If you entrust your investment selections to a fund manager it’s reasonable to expect them to believe strongly in their choices. Sadly, this is not always the case.
It’s an open secret in the City that some fund managers’ portfolios contain stocks that they do not like.
This situation, extraordinary as it will appear to many private investors, stems from an unwillingness on the part of some fund managers to depart significantly from the index against which their performance is measured.
This column has a marked preference for fund managers of the opposite stamp – those who hold stocks that, on the basis of thorough research, they wholeheartedly believe in.
Their funds are often known as “high conviction”. This week we look at an investment trust that is managed on this basis by a highly experienced and successful professional. Better still, his portfolio is available at a double-digit discount...
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