Following The Adviser Centre Monthly Review Meeting held on 28th November 2018, we have removed Merian UK Equity from our Recommended list.
The fund resides in our “Larger-Cap, Blend” category and it is managed by Simon Murphy. As a macro-aware investor, he is sensitive to changing market conditions and tilts portfolio positioning accordingly. This, together with his willingness to express high conviction views, means that the fund’s performance can be out of step with the market. Whilst understanding this characteristic, the extent of the underperformance compared to the index has been greater than expected for a protracted period of time.
Although we have high regard for the manager’s strategic insights, the potential benefits of his approach have been overshadowed by specific stock selection challenges, albeit in a particularly tough period for UK equities. Therefore, we have decided to remove the fund from our Recommended list.
To review other funds that we feature in the IA UK All Companies sector, please see our IA Sector Overview.
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