Peter Fitzgerald

“We debated neutralising our overweight to growth in the US equity market at our recentinvestment meetings. We have held this position profitably for some 18 months via the UBS US Growth fund. So when we learnt that the lead manager had departed, the decision to sell our holdings was relatively easy. While fund groups will try to assure investors that a departure of a manager will not result in any changes, we generally prefer to err on the side of caution and will more often than not sell. In this case we have simply moved out of the UBS US Growth fund and invested in a US tracker.”