Cazenove looks to equities in Diversity Income MM fund

Cazenove's Diversity Income fund is set to launch on 15 December with a majority equity weighting, headlined by Neil Woodford's £7.9bn Invesco Perpetual Income fund.

Diversity Income managers Marcus Brookes and Robin McDonald plan to launch with about 40% to 45% of the fund in equities, under its upper limit of 60%. Structured as a Nurs fund, the mandate has a minimum restriction of 30% to equities, 30% to fixed income and cash and 5% to alternatives, with upper parameters of 60%, 60% and 40% respectively. Woodford’s Income fund will be the multi-manager portfolio’s largest equity position, at about 12%. “We are in a weird world where quantitative easing has pushed down bond yields and equities are looking quite attractive, so we may well have ...