Principal recommends investors sell Nutt and Luckraft

Investors should switch out of equity income offerings from Axa's George Luckraft and Jupiter's Tony Nutt following underperformance, according to Principal Investment Management.

In the group's latest half-yearly review of the sector, Nutt's fund features on the Grey List, described as "a temporary home for a manager with an out of favour style or an early warning signal for a fund in decline". Joe Wiggins, an investment manager and the author of the report, says: "Anthony Nutt has struggled to navigate what have undeniably been difficult equity markets in recent years. We hope he can return to form, but feel it is time for investors to consider an alternative to Jupiter Income." Meanwhile Luckraft's Equity Income and Monthly Income portfolios are on the Black...