Cautious IMS uses puts

concentrated select opportunities aims for capital and income returns

IMS has come to the market with a higher-conviction version of its existing Select fund, currently using put options to reflect a cautious market view. IMS Select Opportunities, which is managed by Richard Timberlake and Paul Kim, aims to provide a high total return from both capital and income via investing in other funds. Structured as a non-Ucits retail scheme (Nurs), the portfolio has around 80% overlap with the Select fund although its top 10 positions have larger weightings and the total number of positions is lower at 21 compared with 25 to 30. Currently the portfolio has a UK bia...