Financial Planner and wealth manager Evelyn Partners has removed three global equity funds from its Core Managed Portfolio Service (MPS).
The funds removed in the re-balance were Fundsmith Equity, Brown Advisory Global Leaders and Fidelity Emerging Markets.
The investment team chose to reduce exposure to global equity funds in preference for country or sector specific funds.
It has taken new positions in Premier Miton UK Multi CAP Income, Federated Hermes Global Emerging Markets and Ninety One UK Alpha.
Ninety One UK Alpha as been a key holding in the Financial Planner’s Active MPS range for a number of years.
It has added to existing positions in Ballie Gifford Japanese Fund, Stewart Investors Asia Pacific Sustainability Leaders and iShares Core FTSE 100.
Evelyn has also exited a position in UK small and mid-cap focused equity fund Liontrust Special Situations.
The Financial Planner’s MPS has reduced its overall exposure to global equity funds, but has retained its holdings in iShares Edge MSCI World Quality Factor ETF in the Defensive Model and the TM Evenlode Global Income fund in the two income models.
It has also made changes to its absolute return holdings, exiting Janus Henderson UK Absolute Return and Trojan Fund, and introducing NB Uncorrelated Strategies and Fulcrum Diversified Absolute Return.
James Burns, lead manager of the Evelyn Partners Core MPS, said: “By using country specific funds we are able to closer reflect our in-house tactical asset allocation guidance which is cautious on US equities. Interestingly, the global funds exited were also some of our more expensive ones and replacing them has helped bring down the overall OCFs in the models, alongside the addition of three additional passive funds.”
The re-balance follows recent changes to the charging for the core MPS service.
The changes saw OCFs reduced on average by 16 basis points on average across the range.
