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Trust expert Rawson sees improvements
by Sunil Jagtiani on Apr 24, 2001 at 16:06
The stockmarket has begun to show signs of improved performance but investors should be wary of getting too carried away, according to Charles Rawson, a fund manager at Exeter Asset Management.
Rawson, an investment trust expert and manager of the £37.5 million (Exeter Managed Growth) fund, a fund of investment trust shares, told Citywire he had tilted his portfolio towards trusts with exposure to growth stocks.
But he added: ‘This is not a market in which to go out and out for one style – that was the story of 1999. In 2001 it is safer not to be completely committed to the growth style…having gone into value a year ago I’m readdressing the balance.’
One of Exeter Managed Growth’s recent additions includes the £417.5 million Henderson Electric and General investment trust (HEG), which Rawson picked up on 5 April at 358p on a discount to net asset value of about 6%.
The trust, managed by Richard Smith, invests internationally in growth stocks and currently stands on a 1% premium to NAV.
Rawson said he had also recently ‘topped up’ his fund’s stake in the £722.5 million Fleming Japanese investment trust (FLMJ), which currently stands on a 12% discount to NAV.
Exeter Managed Growth’s exposure to Japan through Japan-specific investment trusts and more general funds totals about 5.5%. Rawson said he took the view that there was ‘money to be made’ in Japan following stockmarket falls in Tokyo earlier this year.
Japan-specific trusts held by the fund apart from Fleming Japanese include the £65 million Baillie Gifford Shin Nippon and £47.5 million Invesco Tokyo (ITY) funds.
Rawson said Exeter Managed Growth continued to be ‘reasonably overweight’ in Europe.
Exeter Managed Growth holds a gold medal from Lipper ARC, the second best of four medals awarded by the investment funds ratings body.
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