed through to Philips, who will then decide which stocks make it to the portfolio.

On the plus side, a global remit means the fund manager can go into the best sectors regardless of where they are based. However, the main drawback is that its lack of exposure to the UK mean investors could miss out on good opportunities in their domestic market.

According to Standard & Poor&#39s, the UBS (Lux) SF equity (USD) fund is ranked 203 out of 390 funds based on £1,000 invested on a bid-to-bid basis with gross income reinvested over three years to June 10, 2002.


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