LGIM to overhaul DART portfolio

Legal & General IM is to reposition its £529m Diversified Absolute Return Trust in a move which may see it change the fund's name as well as its investment objective, Investment Week understands.

The fund has a different approach to most in the absolute return sector as it makes larger and more concentrated bets than its peers. The changes will seek to re-emphasise DART focuses on global macro asset allocation strategies rather than the kind of relative value trades more common among absolute return funds. However, the fund is likely to retain its absolute return capabilities, such as the ability to go net short, and remain within the IMA Absolute Return sector. The fund had held an A-rating from Standard & Poor’s but the agency this month scrapped the rating “until the fut...