This was our first introduction to the fund and over the last ten years it has outperformed the index. One area we would like to investigate further is the performance. The fund holds between 80 to 100 holdings, and during the recent downturn they sold several stocks where they had lower conviction.
The first concern is whether there is a group of stocks in the portfolio for no real reason. The second concern is that the top four are names which tend to be in many Asia Funds, and they are companies that have performed very well. These four companies make up nearly 30% of the fund and therefore if you took these out how would the performance look…read more