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It's Woodford's time to shine: the funds James Brearley backs
by Danielle Levy on Mar 01, 2011 at 07:19
Senior investment manager Philip Howe explained: ‘I think the easy money has been made over the last 12 to 18 months. Any equity manager worth his salt should have made money as there has been a lot of correlation in the equity space, but now equities have become less correlated and stockpickers should come through.’
The team currently has around 74% in equities with more of a value bias rather than growth.
Howe added: ‘We expect Woodford to come through over the next 18 months and o utperform the market.’
Alongside Woodford, the team also favours fellow UK equity stalwart Wood.
While the team has been favouring large caps over the past few months, they bought back into small caps in January through Richard Staveley’s River & Mercantile UK Equity Smaller Companies fund , pointing to a stronger commitment from banks to lend to smaller companies and the increasingly global focus of smaller companies.
Fund selection in the UK equity space proved a key driver of performance during 2010, with eight out of the team’s 11 UK funds outperforming their relative indices. Prominent among these was Keystone Investment Trust, which outperformed by 9.8% and moved from par to a premium to net asset value of 5%. It is run by Invesco Perpetual’s Mark Barnett, who is Citywire AA-rated. Meanwhile, AAA-rated Nigel Thomas’s AXA Framlington UK Select Opportunities outperformed by 9.2%.
The firm’s models form part of its central investment policy as it believes its investment process needs to be run robustly and monitored to ensure consistency across the branch network.
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