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We recently met with Clive Beagles, the manager of the JO Hambro UK Equity Income Fund, who has just returned from a sabbatical. After taking time out for health reasons, Mr Beagles is now fully reinvigorated and eager to step back into day-to-day
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It remains his intention to hunt for stocks that yield more than 110% of the UK market. Today there are many more shares in this category; around 150 large and medium-sized companies in total. Mr Beagles wouldn’t be surprised to see many companies announce dividend cuts over the coming months, so part of his strategy is to avoid stocks that may be affected.
Clive Beagles and his team are wary of companies that have taken on large amounts of debt, while they are broadly positive on those that have European earnings as the Euro strengthens.
The fund had a poor second half to 2007 as high exposure to banking shares translated to significant underperformance. We removed the JO Hambro UK Equity Income Fund from the Wealth 150, our list of favourite funds in each sector, when Mr Beagles went on sabbatical last October. It is pleasing to see him back and in good health, but we do not see any rush to readmit the fund to the Wealth 150.
At present our view is that existing investors should continue to hold, and we shall monitor the fund for signs of sustained improvement in the future.
» Key Features of the JO Hambro UK Equity Income Fund
Fund research is provided by Hargreaves Lansdown. Hargreaves Lansdown is an independent broker offering unit trust, stockbroking and other pension and investment services. No news or research item is a personal recommendation to deal.