Numis Securities has removed Edinburgh IT from its list of recommended investment companies due to low conviction around new manager Majedie.
The board of the trust sacked Invesco's Mark Barnett as manager the day before the 12 December UK general election and said it would replace him with Majedie's James de Uphaugh. Numis analyst Ewan Lovett-Turner told clients on Thursday (23 January) that corporate action of this type "can be a catalyst for a rerating" and that downside from the current 12% discount is limited due to the board's willingness to buy back shares. Fund selectors dismiss Barnett/Woodford comparisons However, short-term poor performance from de Uphaugh's other UK funds saw Lovett-Turner remove its ‘core bu...
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