Premier multi-asset funds buy Ignis Argonaut European Income
Premier’s multi-asset team has added the Ignis Argonaut European Income fund to two of its portfolios.
“We added a holding in Ignis Argonaut European Income at the expense of a European-linked structured investment, as the latter had paid its latest distribution and the risk-reward profile of the former currently looks more attractive,” write the managers in their latest update.
“We have hedged away the exposure to the euro though, as the currency looks expensive and potentially vulnerable to ‘events’ on the continent.”
The £264.4m Ignis Argonaut European Income fund, managed by Oliver Russ, aims to offer a yield over the MSCI Europe ex UK Index through a portfolio of between 30 and 50 companies.
The fund has outperformed the index over three months to May 31 and in the year to date, but underperformed over one, three and five years.
During May, a position in Tom Naughton’s £52.6m Prusik Asian Equity Income was also introduced to the Premier Multi-Asset Distribution fund.
“The prospects for income growth in this part of the world are enticing, while this fund takes a cautious, quality-focused approach that should limit the risks of investing in Asian companies,” the managers add.
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