SR Europe - Downgraded
By ROBERT HARLEY 28/11/2008
2008 was a year when nothing seemed to go right for Rupert Dyson and the Sloane Robinson team. Not only were the results of their stock picking very poor, but the fund also removed portfolio protection it had put in place too early, believing the worst to be over. Subsequent efforts to raise cash levels were too late and failed to stem the performance slide. The current situation is the portfolio has 48% in cash equivalents and a focused list of stocks trading at what the manager believes to be very distressed levels. Given the longer term track record of the manager we are maintaining our buy recommendation, although we have reduced our conviction levels to 3 stars. With a current market cap of about £50m, the trust is small and fairly illiquid.
Market latest
|
Index
|
Points
|
+/-
|
| FTSE 100 |
5867.41 |
0.42%
|
| FTSE 250 |
11162.00 |
0.68%
|
| FTSE All Share |
3030.11 |
0.44%
|
| FTSE Euro 100 |
2233.03 |
0.46%
|
| S&P 500 |
1344.33 |
0.04%
|
| Nasdaq |
2901.99 |
–
|
| Hang Seng |
20709.94 |
–
|
| Nikkei 225 |
8917.52 |
0.13%
|
Values delayed by at least 15 minutes.
Source: Financial Express