Penny aims to soft-close L&G UK Alpha trust at £500m

L&G UK Alpha trust manager Richard Penny has set a £500m cap for the fund as it rises up the performance tables.

The £213m fund has a strong small-cap bias, with about 70% of the portfolio in these names at present, and the manager suggested he would move to stem flows once the fund took a further £250m of assets.  "I do not mind taking large holdings in companies if the company is good enough or cheap enough, that does not bother me," said Penny (pictured). "The flipside is you have to take a long-term, two- to three-year view on those companies. "We will hold up to 5% of a company, so it becomes an ownership issue for us rather than just an investment." He is particularly focused on small-c...