By MARK HINTON 07/09/2006
Tom Digenan has managed this core US holding since launch in October 2002 with a focus on large and medium sized companies. Stocks are valued using discounted cash flow analysis to determine an intrinsic value. Added value is driven predominantly by stock selection rather than economic views and the overall style shows no significant bias to value or growth.
The fund is designed to add value in all market conditions and performance has been consistently good. It may well underperform in periods of irrational market conditions such as in 1999, but the process should outperform over the market cycle. The fund is awarded a 3 star rating.