Bestinvest says
Whilst the manager has a reasonable record, there are other funds, which are more consistent and in our view offer better outperformance opportunities. Therefore those investors looking for core exposure to the UK market should consider our recommended list for the sector.
Ideas are generated by the fund manager and his deputy, as well as a network of external industry experts. Stock suggestions are subjected to both quantitative and qualitative analysis – key qualitative criteria include growth, market position and management commitment. Portfolio companies are categorized as growth, value or recovery – the manager believes this gives a clear view of the reason that each stock is held and enables him to monitor how it is progressing. In each category he looks to identify change whether this is at the company, sector or macro level. Target prices are set for each company, and when these are reached they are either recalculated or the company is sold. The process is primarily bottom-up, but in constructing the portfolio the manager looks at its aggregate risk, in terms of thematic exposure and, in particular, what implied equity market view is represented by the fund: be it bullish, bearish or reflecting a sideways moving market. There are no capitalisation restraints on the investment selection.