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View the article online at http://citywire.co.uk/wealth-manager/article/a721384

The stocks catching analysts out

by Danielle Levy on Dec 16, 2013 at 10:22

Period of flux

Home Retail Group, owner of Argos and Homebase was similarly in a period of flux, he added. The company is currently adapting to online retail, trialling a collection service with eBay that would potentially turn its retail stores from a liability into an asset.

‘We think analysts and investors are prone to bias when assessing change, especially when there is an easy narrative to reinforce a potential bias. We think the changes going on at Argos are easy to downplay.’

Over the year to the end of October, the Ardevora UK Income fund has posted a 37.4% return versus a 20.9% rise by the FTSE 350 High Yield index, according to Lipper.

Pattisson said performance had been driven by a structural underweight in mega-caps, while the portfolio’s exposure to consumer cyclicals has done well.


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