Multi-manager funds fail investors
MM fails in its execution
Multi-manager funds won't survive in today's world of cost-conscious investing, according to Iain Tait, head of UK Private Clients at wealth manager London & Capital.
He says: "Although the multi-manager approach looks attractive at face value, it invariably fails in its execution, the additional layers of investment management involved attracting an additional layer of fees. Total fund TERs in excess of 3 per cent allied with bid-offer spreads in excess of 5 per cent are all too common. The consequence is that the underlying securities held within a multi-manager fund have to outperform by around 3 per cent a year if the fund is to perform even in line with the indices," said Mr Tait.
He also criticised the opaque nature of multi-manager funds, saying that efficient asset allocation could be achieved and market exposure delivered far more cost-effectively through a core portfolio of exchange-traded funds (ETFs), direct stocks and bonds, carrying TERs of between 25 and 50 basis points.
We have never liked multi-manager funds either . But investment trusts that invest in other investment trusts such as JPMorgan Elect Managed Growth and F&C Managed Portfolio Trust are a much better proposition.
European equities are cheap, says Aberdeen
The sovereign debt crisis is blinding investors to the fundamental value found in Europe's top companies, according to Aberdeen Asset Management's Head of UK & European Equities, Jeremy Whitley ( F&C says UK equities are cheap too ).
He says: "European and UK equities are currently the cheapest in the world. Despite record levels of business confidence in core Europe, equities are cheap compared with other assets. The fact that truly global European companies are trading as if they were purely domestic ones is of particular interest to stock-pickers.
"By force feeding strong growth in a number of key emerging markets, QE2 undoubtedly helped core Europe by generating strong demand for exports from a number of developed economies, and Germany in particular - which exports only a little to the periphery.
"Europe is a manufacturing and technological powerhouse, known for its engineering excellence. It has also fostered the development of intellectual property. But the eurozone's crisis is not holding back its most dynamic companies, which is why we think the current crisis in Europe will be an opportunity for shrewd stock-pickers.
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