We have removed the WS Montanaro UK Income fund from The Adviser Centre.

The performance of the fund has been under pressure in recent years, as its growth orientated, small and mid-cap focused approach has been out of favour with prevailing market conditions.  Indeed, although the fund features in the IA UK All Companies sector, its outcome has been correlated more closely with UK smaller company funds.

While the investment approach has been consistent with our expectations, we feel that, given the fund’s higher risk profile, it has limited appeal amongst income-seeking audiences.  At the same time, those investors seeking mid and small-cap portfolio exposures are more likely to look for options from within the IA UK Smaller Companies sector.  For these reasons, we feel that the fund has a limited role within our service.