Focke steps back as Smith & Williamson overhauls North American Trust

Smith & Williamson is reducing the number of holdings in its £87m North American Trust by almost 50% as part of an overhaul of the fund, which also sees lead manager Lady Tana Focke step back from her role.

The fund will now be lead-managed by Robert Royle, with Focke (both pictured) continuing to work on the fund until she formally announces her retirement. Royle said the prevalence of index funds and ETFs meant active managers had to justify fees by placing a greater emphasis on stock selection and valuations, prompting the move to halve the number of holdings. "We recognise that more recently we have been relatively less successful," he said. "The key finding [of a review of the trust] was that we had too many ‘filler' stocks which we thought would add stability but in reality were...