Fund Times: Portfolio Partners funds now rebranded Aviva
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Australia now has another fund manager whose name begins with 'A', as Portfolio Partners yesterday completed its rebranding to 'Aviva Investors Australia'. (The Australian funds management industry is, to borrow from Sesame Street, frequently brought to you by the letter 'A': 1,986 or nearly 20.0 percent of the 10,972 active funds on our database now start with A.)
Aviva has also made changes to a number of its funds' mandates. The maximum cash allocations for what is now Aviva Investors Prof Australian Equities and Aviva Investors Prof Dividend Builder have been reduced from 20.0 to 10.0 percent. For the Elite Opportunities funds, typical tracking error has been reduced from a current maximum of nine percent per annum to four to seven percent; the maximum number of companies from 30 to 25; and the maximum cash allocation from 20.0 to five percent.
Additionally, the global bond component of Aviva Investors Prof Premier Fixed Income has been moved from index to active management by a related Aviva funds management business, and the fund's designated global bond index benchmark changed from 25.0 percent JP Morgan Global Government Bond Index to the same allocation to the Lehman Global Aggregate Index.
Finally, Aviva has also implemented a series of changes to Aviva Investors Prof Sustainable Investment (formerly Portfolio Partners Long/Short Sustainability), run by Andrew Hamilton since Amanda McCluskey's departure for AMP in June last year. The fund's benchmark has been changed from the 300 to the 200 S&P/ASX Accumulation Index; the manager has removed the ability to take short positions (which can currently go up to 50.0 percent of net assets); removed the performance fee (not exactly a common occurrence in the Australian funds management industry); and reduced the maximum cash weighting from 20.0 to 10.0 percent of portfolio value.
We have updated fund names and other relevant information on our database and in our qualitative research reports, which has now flowed through into Adviser Workstation, licensed datafeeds, our websites, and our newspaper managed funds tables. Table 1 below shows the new fund names for the former Portfolio Partners funds.
Table 1: Former Portfolio Partners Funds Now Rebranded Aviva
|Existing Fund Name|| |
|New Fund Name|
|Portfolio Partners Pers Elite Opportunities Shares||12354||Aviva Investors Pers Elite Opportunities|
|Portfolio Partners Pers Emerging Shares||5895||Aviva Investors Pers Small Companies|
|Portfolio Partners Pers High Growth Shares||5852||Aviva Investors Pers High Growth Shares|
|Portfolio Partners Pers Income Plus Growth||4988||Aviva Investors Pers Income Plus Growth|
|Portfolio Partners Pers Listed Property||7048||Aviva Investors Pers Listed Property|
|Portfolio Partners Pers Shares||618||Aviva Investors Pers Shares|
|Portfolio Partners Prof Australian Equities||4522||Aviva Investors Prof Australian Equities|
|Portfolio Partners Prof Dividend Builder||13187||Aviva Investors Prof Dividend Builder|
|Portfolio Partners Prof Elite Opportunities||9391||Aviva Investors Prof Elite Opportunities|
|Portfolio Partners Prof Emerging Shares||5896||Aviva Investors Prof Small Companies|
|Portfolio Partners Prof High Growth Shares||5851||Aviva Investors Prof High Growth Shares|
|Portfolio Partners Prof High Yield||15143||Aviva Investors Prof High Yield|
|Portfolio Partners Prof Income Plus Growth||5898||Aviva Investors Prof Income Plus Growth|
|Portfolio Partners Prof Listed Property||7050||Aviva Investors Prof Listed Property|
|Portfolio Partners Prof Long/Short Sustainability||14340||Aviva Investors Prof Sustainable Investment|
|Portfolio Partners Prof Premier Fixed Income||7049||Aviva Investors Prof Premier Fixed Income|
|Portfolio Partners Prof Shares||5900||Aviva Investors Prof Australian Shares|
|Portfolio Partners Wholesale Emerging Shares||4578||Aviva Investors Wholesale Small Companies|