Exeter High Income and Zero Preference funds switched over to bid to bid basis

Exeter Asset Management has switched its High Income and Zero Preference funds onto a bid basis to p...

Exeter Asset Management has switched its High Income and Zero Preference funds onto a bid basis to protect unitholders during a period of net outflows. Both funds invest directly in split cap paper and have been affected by problems in the sector. The High Income Fund, managed by Chris Giles, invests in the income shares of splits and, as result, over one year to 22 April 2002 it is down 51.8%, offer to bid, compared to the average return from the UK Equity Income sector of -6.1%. Giles said the fund would be about 15% better off if the price quoted was on an offer rather than a bid b...