Research house van Eyk has revamped the multi-manager line-up within its Blueprint International Shares Fund (BISF).
The Barclays Global Investors (BGI) Fission International Equity Index Fund, which made up 8 per cent of BISF, has been removed due to operational constraints imposed by BGI, van Eyk said.
A BGI spokesperson said the Fission product had reached capacity.
All index holdings in BISF have been consolidated into the Macquarie True Index International Shares Fund, van Eyk said.
The mandate towards the Walter Scott Global Equity Fund has also been reduced 5 per cent. A new mandate has been awarded to the Legg Mason Global Value Equity Trust (Global Currents) following an international equities review.
This is in addition to allocations made in May to the Arrowstreet Global Equity Fund and the Aberdeen International Equity Fund, van Eyk said.
"In international equities, value and quality biases continue to be preferred given the belief that value may offer better opportunities as the global recession plays out, where the quality bias should assist fund managers in avoiding value traps," van Eyk product manager Jacqui Lemon said.
"The inclusion of Global Currents at this point will add to the portfolio's value tilt without significantly eroding portfolio quality."
Overall, the BISF had a 27 per cent weighting to the T Rowe Price Global Equity Fund, 20 per cent to the Walter Scott product, 20 per cent to the Arrowstreet Global Equity Fund, 13 per cent to Global Currents, 10 per cent to the Aberdeen International Equity Fund and 10 per cent to the Macquarie True Index International Shares Fund.
van Eyk rejected suggestions it had shunned several high conviction fund managers for inclusion in BISF recently because they were underweight in US equities.
"No manager would be screened explicitly on a portfolio bias such as a zero, or large underweight to the US. In fact, the current portfolio line-up includes Walter Scott and Aberdeen, both of whom currently display large underweight positions in the US," Lemon said.
