Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a713257
Leodis Wealth: UK small caps look pretty as American beauty fades
by Elsa Buchanan on Oct 31, 2013 at 16:02
In private equity, he recently took profits on 3i after ‘a very good run’, having held it since the beginning of the year.
He has also recently switched into the Graphite Enterprise trust , which he says ‘looked like it has a better, discounted value’.
Over one year, the balanced income portfolio has delivered a total return of 11.16% compared with a 9.05% rise in the Apcims Balanced index, with volatility of 5.8%. Over three years it is up by 24.98% against the index’s 23.61% rise, with 6.9% volatility.
Performance was driven by holdings in Marriage’s UK Smaller Companies fund and Bezalel’s Strategic Bond fund, along with exposure to Europe.
Ghosh said being underweight emerging markets has also aided relative performance, alongside ‘decent gains’ from positions in Japan. On top of that, he said he has been ‘well paid’ for his swap into the Graphite Enterprise trust.
Looking ahead, Ghosh anticipates a more neutral position on ‘relatively cheap’ emerging markets but believes a more defensive allocation could be on the cards.
He expects to further trim US positions in favour of Europe, and points to the US debt ceiling and QE tapering as ongoing concerns.
News sponsored by:
Today's top headlines
More about this:
Look up the funds
- Cazenove UK Smaller Companies B Acc
- S&W Revera UK Dynamic
- Old Mutual Global Strategic Bond A Inc
- Royal London Sterling Extra Yield Bond A
- Jupiter Strategic Bond Acc
- Standard Life Inv European Equity Income Ret Inc
- Threadneedle European Select Inst Net Acc EUR
- Baillie Gifford Japanese A Acc
- Jupiter Japan Income Acc
- Aberdeen Asian Smaller Companies USD
- Newton Asian Income GBP Inc
- Schroder Asian Alpha Plus A Acc