This was our first introduction to the team at a time when the market is significantly down. The fund itself year to date is down just over 35%, having been down over 40% at one point against the index which is down over 27%.
Some of the winners for them have been Tesco’s and Unilever, but other stocks like Countryside and Brewin Dolphin have been negative contributors. Brewin Dolphin was down over 70% at one point. About 22% of the fund is defensive core and this includes the likes of Vodafone, Hipgnosis, Phoenix and SEE and these have held up relatively well. They have been adding to some of the current holdings where the prices have come down significantly.
Phoenix is an example where the share price was down 40% but this is a very well-run business, hedging out much of the market risks as they can with strong cash flow where of this is shared with investors….read more