Manager Research
all members of our manager research team have over ten years of investment experience.
Nedgroup Investments have announced that they will be changing the fund manager of the Nedgroup Managed Fund. The fund has been managed by RECM for a number of years, but the poor long term performance track record as well as the recent changes in their investment team are mentioned as the key reasons behind the decision to make the change.
The fund will be managed by Truffle Asset Management going forward. Truffle currently manage a fund in the same category as the Nedgroup Managed Fund (Multi-Asset High Equity category), the Truffle Met Balanced Fund. We have rated the fund a Tier 2 and the rating report is available on Adviser Online.
Nedgroup have indicated that, subject to FSB and unitholder approval, the intention is to transfer the Truffle Met Balanced Fund across and we assume merge with the Nedgroup Managed Fund. Nedgroup has always required that its chosen managers don’t manage a fund that would compete in the same category.
Truffle should start managing the fund in the next month. We expect Truffle’s initial course of action would be to align the Nedgroup Managed Fund’s holdings to mirror the Truffle Met Balanced Fund. This will require significant trading of holdings given the markedly different investment styles.
We will be placing the Nedgroup Manager Fund under review until the transition of managers has taken place and we have engaged with Truffle to confirm that the fund will be managed in line with their existing fund and process.
Nedgroup Investments change fund manager on their Managed Fund
2 Nov 2015