BlackRock's Wharrier: UK Income fund turnaround has taken longer than expected

Changing economic environment

Since becoming co-manager of BlackRock's £329m UK Income fund in 2013, Mark Wharrier has restructured the portfolio, helping it out of outflow mode and onto buyers' fund lists, in what he calls the "most challenging and interesting time" in his 20 years in the industry.

During a period in which income is hard to find, and one which has seen several funds removed from the IA UK Equity Income sector for not meeting yield requirements, Wharrier said the key focus has been on finding the right balance. He said: "Most income funds are looking for stocks generating 110% of the market. But it is the job of the portfolio to generate yield rather than each individual company so we have a balance of companies yielding more than the market and those with lower yields but more growth. "Today I am more interested in a company's cash flow than its headline dividen...