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View the article online at http://citywire.co.uk/wealth-manager/article/a643819

Anthony Nutt: the thing I will miss most is the challenge

by Dylan Lobo on Dec 06, 2012 at 13:50

Nutt was also hit by selling out of miners in 2007, which initially looked like a good decision as the sector slumped in the following year but exposed him when it rallied in 2009.

While he was criticised for the move he cites it as one of the calls he is proudest of in a career spanning five decades.

‘We made a lot of money on Antofagasta and Lonmin, the latter of which we sold at around £45 before it slumped and it now trades at £2. I stand by my decision and still feel proud. It was obvious to me that miners would struggle once they had been forced reduce capital expenditure.’ 

Overall Nutt has been right more times than wrong as underlined by his long term track record, which has seen his Income fund return 352.2% since he took control in 1996 versus a sector average of 161%.

The successor

One of the people tasked with filling Nutt’s shoes is Ben Whitmore, who will take control of the Income fund from the start of next year.

Whitmore, who runs an income mandate in the institutional space, has established an impressive record on the Jupiter UK Special Situations fund and believes he has the ability to run the funds alongside each other. ‘Tony and I are both contrarian investors and hunt in similar area and focus on strong stock selection.’ 

While Nutt may have struggled of late he remains completely comfortable with his positioning after recently increasing his cash position to around 9%.

‘Given the market uncertainty I’m completely happy with the way I’m positioned. There isn’t anywhere else I’d rather be in the market.’  

Whether Whitmore is as comfortable with the fund’s positioning remains to be seen.

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1 comment so far. Why not have your say?

Badger

Dec 06, 2012 at 16:01

Perhaps he could meet the challenge of returning his income fund into a pedigree instead of the mongrel it's become. I find clients all the time who are delusional of it long lost glories. Do every one a favour and go now

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