The latest FE Invest Approved list rebalance has seen the removal of 12 funds, including Majedie UK Income and Liontrust UK Smaller Companies, while a number of more defensive vehicles were added.
The £941m Majedie UK Income fund, managed by Chris Reid, saw its performance suffer last year following the Brexit vote. Over the year to 9 March the vehicle has returned 12%, underperforming the UK Equity Income sector average of 15.9%, according to FE. However, longer-term performance remains strong, at 102% over five years compared to the sector's 62%. Charles Younes, research manager at FE, said the fund was removed after the team lost "conviction" in the fund manager's approach. He said: "Following a difficult period around the Brexit vote, the manager has significantly chang...
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