Christopher Metcalfe has assumed responsibility for the Newton UK Equity and Newton UK Opportunities funds with immediate effect. Paul Stephany, the funds' previous manager, has stepped back from fund management, although he remains employed by Newton. The funds' existing philosophy and investment process will remain unchanged.
Christopher Metcalfe previously managed the UK Equity fund from 2007 to 2011 over which time he outperformed the FTSE All Share Index, although past performance should not be seen as guide to future returns. He also currently manages the Newton UK Income Fund, which also invests in UK shares but aims to produce an income as well as long-term capital growth, and the Newton Multi-Asset Growth Fund, a multi-asset portfolio.
The Newton UK Equity and Newton UK Opportunities funds do not currently feature on the Wealth 150. Christopher Metcalfe is an experienced fund manager in his own right and he also has the support of a well-resourced network of analysts at Newton. That said, we currently have higher conviction in other managers running UK equity portfolios with longer track records. Furthermore, Newton’s UK equities team has undergone several management changes over the past few years and we would like to see the current team settle before considering the funds for inclusion on the Wealth 150.