Gallagher blames financials bet for last year's performance lag

Manager plans deliberate turnaround plays to pick up performance on UK Equity Income

UBS' £26m UK Equity Income fund managed by Brian Gallagher celebrated its first anniversary at the end of last month. Having seen a loss of 27.9% over the year to 6 April compared to the IMA UK Equity Income sector average of -28.3%, it just about kept its head above water in very testing times. While Gallagher says he would have preferred better returns in the fund's first year, he is clear about what went wrong and where he aims to improve in the months ahead. His main self-criticism and reasoning behind the fund's slightly lagging performance is his decision to hold a number of fin...