Trevor Green will inject mid caps into New Star’s £448m Managed Distribution fund when he takes over the equity portfolio from Toby Thompson today.
Managed Distribution is currently bottom of the Cautious Managed pack over one year to 9 June, with -15% as at 9 June according to Morningstar.
This completes a total overhaul of managers from the initial 2003 line-up.
Gregor Logan took lead responsibility for the portfolio when Theo Zemek left at the start of the year, while James Gledhill inherited her bond portfolio.
Green started at New Star two weeks ago, previously managing RCM’s UK Growth, UK High Alpha and UK Mid-Cap funds.
He will tweak weightings on the vehicle, turning over around half of the £150m equity portion.
Green said poor performance has been the result of financials overweights in both the equity and bond portfolios.
“Thompson was very positive on financials and is really still quite positive on consumer and I will be less positive there,” he said.
“The vehicle will be tilted to mid-cap growth and still quite neutral on large-cap value and I am also still quite positive on some sectors like utilities,” he added.
Thompson will now focus on his underperforming Higher Income fund, which is 86th out of 88 peers over the one year period with -26.5%.
