Felton's large-cap bias protects fund in recent falling markets

M&G UK Select manager had positioned portfolio for recent difficulties, taking on highest-ever FTSE 100 weighting for protection

Mike Felton has managed the M&G UK Select fund since he joined from Isis Asset Management in 2005, and the fund currently has £497m under management. It ranks 25 out of 168 in the IMA All Companies sector over three months to 24 September, and has returned 59.2% bid to bid over three years. Felton has changed the fund's focus so it is now heavily skewed towards blue-chip large caps, which has helped him minimise losses through falling markets. What are the fund's constraints? There are few automatic constraints. Stocks have to be in the UK market, quoted on a UK exchange, and I have to...