Magellan updates High Conviction Trust
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.
AUTHOR
Laura Dew
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