Stockpicking-Experte Alex Savvides setzt auf Unternehmen, in denen sich positive Veränderungen abspielen. Oft werden solche vorteilhaften Entwicklungen vom Aktienmarkt missverstanden oder nicht angemessen gewürdigt. Das Portfolio kann aus einer Mischung von Restrukturierungs-/Recovery-Titeln, Aktien von Unternehmen mit besonders preiswertem oder verborgenem Wachstum und anderen, allgemeineren Sondersituationen zusammengesetzt sein. Ein Kriterium für die Aufnahme eines Titels ins Portfolio ist, dass er eine Dividende abwirft oder dies nach Einschätzung von Savvides jedenfalls innerhalb der nächsten zwölf Monate tun wird. Durch diesen Umstand besitzt der Fonds attraktive Ertragsmerkmale.

The FTSE All-Share Total Return Index (adjusted) returned -5.94% in a tough month for stock markets globally. The large-cap FTSE 100 index particularly struggled, dragged down by the oil & gas and basic materials sectors; mid and small cap indices fared relatively better. UK economic data over the month remained reasonably strong, with a falling three-month unemployment rate and further evidence of a recovery in average earnings.

 

The Fund outperformed in returning -5.18%. This outperformance was driven by stock selection, with good performances from DS Smith, an older investment, and Carpetright, a new investment this year. On the negative side, the Fund’s position in Anglo American was a drag, whilst not owning Diageo, which was subject to strong bid rumours, also acted as a dampener on the portfolio’s relative performance.

DS Smith released excellent full-year results showing substantial progress with the management team’s major strategic initiatives. Volume growth was ahead of expectations and return on capital employed was towards the top of the target range, whilst cash generation was extremely strong, driven by the revenue and margin performance and by very strict working capital controls, which released further capital and left net debt ahead of expectations. The better net debt performance is allowing management to accelerate their bolt-on acquisition strategy and expand further into recycled and corrugated packaging in Europe and beyond. This industry is ripe for further consolidation, and we feel there is a reasonable chance that strong European players like DS Smith will be at the heart of it.

Carpetright is a new addition to the portfolio and has all the characteristics of a retail recovery play: high market shares and gross margins but limited profitability. Historic growth was untargeted and left the business with a large estate across the UK, with high lease costs and, in many cases, poor-performing sites. The new CEO is implementing a strategy of revitalising the Carpetright brand and profit performance. The strategy is focused around shrinking the store estate to cut out loss-makers and improve returns on capital, driving revenue through a better customer experience, clearer promotions, broader in-store product and increasing margins by implementing a higher quality mix of business (aided by the recent addition of interest-free credit). 

Anglo American had a tough month on the back of the continued decline in commodity prices and ongoing investor worries over the longer-term dynamics of the industry, in particular for iron ore and platinum. This investment is about an attempt, over time, to exit low return assets and focus on fewer, higher margin and higher return assets. The benefits of these changes have been swallowed up by declining commodity prices and have meant that the healthier underlying margins are yet to drop through to higher cash flow. Over the past decade, the group has produced cumulative earnings of US$75bn. Today, you can buy all the equity for c. US$18bn. Anglo American looks extremely cheap.

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JOHCM/FTSE Group/Bloomberg/Lipper. Performance data for the period 16 June 2008 to 23 October 2009 is for Ryder Court UK Dynamic Fund. From 23 October 2009 onwards, the Fund converted to the JOHCM UK Dynamic Fund. Data shown net of fees, net income reinvested. Performance of other share classes may vary and is available on request. Please note that all fund performance is shown against the FTSE All-Share TR Index in GBP. Where shown, monthly returns table shows compounded discrete monthly performance. Performance of other share classes will vary and is available on request. Industry Classification Benchmark (“ICB”) is a product of FTSE International Limited (“FTSE”) and all intellectual property rights in and to ICB vest in FTSE. J O Hambro Capital Management Limited has been licensed by FTSE to use ICB. “FTSE” is a trade mark of London Stock Exchange and The Financial Times Limited and is used by FTSE under license. FTSE and its licensors do not accept any liability to any person for any loss or damage arising out of any error or omission in ICB.