View more on these topics

Which income funds topped Sanlam’s Black List?


The BlackRock UK Income and Schroder Income Maximiser funds have hit Sanlam Private Wealth’s latest Black List of underperforming income funds.

The BlackRock fund, run by Mark Wharrier, “has again not quite escaped the clutches of the Black List”, says the update from Sanlam.

“With performance now top of the Black List for both of the most recent discreet years, the manager is now in a good position to take his fund out of the bottom 14 if he can continue to perform,” the report states.

The Schroder Income Maximiser fund has also hit the list, despite getting the highest yield of any fund in the study, returning 8.4 per cent in dividend yield in 2015. It’s place on the list is a hangover from last year, when it had the worst performance.

Others on the Black List include the Scottish Widows UK Equity Income Fund, the HSBC Income Fund and the F&C UK Equity Income Fund.

The study looks at funds in the IA UK Equity Income sector and funds are ranked based on seven different criteria, including performance, volatility and income distributed. The most recent performance is given a higher weighting in the ranking.

David Taylor and David Horner’s PFS Chelverton UK Equity Income Fund has been knocked off the top spot in the White List of top performing funds.

Taking pole position this year is the Unicorn UK Income Fund, run by Fraser Mackersie and Simon Moon.

“Both funds have a focus on mid-sized and smaller companies, which has helped them outperform their generally larger company focused peer group, as larger companies continued to lag their smaller peers in the second half of the year.

“In addition to benefiting from the smaller company tailwind, both funds are also in the top quartile of the study for income generated over the five year period,” says the report.

Michael Clark’s Fidelity MoneyBuilder Dividend fund moved the highest up the White List, having previously been in the Grey List of mid-performing funds.

“Hugh Yarrow’s Evenlode Income Fund also delivered better performance in the second half of the year which helped it re-enter the White List after only six months of exile, but a comparably low level of income generated has prevented the fund climbing higher in our rankings,” states the report.

Other funds in the White List include the Troy Trojan Income fund, which is now in the top half of the list, and the Standard Life Investments UK Equity Income Unconstrained fund, which remains in the middle of the White List.

“Strong recent performances in 2015 saw the Miton Income Fund and the Santander Equity Income Fund enter the White List, with the latter having the highest historical twelve-month yield of any White List fund,” states the report.



Legg Mason scraps trail commission across fund range

Legg Mason has cut fund management fees on the Class A shares of its funds ahead of the sunset clause as it scraps trail commission. The asset manager will cut the annual management charges on its fund range as a result of the move, from 1 April 2016. For fixed income funds the charge will drop by […]


Intrinsic completes Sesame Financial Adviser School acquisition

Old Mutual-owned network Intrinsic has completed a deal to buy Sesame’s Financial Adviser School for an undisclosed sum. The Adviser School faced the threat of closure following its parent’s decision to cease operating as a network for investment advisers. However, in October Intrinsic reached a provisional agreement to purchase the Adviser School. Following completion of […]


Bank of Japan introduces negative interest rate

The Bank of Japan has surprised investors by lowering its interest rates to spur banks to lend amid a weakening economy. The benchmark rate is now at -0.1 per cent meaning commercial banks will be charged by the central bank for some deposits. This will start on 16 February. The central bank, led by Haruhiko Kuroda, […]


Britain's “Forgotten Army”: The collapse in self-employed pension membership – and what to do about it

Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm