Legal & General Multi Manager passes first year anniversary

Legal & General has recently passed the first anniversary (25 April) of its three Multi Manager funds. The Multi Manager Growth Trust, the Multi Manager Balanced Trust and the Multi Manager Income Trust - all co-managed by Alan Thein and Tim Gardner - we believe have significantly outperformed (net of all fees) their respective benchmarks over this twelve month period. Furthermore, both the Balanced and Income Trusts have achieved solid first quartile rankings, with Growth just shy of a first quartile position.

Tim Gardner commented "Out performance by all three funds has been driven by positive contributions from both asset allocation and fund selection. Our move to a more defensive stance ahead of the heavy falls in markets in the latter part of 2008, including an increased holding in fixed interest gilts and a reduction in our allocation to equities, was particularly helpful. Our underweight position to Sterling; bias away from credit; and the decision to avoid highly leveraged ‘alternative' assets such as property, hedge funds and private equity also added significant value for our investors".

Alan Thein added "It is hard to imagine a more difficult environment in which to launch the funds - the last twelve months will certainly go down as one of the most challenging periods for fund managers across the world. During this time we benefited from our conviction led approach and not chasing the market. It is pleasing to have delivered this very respectable start as it gives us a solid base upon which to build a compelling long-term track record. We remain extremely focused and determined to do just that, with our overriding objective to generate long-term positive returns for our investors".

Investment is available through Legal & General (Portfolio Management Services) Limited as a unit trust and as an ISA. The minimum lump sum investment is £500, or £50 per month, there is no maximum limit for unit trust investments (standard ISA limits apply).