The Progressive European Alternative Portfolio fund of hedge funds is being converted into a UK fo...
The Progressive European Alternative Portfolio fund of hedge funds is being converted into a UK focus fund. Existing manager Richard Hill is being replaced with James Carthew who runs Progressive Asset Management's £97m Advance UK Trust, an investment trust of closed-end funds. Benchmarked against the FTSE All-Share, the Advance Focus fund, will have a concentrated portfolio of around 20 holdings of undervalued stocks. Carthew, who joined Progressive in February 2001 from M&G, will pick stocks he believes are being overlooked or misjudged by other investors but any one holding will not m...
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