Hargreaves cuts Martin Currie Global Alpha from 150

Hargreaves Lansdown has dropped Martin Currie's Global Alpha fund from its Wealth 150 list, citing lagging relative performance and poor stock selection.

The firm said it originally included the £27m fund on the list of its favourite products for new investment because of Martin Currie's "superb" long-term track record managing global funds. However, Hargreaves says the fund has struggled since the start of the credit crunch and although it delivered positive returns in 2009, it has continued to lag behind its peers. "In particular, our research indicates that the fund suffered from poor stock selection in 2009," Hargreaves senior analyst Meera Patel says. "Two holdings were especially detrimental. The first was US healthcare compan...