Brooks Macdonald moves Defensive Capital fund to absolute return sector

Investment objective also changed

Brooks Macdonald Funds has moved its IFSL Defensive Capital fund into the IA Targeted Absolute Return sector and changed its investment objective accordingly.

The firm, the fund management arm of Brooks Macdonald Group, said the £211m fund has moved from the IA Mixed Investment 20%-60% Shares sector into a sector that "more accurately" reflected its risk/return profile. It hopes the change, which took effect from 21 March, will position the fund as an alternative to some of the larger well-known absolute return rivals in the sector. Meanwhile, the fund's investment objective has also changed to include a requirement to achieve "positive absolute returns over rolling three year periods", in order to meet the demand of its new sector. Targ...