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Axa IM's AAA-rated St John: markets vulnerable to earnings blow

by Eleanor Lawrie on May 12, 2014 at 11:32

One IPO he did buy into was Poundland. St John had been impressed by chief executive Jim McCarthy’s previous work at T&S stores, and felt that it offered a very high return on capital.

And looking ahead, he thinks the outlook for IPOs is improving, as share prices fall.

 ‘I think in four to six weeks we will see more attractive IPOs. A lot have gone to a premium of their first trade and then gone to discounts, which encourages realism,’ he said.

In the three years to the end of March, the £72.8 million fund has returned 88.3%, compared with 59% for the FTSE 250 index. In one year it has returned 31%, compared with 22.1% for the index.

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