Issue 50 / April 2019
FE Trustnet
magazine
When to
accept you got
it wrong
BREAKING THE CYCLE
How fund managers
learn from their mistakes
FOOL’S GOLD
FIRST WORLD PROBLEMS
Getting a big call right – The lack of options in US,
and still losing money
European and Japan trusts
Fund, Pension, Trust / Sector Profile / Stockpicker / What I Bought Last
ISSUE 50
CREDITS
FE TRUSTNET MAGAZINE
(FORMERLY INVESTAZINE)
IS PUBLISHED BY THE TEAM
BEHIND FE TRUSTNET IN
SOHO, LONDON
WEBSITE: www.trustnet.com
EMAIL: editorial@financialex-
press.net
Editor’s letter
I
t is never easy
to admit you
got something
wrong – and when it
comes to investing
it is even more
difficult. This month’s
cover feature from
Danielle Levy looks
at the behavioural
psychology that stops
us from facing up to
our mistakes – and
how this can be even
more damaging than
the original error.
Along the theme
of mistakes, Cherry
Reynard asks five
professional investors
for details of their
biggest blunders and
what they learnt from
them, while I look at the
phenomenon of fund
managers who got a
54
Anthony Luzio
Editor
T: 0207 534 7652
Amanda Williams
Head of FE Trustnet
T: 0207 534 7650
Editorial
Gary Jackson
Editor (FE Trustnet)
T: 0207 534 7680
Rob Langston
News editor
T: 0207 534 7696
Sales
Richard Fletcher
Head of publishing sales
T: 0207 534 7662
Richard Casemore
Account manager
T: 0207 534 7669
Constance Candler
Account manager
T: 0207 534 7668
Photos supplied by iStock
Cover illustration: Javier Otero
Younes reveals which
strategic bond fund he
believes is investors’ best
bet for diversifying their
equity exposure and LF
Gresham House’s Ken
Wotton names three
promising stocks whose
small size has led to them
being overlooked by the
majority of investors.
Finally, John Blowers
weighs up the impact
funds focused on either the
US, Europe or Japan is limited
to just 20 names – but this
hasn’t held back returns,
writes Adam Lewis What I bought last
of the FCA’s proposal
to ban or limit exit fees
on platforms – making
it easier to rectify the
mistake of choosing an
expensive provider.
Enjoy reading,
Anthony Luzio
Editor
Contents
CONTACTS:
Javier Otero
Art direction & design
W: www.feedingcrows.co.uk
major call right, but still
went on to lose money.
This month’s sector
profile is on IT North
America, Europe and
Japan, with Adam Lewis
finding out the limited
number of trusts focused
on these areas has been
no barrier to long-term
returns.
In our regular columns,
FE Invest’s Charles
P. 36-41
Admitting defeat
Danielle Levy finds out when
it is time to accept you got
it wrong and sell out of an
investment
P. 4-13
The resilient ones
SAINTS’ joint manager Toby
Ross tells Colin Donald about
the search for companies built
for bad times as well as good
P. 14-17
Breaking the cycle
Fool’s gold
Correctly calling the outcome
of a binary event is difficult
enough, but Anthony Luzio
says even getting it right is
no guarantee you won’t lose
money
P. 22-29
Fund, pension, trust
JOHCM UK Opportunities,
VinaCapital Vietnam
Opportunity and Premier
Global Infrastructure Income
find themselves under the
spotlight this month
Five fund managers tell Cherry
Reynard about their biggest
P. 30-35
mistakes – and how they learnt
not to repeat them
First world problems
P. 18-23
The choice of closed-ended
FE Trustnet
Magazine is 50!
FE Invest’s Charles Younes
says Allianz Strategic Bond
is one of the few funds in its
sector to offer investors true
diversification
P. 54-55
We celebrate our 50th edition
by looking back at some of our
favourite issues
P. 42-43
Opening the door
The FCA plans to ban or limit
exit fees on platforms, but
John Blowers says the biggest
savings for investors will come
from other areas
46
P. 44-51
Under the radar
LF Gresham House UK Micro
Cap’s Ken Wotton names three
promising stocks whose small
size has led to them being
overlooked
P. 52-53
38