Citywire Verdict: Steve Cordell took on the fund in June 2011 and has steered it with a steady hand. Protection has been offered when markets have fallen and there has also been participation on the upside.
Cordell rotates long and short positions when he identifies different stages in the business cycle. In his 3 years at the helm returns have been half that of the FTSE All Share but generated at a third of the volatility of the market.
A rotation in top performing industries has had a short term impact on returns in the second quarter of 2014, but Cordell is preparing the fund for an interest rate hike next year by rotating out of midcap holdings and into defensive large caps.
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