BMO Global Asset Management's Phil Webster has restructured the £840m European Growth & Income fund since taking over two years ago, including cutting the number of holdings to less than 30 in a move to make the portfolio more highly concentrated.
The manager joined BMO GAM from Aberdeen Asset Management in 2016 as director of European equities and also took over the European Growth & Income fund from co-head of global equities David Moss. Since taking over the fund, Webster said he has reduced the number of holdings in order to be high conviction, including cutting the amount of mega-cap names. He also said he does not regularly buy new holdings, having only bought ten names since May 2016. "The process of the fund is still the same and it is still the same team but it did have 44 names and now it has 29," he said. "I ...
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