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Majedie Asset Management, the equity boutique, has launched its UK Income Fund, which was initially seeded in December 2011 and is managed by Chris Reid.
The fund aims to maintain an attractive yield whilst outperforming the FTSE All-Share index over the long term; it strives for capital growth as well as income.
The fund leverages the Majedie investment team, with fundamental analysis delivered through the firm’s research platform. At least 80 per cent of the fund’s NAV will be invested in UK equities.
Reid (pictured) joined Majedie in 2008 and has 12 years’ investment experience. In addition to managing the Majedie UK Income Fund, he co-manages both the UK Focus and Tortoise funds. Previously, Reid worked at Deutsche Bank as pan-European travel and leisure analyst and, prior to that, as transport analyst at Credit Suisse.
Reid says: “The UK Income Fund is fundamentally a stock picking fund. The process is simple – we are looking for cheap companies that are changing for the better and will deliver appropriate levels of income while this change takes place.
“You may not see the typical high yield stocks in this portfolio. We currently hold a good mix of cyclicals with strong balance sheets, paying a decent yield, and undervalued defensives that could re-rate. We want under-managed businesses with strong financials, companies gaining market share that are looking to be future leaders and undervalued pariahs becoming investible.”
The fund was initially seeded on 19 December 2011, since when it has performed strongly. The income yield achieved during calendar 2012 was 4.6 per cent.
Rob Harris, chief executive of Majedie, says: “This is not a run of the mill income fund. It has a distinct approach, shying away from the usual suspects – companies with a high yield but often limited growth prospects – instead looking for future money makers that may be hidden from view. Chris brings characteristic Majedie rigour to the management of the fund; the performance achieved to date is a just reflection of his stock picking abilities. We are particularly chuffed that an institutional client has already invested in the fund.”
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