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Fidelity's Alex Wright: why Brewin Dolphin is a Budget winner
by Dylan Lobo on Mar 21, 2014 at 07:55
He believes the housebuilder will profit from the decision to extend the 'Help to Buy' scheme to 2020, with government funding for the property market increasing from £3.5 billion to £6 billion and from 73,000 to 120,000 houses.
'This announcement is a big positive for the UK housebuilders, as it materially reduces a key medium term concern for them, and takes away market fears that some of the government support may be withdrawn after elections,' Griffin explained.
'Although [Taylor Wimpey] has performed well over the last 12 months or so, it has lagged its peers and trades on an attractive valuation of 1.5 times book value.
'It has a sensible strategy focussed on margin improvement over volume growth and continues to take advantage of attractive prices to strengthen its strategic land bank.'
Wright was appointed lead manager on the Fidelity Special Situations fund at the start of this year.
In the three years to 19 March the fund has returned 47.8% versus a 33.2% rise in the FTSE All Share.
He has also run the Fidelity UK Smaller Companies fund since February 2011, which has returned 103.5% over three years versus a 68.1% rise in the benchmark.
Griffin has returned 39.5% on his Moneybuilder Growth fund in the last three years versus a 33.2% rise in the FTSE All Share.
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J.P. Morgan Elect on investment growth, income and cash. More information on J.P. Morgan investment trusts.
on Jul 31, 2014 at 10:36