Phil Dole, manager of the DWS UK Opportunities fund

• It is much more important for investors to pick an alpha stock over a benchmark holding. Overall future returns are going to be dull and tracking a benchmark is not going to be adequate. • Looking forward, investors will get 5% return on equities in real terms. Funds tracking a 5% index and only delivering 5% are thus unlikely to be attractive on a risk adjusted basis, hence the requirement high alpha stocks. • Key to the fund's approach is focus, to actively manage and invest in the firm's best ideas. Positions are aggressively managed as the fund only holds 25 companies at any time ...