Richard Penny was a star of the early part of the market rally, minimising loses in 2008 before grabbing on to the cyclical rally in 2009 to post strong outperformance.
Now, however, his numbers reveal that rather than simply clinging on to his winners from 2009 as the correction approached, he has de-risked. Over the three months to the end of June, his fund is down just 5.9% compared with the FTSE 100’s 12.6% loss.
Such market timing can only be described as artful. He has achieved this through several bets that will cause some to worry whether there is currency risk now in the portfolio.
As of 31 May, around 7% of the fund was invested in the US, 4.59% in Australia and in total 7.12% in greater Asia.
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