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Multi-manager winners and losers of the past six months

Multi-manager winners and losers of the past six months

Some multi-manager funds have received a boost to inflows from pension funds diversifying away from equities, like Baillie Gifford Diversified Growth, run by Patrick Edwardson (pictured), but other well-known names have suffered outflows.

Investors have been pouring money into the Baillie Gifford Diversified Growth fund, which has enjoyed net inflows of more than £800 million in the six months to the end of October. Patrick Edwardson, co-manager with Mike Brooks of the £2.2 billion fund, said this was largely due to pension funds diversifying their portfolios.

‘It reflects a big change that’s under way in how UK pension funds invest their scheme assets, reducing their weightings in equities,’ he said.

Trend beneficiaries

Edwardson said he expected other beneficiaries of this trend to be well-known absolute return funds such as Standard Life GARS and Newton Real Return, which also offer diversification.

The Baillie Gifford fund has outperformed the benchmark over five years, delivering 47.47%, compared with the LCI International Balanced index’s 34.02% return over the same period.

 

Other multi-manager funds experiencing large inflows in the past six months include Jupiter Merlin Income Portfolio, Cazenove Multi Manager Diversity, M&G Managed Growth and Invesco Perpetual Managed Growth.

Robin McDonald, co-manager of Cazenove Multi Manager Diversity, said his fund had grown from £610 million to £950 million this year.

Falling from favour

In contrast, a number of multi-manager funds have suffered strong outflows in the past six months.

Some of the biggest outflows came from Bill McQuaker’s (pictured) and Chris Forgan’s £428 million Henderson Multi-Manager Income and Growth fund, and James Clunie’s £196 million Scottish Widows UK Select Growth fund.

The Henderson fund has fallen well short of the benchmark, delivering 27.7% over five years, while the LCI UK & International Balanced (60:20:15:5) returned 45.6% over the same period.

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