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Skandia awards UK Strategic Best Ideas mandate to Cazenove

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Skandia Investment Group has appointed Cazenove to run an additional mandate for the Skandia UK Strategic Best Ideas fund.

Skandia Investment Group has appointed Cazenove to run an additional mandate for the Skandia UK Strategic Best Ideas fund.

This further mandate will be managed by Neil Pegrum and sits alongside the existing mandate from Cazenove run by Tim Russell.

The new mandate brings the total number of managers within the UK Strategic Best ideas fund from eight to nine.

Pegrum’s mandate is a new part of the fund rather than a replacement. 

UK Strategic Best Ideas uses the ten best ideas from a selection of world class fund managers combined in a single fund. Each manager has the flexibility to profit from both rising shares (longs) and falling shares (shorts), maximising the opportunities from which they can potentially make money. 

Currently the fund has 84 per cent in long positions and 12 per cent in short positions giving an overall net market exposure of 72 per cent. Since launch almost two years ago, the UK Strategic Best Ideas Fund has outperformed the FTSE All Share Index by over 13 per cent and is sixth out of 287 funds in the IMA UK All Companies sector. 

Ryan Hughes (pictured), one of the fund managers at Skandia Investment Group, says: ‘That we have elected to award a second mandate to Cazenove in the same fund is highly indicative of the great esteem in which we hold their managers. Neil’s new mandate will complement Tim Russell’s and the other seven managers greatly. The number of managers reduced from ten to eight earlier this year and we acknowledged at the time that we would only bring in additional managers when we were comfortable that they were of sufficient quality and would enhance the strength of UK Strategic Best Ideas. After considerable research, we decided that Neil’s investment philosophy and approach was ideally suited to the UK Strategic Best Ideas.’ 

Robert Thorpe, director of UK advisory sales at Cazenove Capital, says: ‘Since its inception, the Skandia UK Strategic Best Ideas Fund has consistently been one of the leading funds in the IMA UK All Companies sector. Its success is indicative of Skandia’s ability to identify and recruit outstanding investment managers. Naturally we are delighted that Skandia has recognised Neil Pegrum’s long/short track record by awarding him this mandate.’

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