Multi-manager specialist Russell Investments has announced an updated, higher conviction line up for the Russell Australian Opportunities Fund (RAOF), resulting in the removal of manager MIR Investment Management from the product.
The mandate that MIR lost within RAOF was a customised long/short mandate and one of the smallest mandates it had from Russell Investments.
"We have taken the opportunity to build further conviction in the current manager line up," Russell Investments chief investment officer Australasia Symon Parish said.
"Specifically, we have increased exposure to our highest conviction managers."
MIR formerly held a 15 per cent strategic weighting within RAOF.
Quest Asset Partners and Plato Investment Management's strategic weightings within the Russell product were boosted to 20 per cent each from 15 per cent each.
L1 Capital and Orbis Investment Management's strategic weightings within RAOF were increased to 7.5 per cent each from 5 per cent each.
Fortis Investments and Paradice Investment Management held their 15 per cent and 10 per cent weighting within RAOF, respectively.
RAOF managed $714.22 million at the end of June.
MIR continues to manage five other long only mandates for Russell Investments.
MIR offers high conviction, concentrated strategies, which are constructed on the basis of a disciplined investment process which has been built on the basis of strong academic foundations, MIR's website said.
The MIR process targets investment in companies which exhibit strong value and momentum characteristics.
