Cheeseman buys Veritas Global Income

Dean Cheeseman has switched the F&C Multi-Manager Distribution Fund's entire position in the Schroder Global Dividend Maximiser Fund into the Veritas Global Income Fund. In total the position accounts for around 2.5% of the £405 million fund.

The Veritas fund is managed by Charles Richardson, Chairman and CEO of Veritas Asset Management, and portfolio manager Andy Headley. Both Richardson and Headley had previously worked at Mellon Newton.

"The Schroder fund had been purchased at launch to provide international equity income exposure while also supporting the income objective of our portfolio. However, the total return on the fund has been disappointing in contrast to the exceptional performance of the Veritas Global Income Fund during testing markets conditions," said Dean Cheeseman, Head of Funds of Funds at F&C.

"One of the key criteria we like in a fund is a robust investment process which can be evidenced by a strong risk-adjusted total return. The Veritas fund stacks up well on our Traffic Light Analysis screening process scoring a raft of green flags."