Richard Buxton has been Head of UK Equities at Schroders for the past ten years and someone whose views on the UK stock market I have followed for nearly twice that time. His UK Alpha Plus Fund, a concentrated portfolio of some 30 large and midcap stocks, selected on the basis of in-house research, as risen in value by 163% since its launch in 2002 and ranks fourth of 191 funds in the All Companies sector over that period. This is his current take on where the markets sit.
James Anderson, CIO of the Scottish fund group Baillie Gifford from 2006 to 2010, has been managing the Scottish Mortgage investment trust for the past 11 years and is a regular contributor to Independent Investor. In our latest Q and A he offers this notably upbeat assessment of the current outlook for equity investors. Scottish Mortgage is a global generalist trust that has produced a total return of 102% over the past ten years.
Small funds and investment trusts that fly below the media radar can sometimes offer better returns for discerning investors than many bigger and better known counterparts backed by heavy marketing spend. One example is Mid Wynd International, a £60m investment trust managed since 1998 by Michael MacPhee, a partner at Edinburgh-based Baillie Gifford. The trust, which targets stocks that are too specialist to sit comfortably in Baillie Gifford’s two larger investment trusts, Scottish Mortgage and Monks, has returned 75% over ten years, three times the return of the FTSE All-Share index over the same period. Michael MacPhee gives his latest views in this Q and A.
Guy Monson is the London-based Chief Investment Officer and Managing Partner of Sarasin & Partners, the Swiss private bank and fund management business. Sarasin was one of the first fund companies to embrace global thematic investment. Guy is one of the professional investors whose views I monitor on a regular basis. In this Q and A, he makes the case for quality equities being the new “risk-free asset”.
Richard Oldfield, the subject of our latest Q and A, is the founder and chief executive of Oldfield Partners, a privately owned investment management firm with $2.8 billion under management, invested wholly in equities “on a concentrated, value-focused, index-ignorant basis”. Before founding Oldfield Partners in 2005 he was for nine years chief executive of a family investment office. He is chairman of the Oxford University investment committee and of Keystone Investment Trust plc.
Bill Mott is one of the UK’s longest serving and most experienced equity income fund managers. For many years he ran income funds for Credit Suisse and after taking a break for a few years is now doing the same job at the boutique firm of PSigma Investment Management. In this Q and A he describes how he is positioning his holdings for the future.