SVM's McLean sells half of stocks in UK Emerging Fund

SVM's Colin McLean has revamped the mandate of the £4m UK Emerging Fund plc and sold half the stocks in the portfolio, following the departure of manager Donald Robertson.

According to a company announcement, managing director McLean (pictured), who took over the fund on 6 September, has reviewed the mandate of the investment trust and concluded the strategy needed to be realigned. Under McLean, the trust will focus on more liquid stocks with larger capitalisations. As a result of the change in strategy, the manager has sold half the stocks in the portfolio and written down three investments. The previous investment objective of the trust was long-term capital growth from investment in smaller UK companies with a focus on the alternative investment mark...