MAM Funds is to move its CF Miton Arcturus Fund into the IMA’s Absolute Return sector as part of a wider reshuffle of a number of its portfolios.
Managed by James Sullivan and Martin Gray since 2008, the fund aims to deliver absolute returns on an annual basis throughout all market conditions and cycles and invests predominantly in other collective schemes. A name change is also planned in the near future.
The fund currently sits in the IMA Mixed Investment 20% - 60% Shares sector, where MAM says it has been the lowest volatility fund over the past three years, and it produced a positive return in the volatile conditions in 2011. It has returned 5.09% over five years against a 3.25% average from that sector.
The move takes place on 18 June when CF Miton Global Growth Portfolio and CF Miton Select Assets Fund will also both move from the IMA Flexible Investment sector to the IMA Global sector. At the same time, CF Miton Special Situations Portfolio and CF Miton Strategic Portfolio will both move from the IMA Mixed Investment 40% - 85% Shares to the IMA Flexible Investment sector.
Neil Bridge, head of business development at MAM Funds, said: “The recent, good performance of the CF Miton Arcturus Fund, under the stewardship of James Sullivan, reflects that of an absolute return fund. Its approach is fundamentally about steady, incremental returns with a focus on managing to a low volatility. As such, we believe the fund is better suited to the IMA Absolute Return sector and feel the move is a more logical positioning, enabling clients to better understand the fund.”