Boutique investment house, Downing Fund Managers, is launching a new multi-asset fund range led by Simon Evan-Cook. The VT Downing Fox Funds range*, which will be available for investment from June 2023, will consist of four funds of funds, each with different, fixed levels of equity exposure.  

The range has been designed specifically for UK financial advisers, with a view to cutting complexity, instability and cost from their central investment propositions.  

Manager, Simon Evan-Cook says: 

“I’ve been stewing over the multi-asset industry’s shortcomings for a long time now. Downing offered me a clean sheet of paper to design and run a new multi-asset suite that’s simple, reliable and easy to use. I believe we’ve achieved that with the Downing Fox range.”

The four options within the Fox Funds range are: 100% equities, 80% equities, 60% equities and 40% equities.

The equity component of each fund has a global remit and is made up exclusively of long-only equity funds. These are run by highly-active, professional fund managers which the Downing Fox team consider to be among the best in the market.

The non-equity component comprises a mix of developed-market cash and government bonds, which is designed to cushion the portfolios during bouts of stock market volatility.

Evan–Cook explains: 

“A key differentiator is that, in our non-equity holdings, our funds can have significant exposure to cash if we believe it’s the best defensive option. This was a huge advantage last year. But most multi-asset portfolios won’t do this, largely because clients don’t like paying management fees on cash.

We’re solving this problem by not charging management fees on the non-equity parts of our funds. We call this the ‘Whisky & Water’ model. And like any good bartender, we don’t expect you to pay for the water.”

Evan-Cook has been running this investment model at Downing since 1 April 2022 for the VT Johnston Cautious Portfolio and the VT Johnston Growth Portfolio, of which Downing is the appointed investment adviser.

The two Johnston funds, run on the 40% and 80% equity models respectively, are both in the top decile of their sectors over that time.

Past performance is not a reliable indicator of future performance and the value of investments can go down as well as up.

*Subject to FCA approval

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NOTES TO EDITORS

The Managers

The VT Downing Fox Funds investment team is headed up by Simon Evan-Cook, a manager with over 25 years’ experience in financial services and a proven track record of successfully managing funds of funds. Before joining Downing Fund Managers in 2022, Simon was a senior member of the multi-asset team at Premier Miton, who managed over £4.5bn of client money. The funds he managed (the Premier Miton Multi-Asset Growth & Income and the Premier Miton Multi-Asset Global Growth funds) both comfortably outperformed their average competitors over his tenure, picking up four Investment Week ‘Fund Manager of the Year’ awards.^[1]

Simon has brought to VT Downing Fox Funds the same investment principles that served investors so well over his tenure at Premier Miton.

He is assisted directly by Alex Paget, who has more than a decade’s experience in the fund industry. Simon and Alex are supported by the wider Downing Fund Managers team, who manage a number of specialist single-strategy portfolios in the public markets.

Below is the proposed charging structures for the fund range, with the F shares offering a discounted OCF for significant early supporters (platform dependent).

^[1] Source: FEAnalytics. Simon Evan-Cook was lead manager of the Premier Miton Multi-Asset Global Growth Fund between 30/06/2012 and 31/01/2021 during which time it returned 143.7% vs a return of 91.5% for the IA Flexible Sector Average, and the Premier Miton Multi-Asset Growth & Income Fund between 30/11/2011 and 31/01 2021, during which time it returned 132.4% vs a return of 95.8% for the IA Flexible Sector Average. Investment Week Fund Manager of the Year Awards Ceremony. Past performance is not a reliable indicator of future performance.

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Risk warning

Risk warning: Opinions expressed represent the views of the fund manager at the time of publication, are subject to change, and should not be interpreted as investment advice. Please refer to the latest full Prospectus and KIID before investing; your attention is drawn to the risk, fees and taxation factors contained therein. Please note that past performance is not a reliable indicator of future results. Capital is at risk. Investments and the income derived from them can fall as well as rise and investors may not get back the full amount invested. Investments in this fund should be held for the long term. 

Important notice: This document is intended for retail investors and their advisers and has been approved and issued as a financial promotion under the Financial Services and Markets Act 2000 by Downing LLP (“Downing”). This document is for information only and does not form part of a direct offer or invitation to purchase, subscribe for or dispose of securities and no reliance should be placed on it. Downing does not offer investment or tax advice or make recommendations regarding investments. Downing LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 545025). Registered in England No. OC341575. Registered Office: St Magnus House, 3 Lower Thames Street, London EC3R 6HD.

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