The SocGen American Growth unit trust is based on the institutional US equity fund that the firm launched three years ago. As with the institutional version, Alan Torry is lead fund manager, aided by Sam Mercer Nairne and Takouhi Tchertchian. Mr Torry also manages the SocGen Technology unit trust along with Hugh Grieves.
The unit trust will aim to outperform the S&P 500 by 1.5% a year after charges with a tracking error of 3-6%.
Mik Bates, the head of unit trust services and a director at SGAM, said, "The North American Growth fund will be at least 80% similar to the existing institutional fund. In terms of fundamentals the only difference between the two is that the new retail fund will have the scope to invest in Canada and Latin America as well as the US.”
“The fund will launch with a neutral weighting against the index in technology which is about 20%. The fund will stay within 6% of the index weightings in large sectors such as information technology, financials, and healthcare and within 3% in minor sectors such as materials, utilities and consumer staples.”
SGAM has launched nine retail funds, which currently have about £500m under management, since it was founded in January 1998.
Key details for the SocGen American Growth unit trust:
Initial charge |
5.25% (2%
discount in the form of bonus units from
June 11th-29th 2001) |
Annual charge |
1.5% |
Minimum investment |
Lump sum: £1,000; Regular savers: £50 per month |
Purchased as an ISA |
Yes |
PEP/ISA transfer |
Yes |