Since the appointment of Roger Whiteoak as manager of the Throgmorton Trust, the company has seen a ...
Since the appointment of Roger Whiteoak as manager of the Throgmorton Trust, the company has seen a revival in its fortunes as it outperformed its benchmark by 8% over the year to 30 November 2001.
Whiteoak was appointed in December 2000 from Rathbones, and since then has changed the fund management and investment strategy of the trust. It no longer has an income constraint to hinder stock selection, and has a well diversified portfolio and net gearing of 12%.
The trust's performance is top quartile over the past year and is one of the most liquid small cap funds with a market cap of £200m. Over the year to 30 November, the trust's NAV was down by just 9.7% compared to its benchmark, the FTSE Small Cap ex index, which was down 17.7%.
Charles Cade, analyst at HSBC, said the trust continues to languish on a discount in excess of 20%, which in part reflects the lack of investor interest in the asset class at present.
However, he said HSBC believes the turnaround in the trust's management and investment strategy has yet to be recognised by the market, and it continues to be one of their core recommendations.
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Switching 'hard and expensive'
Smaller funds still packing a punch
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