July has brought some major changes for those invested in Hawksmoor portfolios, with a relatively major shake-up having taken place across their MPS range.

Manager Richard Philbin said the reasons behind the switches are manifold – occurring both at the asset allocation and fund level, with the end result a net addition of equities for most risk levels. 

So, what’s new? 

They’ve removed three funds from their balanced proposition. 

They’ve sold Martin Currie UK Equity Income, Ninety One Global Environment and TwentyFour Monument Bond – three heavy hitters. 

Philbin said he desired a ‘more flexible’ UK fund, so he’s gone and bought Artemis UK Select instead. 

With the Ninety One fund, we wonder whether its continued inclusion on the Bestinvest Spot the Dog list played any part in its removal from the Hawksmoor portfolios. 

Bestinvest suggested that the surge in oil and gas prices from Russia’s invasion of Ukraine have boosted those woeful waggers with low or no exposure have lagged significantly.

Following the sale, this means the fund is now held by five allocators. 

Additionally, they topped up exposure to Guinness Global Equity Income and Gresham House UK Multi Cap Income, while trimming Royal London Sustainable Leaders.  

And finally, Liontrust Global Dividend was introduced as a new feature, although it had already been bought for other risk profiles. 

Why the reshuffle? 

Philbin pointed out that three dominant themes have led markets for several years now: in his view, these are: US over non-US, growth over value and large cap over small cap.

These trends do not tend to last forever but Philbin said Hawksmoor’s recent reshuffle will have been completed with these considerations in mind.