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Your support makes all the difference.RUPERT BEAR and his chums may live in a world of wizards and magicians in the story books but the magic of Nutwood has not worked too well for Invesco, which uses the cartoon character as a marketing ploy to attract grandparents and others hoping to build up a nest-egg for children.
The Rupert trust, with an increase of only 11.68 per cent, is third from the bottom in Micropal's performance survey over one year of UK equity growth trusts (those investing at least 80 per cent in equities and with a yield above 110 per cent of the FT-A All- share Index), although it does better over five years.
Bottom of the whole pile is Providence Capitol's British Growth Fund, with an increase of only 7.81 per cent over the year. The fund suffered from having a heavy weighting in pharmaceuticals and brewing companies, especially in smaller companies. The manager has now been changed and the portfolio reorganised.
Top performer in the sector was Brown Shipley's Recovery Fund, this week renamed the Evermore Recovery Fund. The Recovery Fund, and BS's Smaller Companies Fund, have both been taken over by Rathbones, the quoted private client banking and asset management group, in association with the investment manager of the two trusts, Patrick Evershed. It is Mr Evershed who has been responsible for the dramatic turnaround of the trust.
'The other Brown Shipley Funds have been taken over by Capital House. I was most concerned to protect the interests of the unit holders in the smaller trusts. Over the last two years the fund has been turned round from just about the worst performer to the best,' he said.
'My secret is to do my own research and get in at the bottom, for instance over the last 18 months into construction and housebuilding and the motor sector. At the moment I'm buying about half on brokers' recommendations and about half on my own research. As the two funds we have taken over are small, I am able to take advantage of stocks not properly researched by the brokers.'
Over the last month the average UK equity growth trust has increased by just over 3 per cent.
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