Aberdeen MMs overhaul Diversified Alpha

Aberdeen's multi-manager team has cut Blackrock's UK Absolute Alpha fund from the Diversified Alpha portfolio after overhauling the underperforming fund.

The fund, which still sits within the Balanced Managed sector, was re-branded from Multi-Asset Growth to Diversified Alpha in May. Manager Aidan Kearney said its largest positions have now been refocused as a result of the re-brand. "The fund has been put into a total return mode. We are seeking lower volatility and a total return over time," he said. The change comes following a period of underperformance. It has lagged peers over the last three years, returning 16.3% compared to an average return of 21%. Over one year it has delivered 7% compared to the average return of 12.5%. ...