Manager modifies F&C trust to reflect benchmark

F&C's Peter Ewins has begun modifying the £195m Global Smaller Companies trust since changing the benchmark earlier this year.

Since May, the fund has used a blended index of 30% Hoare Govett UK Smaller Companies index and 70% MSCI All Country World ex UK Small-Cap index. Previously, the benchmark was 40% UK and 60% world. Peter Ewins says the move to alter the benchmark reflects the declining importance of the UK market. “Before we changed the benchmark we were overweight the UK. However, over the long term, the importance of the UK stock market will decline and we will look to reduce our exposure,” he says. Ewins is looking to increase exposure to emerging markets through funds and ETFs. “Asia has perfo...