Henderson's Craig on why playing the field beats commitment every time

1 The fund is the IMA Flexible Investment sector's second best performer over five years. How have you achieved this? The portfolio is not managed to lead the peer group, rather it has a higher risk tolerance than our other Cirilium funds and the flexibility to support our investment views and strategy. For example, we have used closed-ended funds to exploit discount anomalies, market beta and/or sector specialists, including private equity. We have also held a firm bias towards smaller companies in anticipation of an economic recovery. This latter point, together with valuations, has...