Investment manager Russell Investments has rejigged its Russell Global Opportunities Fund, adding one new manager and reducing a variety of mandates.
Los Angeles-based boutique Tradewinds has won a close-to $120 million mandate, which makes up 10 per cent of the portfolio.
Tradewinds is a high-conviction value manager and looks for companies that have become severely undervalued due to market misperceptions, overreactions or investor fixation on short-term results.
As a result of the new allocation, some managers in the portfolio have seen changes in their mandates.
T Rowe Price now manages 20 per cent of the portfolio, down from 25 per cent, MFS has a 27.5 stake (previously 30 per cent) and Harris has a 12.5 per cent mandate, down from 15 per cent.
Remaining managers Axiom and Arrowstreet find their mandates unchanged, managing 10 per cent and 20 per cent respectively.
As at 28 February, the Russell Global Opportunities Fund had $1.2 billion in funds under management.
