Roberts benefits from financial and mid-cap cuts

Dan Roberts restructures inherited Norwich Union income funds, paring back small and mid caps and banks in favour of blue-chip pharma

Morley's Dan Roberts runs two income portfolios for Norwich Union, the £657m UK Equity Income fund and the more focused £32m UK Income Opportunities offering. He took over the latter from Scott McKenzie in 2005 and reshaped Income Opps as a more aggressive best ideas version of the larger vehicle in 2007. Equity Income has returned 11.3% over three years to 28 July against the sector average of 5.3%, according to Morningstar, ranking it 17 out of 77 in the peer group. You are approaching your three-year anniversary as manager of the UK Equity Income fund. What major changes have you m...