First Class Funds – July 2020 Update

The latest update of our First Class Funds list has seen rather more changes than normal with a number of funds dropping off the list due to the impact of the Covid-19 pandemic on performance in the early part of the year, with UK equities in particular affected.

One fund of note that is no longer on the list is the popular Schroder Income fund and we felt it would be appropriate to ask them for their comments.

Invesco fund merger and name changes

On 30^th July Invesco renamed their Invesco Income fund – Invesco UK Equity Income and thier Invesco High Income fund – Invesco UK Equity High Income.

Furthermore, following the recent strategic review of their UK equities fund range, Invesco have merged the Invesco UK Strategic Income Fund (UK) and Invesco UK Equity Income Fund (UK) (formerly known as Invesco Income) with effect from 31^st July 2020.

Chancellor’s Summer Statement

A number of measures were announced by Chancellor Rishi Sunak today (8^th July) in a bid to kick start the economy following the Covid-19 pandemic.

The measures include:

A temporary VAT cut on food, accommodation and attractions from 20% to 5% for a period of 6 months.

Invesco High Income Fund – Changes

Following a review by Invesco of its UK Equity fund range the Invesco High Income Fund (UK) will change its name to Invesco UK Equity High Income Fund (UK). The change will come into effect from 30 July 2020.

Jupiter completes Merian acquisition

It was announced on 1 July that Jupiter Fund Management plc’s acquisition of Merian Global Investors Limited was completed.

The Merian business now forms part of the Jupiter Group and moving forward, the fund managers will work together under the Jupiter brand.