Magellan updates High Conviction Trust

Magellan/high-conviction/

4 July 2022
| By Laura Dew |
image
image
expand image

Magellan has amended the mandate of its High Conviction Trust from a maximum of 12 companies to 20, while adding a second portfolio manager.

Michael Poulsen would join the $564 million trust as co-portfolio manager, working alongside Chris Wheldon while Chris Mackey would have an oversight role.

Poulsen had worked at Magellan since 2012 including four years in the company’s New York office.

The trust had also increased the number of companies it could hold from 12 to 20. Current holdings included Amazon, Microsoft and Visa.

In an announcement to the Australian Securities Exchange (ASX), the firm said this decision had been made because it would allow the managers to:

  • Invest in high quality businesses with a smaller market cap;
  • Increase position sizing and portfolio balance;
  • Improve risk management and diversification of common exposure; and
  • Enhance the ability to respond to corporate actions undertaken by portfolio companies.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND