Interactive Investor has placed the £485m GAM Star Credit Opportunities fund’s place on the Super 60 buylist under review following uncertainty over the asset manager’s future.
The Swiss firm was subject to a takeover bid from Liontrust, which was scuppered following months of campaigning from GAM investor group NewGAMe.
Elsewhere, the Janus Henderson European Selected Opportunities fund and Murray International Trust have also been placed under review due to lead manager retirements.
GAM Star Credit Opportunities
According to FE Fundinfo data, the GAM Star Credit Opportunities strategy has returned 57% over the last decade, placing it in the top quartile of performers among the IA Specialist Bond sector.
Despite this, the fund’s position on the Interactive Investor Super 60 buylist has been placed under review due to uncertainty surrounding the future of GAM.
Dzmitry Lipski, Interactive Investor head of funds research, said: “The proposed sale of GAM to Liontrust fell through and as a result the board of directors has been ousted, while a plan has emerged, championed by a group of activist investors, to restore GAM to profitability through cost-cutting and other measures.
“This fund is sub-advised by third-party manager Atlanti and distributed by GAM and its management has therefore been insulated from the GAM-level turmoil so far, however we are taking a prudent approach in putting the fund under review and will revise this view as we gain more clarity on this evolving situation.”
Janus Henderson European Selected Opportunities Fund
The £1.9bn Janus Henderson European Selected Opportunities strategy is a top quartile performer in the IA Europe ex-UK sector, returning 131.13% in that period compared to the average fund’s 100.37%.
However, the announcement of lead manager John Bennett’s retirement in August 2024 has seen the fund’s place in the Interactive Investor Super 60 list come under review while the platform assesses the change to the fund’s leadership. Bennett will be succeeded by co-managers Tom O’hara and Tom Lemaigre.
Murray International Trust
Co-managers Samantha Fitzpatrick and Martin Connaghan are set to take over management if the Murray International Trust following the news of Bruce Stout’s coming retirement in June next year.
The trust’s current investment process is expected to remain unchanged. Interactive Investor’s Lipski said: “Despite this, we view the upcoming departure of Stout as a loss. He has managed the trust since 2004 and in our view is key to the contrarian, value-based process and decision-making on the trust.
“Although we do not see significant change to the portfolio in the short term, with Stout remining in place until June 2024 and the trust having a low turnover style, we have placed the trust under review while we evaluate the change to the investment team.”