With 21 funds ousted from the Adviser Fund Index series and 23 new entrants, last week’s rebalancing of the three indices saw heavy turnover of constituent funds.Almost 20% of the Aggressive AFI constituents left the index following panellists’ recommended changes, while turnover of the Balanced index (17% of funds dropped) and Cautious AFI (13%) was also high. Anthony Bolton’s 6.5bn Fidelity Special Situations fund and the 1.2bn Credit Suisse Income fund run by Errol Francis were among the casualties falling out of the AFI series on May 1. Uncertainty surrounding the split of Fidelity Special Situations and the departure of CS Income fund manager Leigh Harrison to Threadneedle Investments at the end last year may have prompted the AFI panellists’ decisions. Several recently launched funds were added to the AFIs, including F&C UK Opportunities and Resolution Argonaut European Alpha. Indeed, F&C Asset Management is one of five new fund management groups now represented across the AFIs. Panellists can change their portfolio recommendations twice-yearly on May 1 and November 1. A full list of new funds in the indices can be seen in this week’s AFI feature.