View the article online at http://citywire.co.uk/wealth-manager/article/a760245
JO Hambro's John Wood: Bonkers!
by Dylan Lobo on Jul 04, 2014 at 11:00
Wood sees improving cars sales as anecdotal evidence of a reinvigorated consumer, although he points out one-off PPI refunds have probably played an important role in this.
‘If we look to the United States, where I am even more pessimistic about the recovery, it is noteworthy that sub-prime car loans stand at record highs.
‘If this is a recovery, it is one only being enjoyed by the very wealthiest in the UK and US societies; the rest are resorting to debt and running down their savings just to try and keep up.’
The strong run over the last three month has helped keep the Johcm UK Opportunities fund, which Wood co-managers with Citywire A-rated Ben Leyland, ahead of the pack, with a return of 42% in the three years to the end of May. This compares to a peer group average of 33%.
The top holding at the end of the month was Reed Elsevier at 5.06%, while consumer goods accounted for the biggest sector allocation at 18.5%.
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on Jul 24, 2014 at 10:59