• It is much more important for investors to pick an alpha stock over a benchmark holding. Overall f...
• 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 and each holding makes up around 4% of the fund.
• The fund holds the minimum number of shares possible to achieve diversification and typically three to four stocks are replaced every month.
• Over the three months to 7 July, the fund returned 14.4% against a sector average of 11.2%, offer to bid. Over the period it is ranked 61 out of 311 vehicles.
• Launched in October 2002, the fund aims to achieve consistent aggressive outperformance of the FTSE All-Share and consistent top quartile returns over rolling three-year periods.
PA360 2019 revisited
Sector regulated by FPA
Future World funds
Square Mile’s series of informal interviews
Achievements, charity work and other happy snippets