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Convictionometer - Richard Penny, Legal & General UK Alpha Trust

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. 

Richard Penny fund manager factsheet

Legal & General UK Alpha Trust

UK All Companies IMA sector factsheet

Click on the below image to see more views from top UK fund managers:

Nigel Thomas
Axa Framlington UK Select Opportunities
Click to read Nigel's views on the UK sector Richard Penny
Legal & General UK Alpha Trust
Click to read Richard's views on the UK sector Thomas Dobell
M&G Recovery
Click to read Thomas's views on the UK sector Richard Buxton
Schroder UK Alpha Plus
Click to read Richard's views on the UK sector David Cumming
Standard Life UK Equity Recovery
Click to read David's views on the UK sector Default
Click to see how aggessively top UK managers are positioned

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