Fund Focus: Philip Saunders on why he likes 'unfashionable' equities

  1. What has driven the fund's outperformance over five years?  Strong performance has been attributable to maintaining a growth orientation as markets recovered coming out of the financial crisis, while being highly selective and maintaining a cautious attitude to emerging markets for a large proportion of this time. The above-target return achieved over this period is only half the story though. Achieving our risk objective - delivering returns with half the volatility of equities - is as important as the return target.  We have achieved the returns with less than half the vola...