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The secret Alt Ucits weapons driving this sector leading AA-rated duo

by David Campbell on Dec 09, 2013 at 14:10

Polar Capital Global Insurance

‘It’s something which we bought because the cycle was right. Alec Foster, the fund manager, was someone we spoke to for a very long time before making the decision to invest, trying to make sure that we were selecting the right opportunity for our thinking.

‘It’s only been run by Polar since 2010 but Alec had been running the strategy for almost 15 years at Hiscox before that, where the fund was almost invisible and it had no profile.

‘The dynamics of the industry are changing all the time. It’s become a much better capitalised and managed industry, with much closer regulation. We have held it for two years now and some of these things have become recognised so we have sort of taken the top off it, but we don’t want to run to take profits.’

Kennox Strategic Value fund

‘This is run by Charles Heenan, an Edinburgh-based value manager. We have been invested in the fund from day one [in 2007].

‘Over the long term the academic work suggests that value does command a premium but you can end up paying for that in the short term, and they are very good at managing that.

‘While they are value investors they are also happy to use cash and have a strong record of capital preservation.

‘We like how they compare with other global equity managers: volatility is low, and the total return is up there with the best of them. It’s a great example of our idea of Arlo.’

CF Odey Absolute Return

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