Positioned for recovery

An update from James and Clive on the Fund's recent performance and their current positioning.

  • James Lowen
  • Clive Beagles
31 May 2020
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View PDF   Download PDF  
  • Undeniably performance of the Fund, in both an absolute and relative sense, has been extremely disappointing in recent months.
  • This is primarily due to the material Covid-19 sell-off, which has proved to be significantly less punishing for quality/growth managers than value followers.
  • This paper aims to provide some context to the Fund’s underperformance year to date and underscore the remarkable value in the portfolio.


Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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