Editor’s letter
Issue 60 / March 2020
T
For how long can star managers outperform?
WHERE ARE THEY NOW?
Why the best funds of the
2000s collapsed in the 2010s
COLLECTING COINS
How to make money from
your hobbies
LAST MAN STANDING
The impact of consolidation
in the platform industry
Fund, Pension, Trust / Sector Profile / Stockpicker / What I Bought Last
ISSUE 60
CREDITS
TRUSTNET MAGAZINE IS
PUBLISHED BY THE TEAM BEHIND
TRUSTNET IN SOHO, LONDON
WEBSITE: www.trustnet.com
EMAIL: [email protected]
he publishing
cycle of this
magazine means
I commission articles
from journalists about
a month before we go
to press. This means
that, from time-to-time,
something unexpected
happens that makes
the entire issue appear
redundant before it
has even hit the virtual
newsstand. This is
obviously one of those
occasions. Yet while I
don’t wish to play down
the human impact of
the coronavirus, the
lack of coverage we
have given it in this
issue should serve as
a reminder – despite
the biggest one-day
fall in the FTSE since
1987 and the growing
Contents
44
CONTACTS:
Anthony Luzio
Editor
T: 0207 534 7652
Javier Otero
Art direction & design
W: [email protected]
Editorial
Gary Jackson
Editor (Trustnet)
T: 0207 534 7680
Rob Langston
News editor
T: 0207 534 7696
Eve Maddock-Jones
Reporter
T: 0207 534 7676
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
Going the distance
Anthony Luzio attempts to
find out how long a top fund
manager can be expected
to maintain a period of
outperformance
P. 4-13
The future of
manufacturing
A new generation of businesses
in the Scottish Mortgage
trust are reshaping our
world by reinvigorating the
manufacturing industry
18
P. 14-21
Where are they now?
likelihood that the global
economy will enter a
recession, the principles
of successful investing
haven’t changed: hold
a diversified portfolio
appropriate for your
time horizon and
attitude to risk. But just
as important is resisting
the urge to do anything
stupid when everyone
else is panicking – it is natural for stock
markets to fall as well
as rise and after the
longest bull run on
record, we were always
due a major correction.
While I wouldn’t be so
foolish as to attempt to
call the bottom of the
market or the severity of
any downturn, at times
like this I feel it is worth
reacquainting yourself with the investment
advice of Berkshire
Hathaway chairman
Warren Buffett: “Be
fearful when others are
greedy and greedy when
others are fearful.”
Enjoy reading,
The secret ingredient Collecting coins Jamie Ross of the Henderson
EuroTrust talks through his
stock-selection process using
health, nutrition and materials
firm DSM as an example Pádraig Floyd finds out how
you can make money from your
hobbies problem of global water
sustainability
P. 28-31 Data hub The comeback kids Staying power: The challenges
(and rewards) of long-term
outperformance
Cherry Reynard reveals
which fund managers
have bounced back from a
potentially career-ending
chain of events
P. 32-37
Fund, pension, trust
The best-performing funds
of the 2000s lost money in
the 2010s. Rebecca Jones
finds out if they are ready to
bounce back Lazard Global Thematic
Focus, Dunedin Income
Growth and JPMorgan
China Growth & Income
find themselves under the
spotlight this month
P. 22-27 P. 38-43
P. 44-49
P. 50-51
Anthony Luzio
Editor
P. 62-63
What I bought last
Smith & Williamson’s James
Burns says the Nippon
Active Value Fund will
unlock value through taking
an activist approach to
Japanese small caps
P. 64-65
Last man standing
John Blowers investigates how
the wave of consolidation in the
platform industry will affect the
end investor
P. 52-61
Not a drop to drink
Pictet’s Stephen
Freedman names three
stocks that can help
tackle the growing
28