Another good example would be the Newton Global Higher Income Fund. Newton is one of only five equity income managers that we have targeted. They have a London-based global analyst team of 12 internal buy side analysts that analyze worldwide stocks. They do that for a number of different portfolios and the Global Income portfolio has a yield criterion which leverages off their research strength. They compose the portfolio which targets a yield in the region of 4%, whereas in the U.K. market most equity income managers have a yield in the region of 3% to 3.5%. |