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Sector Watch: UK All Companies managers rally in latest quarter
Managers in the UK All Companies sector have had a marginally better quarter for the three months to the end of May, with the majority of managers staying out of the red.
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Managers in the UK All Companies sector had a marginally better quarter for the three months to the end of May, with 181 out of the 198 managers staying out of the red.
Performance on a yearly review is still poor, however, and the average manager return for the 12 months to the end of May is a pretty dismal -10.20%.
Former pharmacist, Citywire A-rated Jayesh Manek, continues to hold onto the top spot in the tables.
In what came as something of a surprise to his peers, Manek turned the performance round on his Manek Growth fund in the midst of the credit crunch, which formerly lagged at the bottom of the sector, and has delivered a healthy return of 12.40% over the review period.
Manek said the fund’s performance was largely down to good asset allocation and an avoidance of problematic areas.
He said: ‘Bearing in mind the rapidly deteriorating macro environment, we generally managed to avoid financial, bank, housebuilder, property and retail stocks. Technology, telecom, oil and oil related and some cyclical holdings in the portfolio performed well.
‘Our exposure to stocks outside the UK have continued to contribute positively to the overall performance and we may increase this to capture some of the outstanding growth opportunities, particularly in India.’
Manek added that he thinks the next six to eight months are going to be difficult. After that he believes things will pick up and present some attractive buying opportunities in financials.
Meanwhile, Jeremy Lang took second place in the peer group for performance on the Liontrust First Growth fund. He returned of 4.76% over the review period.
Newton’s Income fund manager, Christopher Metcalfe, followed with returns of 4.27%, while Steve Hewitt was close behind with a 3.85% return on Threadneedle’s UK Accelerando product.
Hewitt said the fund was supported by strong performances from holdings in the oil and mining sectors, and an underweight in the banking arena. While Scottish and Southern Energy, which recovered along with the rest of the utilities sector, also made a positive contribution.
He remains cautiously optimistic in his outlook for the UK.
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