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Management behaving better

Rachel Reutter and Michael Ulrich, co-managers of the JOHCM UK Opportunities Fund, welcome an end to the years of companies as cash machines.

  • Rachel Reutter
08 Apr 2020
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View PDF   Download PDF  
  • Before this crisis, we had three major issues with companies in our investment universe: overdistribution, overleverage and overvaluation.
  • We now see material progress on all fronts: management behaviour is starting to change for the better.
  • At the top-down level, we are adapting our portfolio to be as far away from government intervention as possible.

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