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Fixed Income | Money Management

Fixed Income | Money Management
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Munro exits China exposure | Money Management

However, by the end of 2020, both firms had dropped out of the fund’s largest top five holdings and it now held no exposure. In a webcast, chief investment officer, Nick Griffin, said: “Regulatory threats are going through in China and that is concerning. “Alibaba was our largest position, we were very excited about the Ant Financial IPO and we also held Tencent. But we put a stop loss in place in February where we monitored the stocks for 30 days and every time we looked at it, we couldn’t say what would happen. “We are not saying we dislike China but we will stick to the sidelines for now.”

Magellan opts out of targeting net zero goal

“It is not our money, we don’t dictate where our clients’ climate goals should be.” Rather than exiting all exposure, Douglass said he preferred to use capital to invest in companies which were trying to decarbonise and that companies that chose to divest were “passing the buck” to someone else. He said the only carbon risk in the funds came from three US utilities but that Magellan had been approached by some investors to create a bespoke portfolio which removed the utilities and reduced the carbon risk. With this in mind, Douglass said, it was not “inconceivable” for the firm to offer a separate portfolio which had a lower carbon risk in the future.

Pengana appoints equity fund manager | Money Management

The High Conviction Equities fund was a concentrated, ethically-screened portfolio which held around 20 Australian and global companies, with a particular focus on IT, healthcare and materials. Pengana chief executive, Russel Pillemer, said: “Since the fund’s inception in 2014, the fund has significantly outperformed its benchmark across all time periods, having returned an average to 32.8% per annum to investors. “It is a highly sought-after product from Pengana’s high net worth investors and private wealth offices.” According to FE Analytics, the Pengana High Conviction Equities fund had returned 40.3% over one year to 30 June, 2021, versus returns of 28.3% by the global equity sector within the Australian Core Strategies universe.

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