European active managers weather the storm

The European equity fund sector may have been one of the weakest performers of the last five years but there have still been some success stories, mainly among those managers who had the most active, least benchmark-tracking mandates. The Vitruvius fund run by Belgrave Capital Management was the second top performer in the sector over the past five years. Belgrave uses a multi-adviser approach to run the fund and has selected Crispin Odey and Hugh Hendry from Odey Asset Management and Stuart Mitchell from J O Hambro to be advisers to the portfolio. Although Odey and Mitchell have a differ...