Stay connected:
Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a222557
Trust expert Rawson sees improvements
Markets
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.
He has recently increased its exposure to the £55 million Invesco Continental Smaller Companies trust (ISM). The fund also holds the £265 million Fleming European Fledgling fund (FEF).
Exeter Managed Growth holds a gold medal from Lipper ARC, the second best of four medals awarded by the investment funds ratings body.
News sponsored by:
Subscribe to Wealth Manager to get the inside track on your rivals' moves
Keep up to date with how your peers are allocating their clients' assets by subscribing to Wealth Manager magazine.
Today's top headlines
More about this:
Look up the funds
Look up the shares
Look up the investment trusts
More from us
Archive
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
Click here to find out more from the Audience Development team.
Sponsored Video: J.P. Morgan Elect on growth, income and cash
J.P. Morgan Elect on investment growth, income and cash. More information on J.P. Morgan investment trusts.
leave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.