Premier renames Absolute Growth after remit change

Premier Asset Management has renamed its Absolute Growth fund and switched its IMA sector classification to more adequately reflect the fund’s new investment remit.

Run by David Hambidge and Ian Rees, the £50m fund originally invested only zeros, but was altered after the abolition of the IMA sector. It has since been restructured so that up to 60% of fund will be in zeros or structured products, while having the ability to also invest in bonds, property and alternative assets.

The fund's name has now been changed to Conservative Growth, which Premier believes more accurately reflects the fund's strategy of achieving steady capital growth through a multi-asset approach.

It has also moved to the Cautious Managed sector, after joining the Specialist classification when the IMA closed the zeros category.

The fund has returned 34.4% over the 12 months to 29 March 2010, compared IMA Cautious Managed average of 27.9%.