Progressive is to wind up its 20-stock Advance Focus trust after 18 months of underperformance. Sha...
Progressive is to wind up its 20-stock Advance Focus trust after 18 months of underperformance. Shareholders have voted against continuation of the concentrated closed-ended vehicle due to size and liquidity constraints. The £28m trust launched in April 2005 with a small- and mid-cap bias under managers James Carthew, Chris Norris and Simon Toynbee. It enjoyed a decent 2006 but performance dropped off in 2007 due to market conditions and size and liquidity constraints, according to the group. Co-manager James Carthew said the group had also failed to garner enough assets to allow ac...
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