Chris Reid, lead manager on the £893m Majedie UK Income fund, has attributed his portfolio's "difficult" performance in 2016 to a misjudged focus on preserving capital in the run-up to last June's EU referendum and a tougher environment for income managers following the vote.
Despite performance picking up in the fourth quarter, Reid's fund broke a four-year run of outperformance last year, returning 7.3% against the FTSE All-Share index return of 16.8%, and the IA UK Equity...
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