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Jupiter and Newton victims of Old Mutual’s barbell
by Robert St George on Sep 12, 2013 at 07:30
‘I removed Rajesh Shant because his best ideas tended to be names that other managers also held,’ explained Freeman-Shor. ‘[This] meant his unique impact on the fund was being diluted.’
Freeman-Shor attributed removing De Fonclare to a desire to rebalance the Best Ideas portfolio away from its growth bias. As well as De Fonclare, Freeman-Shor had invested with BlackRock’s A-rated Richard Plackett and Old Mutual’s own A-rated Dan Nickols, both star UK growth managers.
In part, Freeman-Shor added, his decision to drop De Fonclare reflected a wish to be less exposed to the euro.
Freeman-Shor characterised both moves as precautions against an unpredictable outlook.
‘In order to manage the uncertainty, persistent volatility and surprise developments that have characterised markets in recent years, I have adopted a barbell strategy to portfolio construction,' he added, explaining this involved employing a mix of holdings in cyclical and structural growth companies, domestic and overseas earners, large and mid-cap businesses, low beta and higher beta names, plus a mix of currencies.
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