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A spotlight on Whitechurch's private client performance
Markets
by Annabelle Williams on Sep 13, 2012 at 13:12
Tapping emerging market debt is on the cards for Whitechurch Securities’ Gavin Haynes, while Odey’s James Hanbury has helped boosted performance this year.
Positioning
The battering taken by equity markets last summer was seen as a buying opportunity by the team at Whitechurch. Haynes topped up positions in funds across the board and took a new holding in the Invesco Monthly Income Plus fund.
‘We maintained our conviction that valuations were providing an exceptional buying opportunity for risk assets, and those who resisted the temptation to run from risk have been rewarded,’ he said.
Now markets have rallied by around 10%, Haynes has been busy trimming positions. ‘If markets continue to get ahead of themselves, we will continue to trim our equity exposure and take risk off the table.’
The group’s Prestige Income & Growth Portfolio now has 10% in property, 24% in fixed interest, 27% in UK equities, 25% in global equities and 13% in alternatives, alongside a 1% cash weighting.
There was some upheaval when Threadneedle bought LV= and sold a long-term position in departing manager Graham Ashby’s fund.
‘That was almost a change that was forced upon us,’ Haynes said. The cash invested was switched into the Trojan Income fund.
Performance
The portfolio has returned 14.85% over the year to 22 August compared with a 13.57% rise in the Apcims Income benchmark. One stellar performer has been a position in the Odey UK Absolute Return fund and Haynes mentions manager James Hanbury in glowing terms.
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After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
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