Multi-Manager 'PICs' property

F&C's multi-manager team have recently initiated a holding into the Barclays / Protego PIC (Property Index Certificate) for the F&C Multi-Manager Distribution Fund.

The PIC, which has a fixed life expiry in 2010, uses a synthetic basket of properties to replicate both the capital and income of the IPD Annual Total Return Index.

"The Multi-Manager Distribution Fund is a balanced portfolio which has a neutral position of 20% in property. However, we have been tactically underweight from this for some months as sentiment has cooled. However, it is important that we continue to have a position in our portfolio to deliver our promise of a diversified portfolio with a decent yield. The PIC is very efficient way of achieving that," said Richard Philbin, Head of Funds of Funds.