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bridport launches funds investing in ETFs

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Jersey-based investment manager bridport has launched a range of funds which aim to provide a positive level of return, irrespective of underlying market conditions.

Jersey-based investment manager bridport has launched a range of funds which aim to provide a positive level of return, irrespective of underlying market conditions.

Investors will be able to select from six individual funds, each of which will follow the same investment strategy, but with differing levels of overall risk.

The funds will invest predominantly in exchange-traded funds, which mirror the performance of market indices, thereby helping to reduce both the trading costs and the risk of market underperformance normally associated with traditional investment management techniques.

The funds will be able to invest in any of the world’s major equity, bond, property, commodity and cash markets, and asset allocation changes will take place on a monthly basis.

The investment strategy will be dictated by a continual assessment of risk and return data for each of the markets mentioned above, with the aim of ensuring that investments are only made in assets which are actually showing positive ongoing returns at any point in time.

bridport’s Jason Jones, the investment manager for the funds, says asset allocation is the single most important factor in determining a fund’s performance, as evidenced by numerous academic studies which have shown that it often accounts for over 90 per cent of a fund’s long term return.

‘However, when one analyses the long term make-up of many ‘actively managed’ funds, one sees very little change in the asset allocation policy adopted, regardless of changes in market conditions,’ he says.

‘Instead, there appears to be a slavish devotion to largely replicating the fund’s benchmark weighting, even in times of dramatic market declines. Ultimately, one has to ask whether these funds are being managed in the client’s best interests – or whether the fear of underperforming means that the manager is happy to accept that they will succeed or fail with the herd.’

As a result of the liquidity of their underlying investments, there is no cap on the size of any of the funds offered by bridport although there is a minimum investment of GBP10,000 with a minimum top up of GBP5,000.

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