First quartile performance for Norwich UK Equity Income Fund

Article date: 1 September 2008

The manager of the Norwich UK Equity Income Fund has marked his third anniversary in charge of the fund with first quartile performance.

Dan Roberts took over the fund in August 2005. Over five years the Fund has returned 10.20%pa, and has produced first quartile performance over all five years (full performance details in Notes to editors).

Dan Roberts, manager of the Norwich Equity Income Fund, said: "Since I have taken over the fund I have looked to concentrate the portfolio around my highest conviction ideas with the aim of delivering consistent long-term absolute returns but with relatively low levels of volatility.

"Performance has been delivered through a disciplined and consistent investment approach that focuses on companies with strong franchises, good cashflows and sustainable yields. This has helped the fund to deliver steady growth in income streams over the past few years. One of the best investment decisions I have made over the past year is to avoid investing in the banking sector; instead I have liked the look of selected pharmaceuticals stocks, which offer strong balance sheets and relatively stable earnings."

John Clougherty, managing director of retail investments at Norwich Union, said: "I'm delighted with the performance of the Norwich UK Equity Income Fund. Dan has done a terrific job in an extremely competitive sector. This Fund has produced good performance with lower volatility than many of its contemporaries.

"The important point to remember is that the improved performance of the Norwich UK Equity Income Fund is mirrored by improved performance in our other UK equity funds. Morley, Norwich Union's fund manager, reorganised its UK equity desk in 2006 and changed its approach to fund management. We have built a team of talented UK fund managers that look to take an active, high conviction approach to stock selection."

Warning: Past performance is not an indicator of future performance. The value of UK equity funds can fall and rise and is not guaranteed. Customers may not get back their original investment.

-ends-

Press office contacts:       
David Gwyer 07800 693187

Notes to editors:

Performance of Norwich UK Equity Income Fund

Sector:  IMA UK Equity Income

Fund:  Norwich UK Equity Income Fund (NUKEI)

% growth
1YR

15.8.07 - 15.8.08

% growth
2YR

15.8.06 - 15.8.08

% growth
3YR

15.8.05 - 15.8.08

% growth
4YR

13.8.04 - 15.8.08

% growth
5YR

15.8.03 - 15.8.08

  

Value

Quart

Value

Quart

Value

Quart

Value

Quart

Value

Quart

NUKEI

-8.23

1

0.43

1

13.86

1

51.24

1

60.22

1

Total avg (92)

-12.76

-

-4.52

-

8.91

-

39.12

-

49.8

-

Sector:  IMA UK Equity Income

Fund:  Norwich UK Equity Income Fund (NUKEI)

Annual compound returns

15.8.07 - 15.8.08

Annual compound returns

15.8.06 - 14.8.08

Annual compound returns

15.8.05 - 15.8.08

Annual compound returns

13.8.04 - 15.8.08

Annual compound returns

15.8.03 - 15.8.08

  

Value

Quart

Value

Quart

Value

Quart

Value

Quart

Value

Quart

NUKEI

-8.21

1

0.21

1

4.42

1

10.87

1

9.88

1

Total avg (92)

-12.73

-

-2.34

-

2.81

-

8.51

-

8.32

-

Source: Lipper Hindsight, figures are to 15 August 2008 are based on total return net income reinvested.

Sector:  IMA UK Equity Income

Fund:  Norwich UK Equity Income Fund (NUKEI)

% Growth

15.8.07 - 15.8.08

% Growth

15.8.06 - 15.8.08

% Growth

15.8.05 - 15.8.06

% Growth

13.8.04 - 15.8.05

% Growth

15.8.03 - 13.8.04

  

Value

Quart

Value

Quart

Value

Quart

Value

Quart

Value

Quart

NUKEI

-8.23

1

9.43

2

13.38

3

32.82

1

5.94

3

Total avg (92)

-12.75

-

9.05

-

13.97

-

28.09

-

7.38

-

Source: Lipper Hindsight, figures are to 15 August 2008 are based on total return net income reinvested.

About Dan Roberts
Daniel joined Morley in 2003.  He holds a BSc (Honours) in Mathematics from Warwick University and the UKSIP Investment Management Certificate. He is a Chartered Accountant and is a member of the Institute of Chartered Accountants, CFA Institute and the UK Society of Investment Professionals (UKSIP). He is also a CFA charterholder.

He previously worked as a UK institutional equity fund manager at Invesco Asset Management and as an equity analyst at M&G Investment management.  Before this he worked in risk analysis at JP Morgan and PricewaterhouseCoopers. 

About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.

Norwich Union is the UK's largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.

Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media

In the summer of 2009 Norwich Union will change its name to Aviva.  Aviva is the world's fifth largest insurance group and operates in 27 countries. Aviva is to become the customer brand worldwide, thus enabling the company to compete even more effectively on a global scale for the benefit of customers, staff, business partners and shareholders.

Morley
Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £157bn (€198bn) from offices around the world as at 31 March 2008. 

Morley manages both institutional and retail funds. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand and in Europe under the Morley name. The property team manages in excess of £29bn (€37bn) of UK and European property assets.

Aviva Investors
On 28 March 2008, Aviva plc announced it was combining its asset management businesses to create a single, globally integrated asset manager to be known as Aviva Investors - to be launched formally in September 2008.

Aviva Investors will be the global asset management business of Aviva plc, the world's fifth-largest insurer. Firms that will become Aviva Investors have £316 billion ($623 billion) of assets under management as at 28 February 2008 and significant growth potential.

Operating under a single brand with more than 1,300 employees in 15 countries across the UK, Europe, North America and Asia, and subject to regulatory approval, Aviva Investors will combine businesses in the UK (Morley Fund Management), North America (Aviva Capital Management, MFM International, Aviva Investment Canada), France (Aviva Gestion d'Actifs), Australia (Portfolio Partners), Poland (CUIM Polska), Ireland (Hibernian Investment Managers), Spain (Aviva Gestion SGIIC (Gestora)) and Romania (CertInvest) and work in partnership with Delta Lloyd Asset Management in the Netherlands.

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