Schroders' Noffke shifts focus to UK mid caps

Manager rotates Income Growth away from mega caps to broaden income stream

Sue Noffke, manager of the £140m Schroder Income Growth trust, has begun revamping the portfolio over the last six months, making it less concentrated and reducing the bias towards UK mega caps. Noffke has increased the fund’s holdings from 28 to 38 and is set to take the number of positions up to 50, while also boosting mid-cap exposure by 6% to broaden the trust’s income stream. The manager has decided to reposition the trust to ensure the portfolio will not be hurt if a mega-cap stock suspends dividends, as BP did last year. Over the next year she plans to cap single stock expos...