CRUX launches UK Special Situations fund for Penny

Joined in June

CRUX Asset Management is launching the FP CRUX UK Special Situations fund for former Legal & General Investment Management (LGIM) fund manager Richard Penny, who joined in June.

Launching on 17 September, the fund will be a concentrated portfolio of 40 UK stocks with some exposure to other developed markets. The fund will invest a third in large caps, a third in mid caps and a third in small caps however, the fund will only invest 1-1.5% in an individual small-cap stock, compared to 4-5% for large and mid caps. It will have a bias towards value and cyclical stocks while avoiding expensive growth stocks. The firm said the fund has a capacity of between £1.5bn and £2bn with Penny investing in the mandate himself. Penny spent 15 years at LGIM, where he man...