CRUX launches UK Special Situations fund for Penny

Joined in June

Tom Eckett
Richard Penny of CRUX

Richard Penny of CRUX

CRUX Asset Management is launching the FP CRUX UK Special Situations fund for former Legal & General Investment Management (LGIM) fund manager Richard Penny, who joined in June.

Launching on 17 September, the fund will be a concentrated portfolio of 40 UK stocks with some exposure to other developed markets. The fund will invest a third in large caps, a third in mid caps and a third in small caps however, the fund will only invest 1-1.5% in an individual small-cap stock, compared to 4-5% for large and mid caps. It will have a bias towards value and cyclical stocks while avoiding expensive growth stocks. The firm said the fund has a capacity of between £1.5bn and £2bn with Penny investing in the mandate himself. Penny spent 15 years at LGIM, where he man...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on UK

GMAP Dynamic also received a red rating

Property fund raises red flags at Royal London

Assessment of Value report

James Baxter-Derrington
clock 04 August 2022 • 2 min read
Total funds under management have fallen on the previous year, down to £1.4trn from June 2021’s £1.5trn.

Every asset class suffers outflows in second worst month on record

Responsible investment holds up

James Baxter-Derrington
clock 04 August 2022 • 2 min read
BlackRock has maintained its strong lead in gross retail sales

Pridham Report: Blackrock and Fidelity continue to dominate in Q2

Review of UK-domiciled funds in Q2

Elliot Gulliver-Needham
clock 26 July 2022 • 1 min read