Sector-leading UK Equity Income manager John McClure has died, according to a stockmarket notice from the Acorn Income investment trust. McClure (pictured), who also headed up the five-crown rated Unicorn UK Income fund, was a leading figure in the rise of equity income portfolios with a small-to-mid cap bias.
Unicorn UK Income was launched in 2004, and a stellar run in recent years has seen it post top-quartile returns over one, three and five year periods.
Performance of fund, sector and index over 5yrs
Source: FE Analytics
FE data shows it has returned 223.54 per cent over a five year period, putting it well ahead of its IMA UK Equity Income sector average and FTSE All Share benchmark. A narrowing discount and the use of gearing have seen the Acorn Income IT return even more, at 433.49 per cent.
A number of multi-cap income launches have followed, with Marlborough Multi Cap Income and Miton UK Multi Cap Income notable successes.
The announcement states that Acorn’s board was notified by Mr McClure’s firm Unicorn Asset Management that he had “sadly passed away”.
As reported on FE Trustnet, Unicorn was planning to launch a UK special situations fund for the manager later this year.
He also co-managed the five-crown rated Unicorn UK Smaller Companies and Unicorn UK Growth funds, and the three-crown rated Unicorn Outstanding British Smaller Companies.
All three are top-quartile performers in their relevant IMA sectors over three and five year periods.
Performance of funds and sectors over 5yrs
Source: FE Analytics
The only Unicorn fund that doesn’t have McClure as a named manager is Peter Walls’ Mastertrust portfolio.
It is obviously too early to say what changes will be made to the funds, but Simon Moon and Fraser Mackersie have been given increasing responsibility at the firm in recent years.
Mackersie is the named co-manager on the Unicorn UK Growth, Unicorn UK Income and Acorn Income IT, while Moon is named on Unicorn UK Smaller Companies, UK Income and Acorn Income IT.
McClure confirmed in an interview with FE Trustnet earlier this year that Moon and Mackersie take the lead on the UK Growth and UK Smaller Companies portfolios, respectively.
“Unicorn operates a team based investment approach and Simon Moon and Fraser Mackersie, the other co-managers of the Company’s smaller companies portfolio who have worked with John since 2008, maintain responsibility for the portfolio,” the announcement confirmed.
“The board sends its condolences to John’s family.”
Unicorn UK Income is a member of the FE Select 100, but isn’t used in FE Research’s model portfolios. The team will send out an alert following today’s news in due course.
Here is a selection of FE Trustnet interviews with McClure in recent months.
McClure: The real reason I'm buying large caps for Unicorn UK Income
John McClure defends size of Unicorn UK Income fund
Unicorn's McClure says investors not bullish enough
My Unicorn fund could double again in three years, says McClure Star manager McClure warns on pensions crisis
Here are some FE Trustnet studies that feature McClure.
The top-performing UK income funds that do something different
Which funds have taken Woodford's £1bn outflows?
Is it time to take profits from the top-performing mid-cap funds?
Which multi-cap income fund should you choose: Unicorn or Standard Life?