Rob Burnett unveils first fund from Lightman IM

Burnett, who left Neptune in December after 16 years - 13 of which were spent managing the Neptune European Opportunities fund - will run a European equities mandate at Lightman.  The Lightman European fund will be a concentrated, high-conviction portfolio of 40 to 50 European equities that will seek to outperform its benchmark, the MSCI Europe ex UK index. It will have an active share of over 80% and a tracking error of 5% to 8%. The team will take a minimum two-to-three-year view, investing in companies valued at low price-to-book and price-to-earnings ratios with high free cash flo...