Newton slashes holdings on Asian Income fund in wake of Pidcock exit

Focus on high conviction ideas

Newton has slashed the number of holdings in its £2.4bn Asian Income fund from more than 70 to 60 to re-focus on the team's highest conviction ideas.

The company said it had reduced the number of stocks over the summer particularly in the areas where economies were looking "vulnerable". Former manager Jason Pidcock, who led the fund since launch in 2005, announced he was leaving the firm for Jupiter in May. Since then assets under management have fallen from £4.1bn at the end of May to £2.4bn at the end of September, according to FE. Caroline Keen (pictured), portfolio manager on the strategy, said the group had cut the holdings to refocus on their best ideas.  She said Asia had underperformed global markets i two volatile qu...