Under the Bonnet

Alex Savvides and Tom Matthews round off a year of outperformance with their usual portfolio update.

  • Alex Savvides
  • Tom Matthews
15 Jan 2020
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  • The Fund outperformed in December and over the quarter, closing off a year of outperformance. Performance in all of these time frames was driven by positive stock selection accounting for 80% of the year’s return.
  • Global equity markets continued to move higher in December as economic indicators showed a pick-up in global growth, there was further progress in US-China trade discussions and the UK’s Conservative party won an overall majority in the general election.
  • Although it is too early yet to see any evidence of the changes in UK politics positively affecting PMIs, a number of confidence surveys are already reporting significant upticks; the Fund further increased its weighting to the UK.


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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