Old Mutual shifts Murphy's UK Opps fund to absolute return sector

Old Mutual Global Investors has moved Simon Murphy's £40m UK Opportunities fund to the IMA Targeted Absolute Return sector after merging its offshore and onshore versions.

The funds were launched in October 2011 and merged in August into a UK-domiciled fund. The fund aims to achieve an absolute return over a rolling three-year period by taking long and short positions principally in UK equities from across the market cap spectrum. Subject to FCA approval, Old Mutual will also remove a cap preventing Murphy investing more than 35% of the fund in government and public securities issued by any one body.  Financials make up 29% of the portfolio, with HSBC, Lloyds and Aviva the top three holdings. Murphy (pictured), who also manages the £300m Old Mutual U...