Profile: F&C Managed Portfolio Income (FMPI)

Published by Cherry Reynard on 13 October 2016.
Last updated on 13 October 2016

First 50 funds

F&C Managed Portfolio Income is managed by veteran investor Peter Hewitt, who has been with the group since 1983, working across a variety of management teams. He has managed this trust and its sister trust, F&C Managed Portfolio Growth, since 2008.

The trust is global in its remit, though with a natural bias to the UK (currently 44%) of the trust. Mr Hewitt invests in some familiar names, including City of London Investment trust and Murray International, but also some spicier options, such as Schroder Oriental Income fund. The trust usually holds about 25 underlying trusts.

The key on this trust is the income. The trust currently pays 4.4% with dividends paid quarterly. It targets a yield ahead of the FTSE All Share at all times. This focus on income could mean that the capital performance might lag, but in practice the capital value has been roughly in line with the FTSE All Share over time (66% versus 60% over five years).

The multi-manager structure makes the trust a little costlier than some of its peers, because the underlying managers will also levy a charge. The management fee is currently 0.65% and the total expense ratio is 1.4%.

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