Ignis' Holden sells out of financials and cuts holdings in UK Focus fund overhaul

Mark Holden has revamped the Ignis UK Focus fund since taking over last month by cutting all financials exposure, reducing the number of holdings and increasing cash.

Holden was hired from wealth management firm Vestra Wealth to improve the £89m fund’s bottom quartile performance. The manager took over from Ralph Brook-Fox, who will continue to manage Ignis’ Balanced Growth fund. Although the portfolio he inherited performed well during the October rally, Holden wanted to make the fund higher conviction and with a defensive bias for the current climate. Holden said: “I would have liked a month to look at the fund, a month to think about possible changes and another month to implement those but the markets have not afforded me that luxury. “Wi...