S&P reports tough year for income funds

UK Equity Income funds returned less than the FTSE All-Share in the first four months of the year, ac...

UK Equity Income funds returned less than the FTSE All-Share in the first four months of the year, according to S&P. The ratings agency said the bruising start to 2008 has led to many managers adopting a bearish stance on the UK. The average fund dropped 7.1% whilst the All-Share made a loss of 4.1%. Top performer Standard Life UK Equity High Income also made a loss of 2.2%. “Fund managers are mostly bearish on the outlook, although the extent of their bearishness varies,” said S&P Fund Services analyst Alison Cratchley. Jupiter’s Anthony Nutt believes he is less bearish than his p...