Tillit took five funds out of its universe following changes in fund managers over the first six months of the year, and placed another three under review.
Following any change in management of a fund, Tillit said a review process is automatically started to determine if it should remain in the universe. Two strategies – the Ninety One Global Total Return Credit fund and Schroder Recovery fund – will remain in the universe despite managerial changes.
The Axa Framlington Biotech fund, JO Hambro UK Dynamic fund, Allianz Strategic Bond fund, Fidelity Global Property fund, and Federated Hermes Global Markets Small and Mid Cap Equity fund were all removed from the universe following review.
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Sheridan Admans (pictured), head of fund selection at Tillit, said: “The past six months have seen notable changes among fund managers on the TILLIT platform. There is no need to make a knee-jerk reaction.
“A named fund manager leaving a firm does not automatically mean that a fund will be removed from the Tillit Universe. However, it does lead to a meeting with the new managers to assess their experience and planned approach. We then review the fund and changes at our investment committee meetings before making a final decision.”
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The three funds now under review include the Vietnam Opportunities Trust, following the death of CIO Andy Ho; AXA Framlington Global Technology, with news that manager Jeremy Gleeson is expected to depart in summer; and the Janus Henderson Strategic Bond fund, with John Patullo set to retire as co-head of global bonds.
This story was originally written for our sister publication, Portfolio Adviser
