Majedie to relax portfolio concentration policy on UK Income fund

Strategy AUM reaches £1.3bn

Majedie Asset Management has proposed lifting the requirement for the concentration of holdings in Chris Reid's UK Income fund to reflect the growing size of the strategy.

In a letter to shareholders in the fund, the group has proposed amending the investment policy by removing the following sentence: "The fund is likely to have a relatively concentrated portfolio of approximately 40 to 60 holdings at any given time." Majedie believes this sentence is "unduly restrictive", and the fund requires more flexibility now the strategy has grown in size.  The group does not expect a material change in the number of holdings to follow, but wants the flexibility to go above the current limit if the opportunity arises; the fund currently holds 58 stocks. Its ov...