Jupiter Merlin team sell M&G Recovery in favour of FTSE 350 funds

Jupiter's Merlin multi-manager team have shifted their UK equity allocation within the £1.7bn Merlin Growth portfolio in order to gain exposure to active managers looking across the FTSE 350 spectrum.

The team, headed by Jupiter CIO John Chatfeild-Roberts (pictured), switched out of Tom Dobell's £7.4bn M&G Recovery fund in December, buying into Julie Dean's £990m Cazenove UK Opportunities fund and Philip Matthews' £316m Jupiter Growth & Income fund. Chatfeild-Roberts and co-managers Peter Lawery and Algy Smith-Maxwell made the move after deciding to reduce their exposure to the energy sector. M&G Recovery's largest industry weighting as of 31 December was to the oil & gas sector, which accounted for 21.5% of the portfolio. Industrials, at 16.5% of the fund, make up the next largest...