The fund managers' view

Lee Gardhouse, head of fund of funds at Hargreaves Lansdown Gardhouse holds two Cazenove funds within his portfolios - Tim Russell's Cazenove UK Growth and Income fund and Chris Rice's Cazenove European fund. Gardhouse says he uses both funds as core holdings. "They are not shoot-the-lights-out funds even if Cazenove European is less core than Cazenove UK Growth and Income. Tim Russell had a tough time in 2004 but he outperformed in the previous five years. Tim attributes last year's performance to a few stock calls not coming off. He held some retailers because he thought they would be ...