Five-Year Performer: Richard Buxton

Richard Buxton predicted, at the launch of the Schroders UK Alpha Plus fund in 2002, that markets were unlikely to move upwards for the next 10 years. It seemed pessimistic, but the FTSE 100 was hovering around 5,000 at the time, and is now only a little higher. This supports the premise of the fund: if markets are going nowhere then index-plus approaches are worthless. Managers need to seek out high-conviction ideas that can generate returns above those of the market. It is an approach that has worked well for Buxton over his eight years at the helm, though returns have come in waves. H...